Market Size of Neodymium Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 15.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Neodymium Market Analysis
The neodymium market is expected to register a CAGR of 15% during the forecast period.
The market was hampered by the COVID-19 pandemic as lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. The automotive and transportation industries witnessed a decline due to the halt in activities worldwide. However, the condition recovered in 2021, which is now expected to benefit the market during the forecast period.
- Over the short term, rising demand for neodymium magnets from the wind energy and electric vehicle industries is expected to drive the growth of the market.
- On the flip side, the availability of less expensive substitutes is a restraint on the growth of the market.
- Rising government assistance for electric vehicles across the globe acts as an opportunity for the growth of the market in the near future.
- Asia Pacific dominated the market globally, with the largest consumption from transportation industry activities in countries such as India, China, and others.
