The Neodymium Market Will Reach US$3.4 Billion By 2028

According to research by American media reports, by 2028, the global neodymium market is expected to reach 3.39 billion U.S. dollars. It is expected to grow at a compound annual growth rate of 5.3% from 2021 to 2028. The demand for electrical and electronic products is expected to contribute to the long-term growth of the market

Neodymium magnets are used in various consumer and automotive electronic products. Products such as inverters for air conditioners, washing machines and dryers, refrigerators, laptops, computers, and various field sounders all require permanent magnets to function. The emerging middle-class population may drive demand for these products, thereby benefiting market growth.

The healthcare industry is expected to provide market suppliers with new sales channels. MRI scanners and other medical equipment require neodymium materials to achieve. This demand is likely to be dominated by Asia-Pacific countries such as China. It is expected that the share of neodymium used in the European healthcare sector will decline in the next few years.

In terms of revenue from 2021 to 2028, the wind energy end-use sector will record the fastest compound annual growth rate of 5.6%. Government and private investment to promote the installation of renewable energy installed capacity may remain a key growth factor for the sector. For example, India’s foreign direct investment in renewable energy increased from US$1.2 billion in 2017-18 to US$1.44 billion in 2018-19

Many companies and researchers are actively working on the development of neodymium recycling technology. The current cost is high, and the infrastructure for recycling this critical material is in the development stage. Most rare elements, including neodymium, are wasted in the form of dust and ferrous fractions. Since rare earth elements only account for a small part of e-waste materials, if recycling is necessary, researchers need to find economies of scale.

Divided by application, the sales volume share of magnets in 2020 will be large, exceeding 65.0%. The demand in this area may be dominated by the automotive, wind energy and electronic terminal industries.

In terms of end-use applications, the automotive sector will dominate the market with a revenue share of more than 55.0% in 2020. The demand for permanent magnets in traditional and electric vehicles is driving the growth of the market. The increasing popularity of electric vehicles is expected to remain the main driving force in this segment.

The end-use part of wind energy is expected to see the fastest growth within expectations. The global focus on renewable energy is expected to promote the expansion of the wind energy sector.

The Asia-Pacific region has the largest revenue share in 2020 and is expected to grow the fastest during the forecast period. The increase in permanent magnet production, coupled with the growing end industries in China, Japan, and India, is expected to help the regional market grow during the forecast period.

Post time: Jan-10-2022

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At present, it can produce sintered NdFeB magnets of various grades such as N35-N55, 30H-48H, 30M-54M, 30SH-52SH, 28UH-48UH, 28EH-40EH.