Neodymium Market Research Update, Size Estimation, Future Scope, Revenue Opportunities and Forecast to 2029

Neodymium is an element which has 60 atomic number and the symbol is Nd. It is considered to be one of the rare-earth metals. Neodymium is malleable and ductile silvery white metal. Which is quickly tarnishes in moisture and air. It oxidizes willingly in air and form an oxide, Nd2O3 which is easily spalls, exposing the metal to further oxidation. This metal must be stored in sealed plastic or placed in vacuum or in an unreactive atmosphere.

Data Bridge Market Research analyses that the neodymium market was valued at USD 554.83 million in 2021 and is expected to reach USD 783.00 million by 2029, registering a CAGR of 4.40% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.

Neodymium Market research report has put forth a bench-marking example for a vibrant market that explores several recommendations and practical growth strategies in relation to the market. The market report covers a wide spectrum of regions and also focuses on key regions that include North America, Europe, Asia Pacific, Middle East, South America, and the Middle East & Africa (MEA). The chapter of the competitive landscape is presented well in the market research report and is analyzed based on the tools such as Porter’s five forces analysis. The study throws light upon market attractiveness where all the

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Neodymium Market Dynamics

Drivers

Rise the demand for in green energy technologies

Neodymium is widely used for generating energy. Due to global warming, various countries strive to use green energy sources to fulfill their requirement. Thus, wind energy and solar energy have gained momentum. Wind energy is the most effective technique available to generate energy. These wind mills have intrinsic motors made by a special rare-earth magnet called neodymium.

Rise the use in glass industry

Neodymium is mainly used as a colorant for glasses. When neodymium is added to glass, it can produce colors ranging from pure violet to wine red through to warm grey. It is also used to remove the green color from the glass which has induced by the presence of iron. Neodymium consisting glasses can be used for astronomical work to sharp bands for the standardization of spectral lines, as an alternative to ruby in lasers for producing coherent light and filter for infrared radiation these factors are expected to drive the growth of the neodymium market.

Opportunities

Magnets held the major volume share of during the forecast period. Neodymium along with boron and iron makes a very strong permanent magnet. This has led to the growth of small-size electronics like loudspeakers, smartphones, computer hard drives, and several automotive electronic products and consumers. With the rising population needs and the growing middle-class population, the demand for electronics is expected to grow in the long run, driving the market for neodymium and further boosting beneficial opportunities for the market's growth rate.

Restraints/ Challenges

As fluctuation in the price of raw materials which depends on the manufacturers to either absorb extra costs or rise the prices of the products. The demand for neodymium metals is dependent on the demand for its uses. Moreover, the demand for the applications is maximum dependent on the end-user industries. Hence, the neodymium metal has a double supply chain, which upsurges the final price demanded by manufacturers. So these are the major market that restrains the market and obstructs the market's growth rate.

An excellent Data bridge market research report covers the systematic and comprehensive market research study, to provide the facts and figures allied with any subject in the field of marketing. With the specific and state-of-the-art information presented in this industry report, businesses can be aware about the types of consumers, consumer’s demands and preferences, their perspectives about the product, their buying intentions, their response to particular product, and their varying tastes about the specific product already existing in the Chemical and Materials industry. Quality and transparency are strictly maintained while carrying out research studies to offer an exceptional market research report for specific niche.

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