The neodymium market is poised for remarkable growth, projected to reach USD 7.30 billion by 2030, with a robust CAGR of 15.0% from 2022 to 2030. As highlighted in the report “Neodymium Market Size, Share & Trends Analysis” on Yahoo Finance, this surge is fueled by escalating demand from the wind energy and electric vehicle sectors.
China’s dominance in rare earth and permanent magnet production, accounting for over 70% of global production, underscores its pivotal role in shaping the neodymium market. Abundant rare earth deposits in China have facilitated its stronghold in this sector.
Magnets, especially neodymium variants, are projected to witness the fastest growth, propelled by their widespread application in electronics, wind energy, and automotive industries. Key consumers include electric motor manufacturers, EV makers, and electronic component manufacturers, driving segment expansion.
The wind energy sector emerges as a significant growth driver, with a forecasted revenue-based CAGR of 15.3%. This growth trajectory aligns with the global shift towards renewable energy sources, spurring demand for wind turbines and subsequently neodymium magnets.
While North America constitutes a smaller market compared to Asia Pacific, its reliance on neodymium imports from China underscores the region’s import dependency. Catalyst producers in North America, serving industries like tire manufacturing and oil and gas, are key consumers of neodymium, albeit in limited commercial applications due to cost considerations.
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Article with all rights reserved, courtesy of finance.yahoo.com
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