Neodymium Market to Record Sturdy Growth by 2024

Neodymium Market: Overview

Neodymium is a rare earth metal with the symbol ‘Nd’ having an atomic number 60. The metal is soft and silvery in nature and tarnishes when exposed to air. Neodymium is present in large quantities in various ore minerals such as monazite bastnasie. The element is not present naturally in metal form and is always refined for general use. Although, neodymium is referred to as a rare earth metal it is a common element and is found largely in the earth’s crust. The original color of neodymium is reddish purple, but changes based on the lighting used owing to its fluorescent effects.

Neodymium compounds are employed commercially in glass dyes and are used as an additive in the manufacture of glass. Moreover, neodymium is employed in lasers, which emit infrared light with wavelengths that range from 1047 nanometers to 1062 nanometers. These lasers are used largely in a variety of high power applications, such as experiments in a process known as inertial confinement fusion. Additionally, neodymium is employed as one of the components in alloys, which are used in the manufacture of powerful permanent magnets. These magnets are used in various electrical and electronic products including microphones, in-ear headphones, loudspeakers, computer hard disks etc.

Neodymium Market: Drivers and Trends

The key drivers of the neodymium market are its use in the glass and ceramics industry. The use of glass for various applications including as a packaging material, crockery, spectacles etc. is expected to drive the glass market during the forecast period. This in turn is anticipated to boost the market for neodymium over the next few years. In addition, increase in construction activities in various regions has been driving the ceramics and glass market in the past years.

The rising demand for new residential houses and buildings has been boosting the glass and ceramic tile market. This will in turn boost the market for neodymium during the projected period. In addition, its use as a magnet in various end use industries such as electrical and electronics industry is expected to drive the market for neodymium during the forecast period. Neodymium is one the most costly metals among the rare earth metals and therefore has very few commercial uses. The cost factor can be a major restraint for the neodymium market.

Neodymium Market: Region-wise Outlook

The key regions present in the neodymium market include North America, Europe, Asia Pacific and Rest of the World (RoW). The demand for glass and ceramics is expected to be the highest in the Asia Pacific region owing to the increasing number of residential and commercial constructions in the region especially in growing economies like India and China. This in turn is expected to boost the market for neodymium over the next few years.

In addition, the packaging market has been driving the market for glass in the past and this trend is likely to continue during the forecast period. This will further act as a driver for the neodymium market. Furthermore, North America follows Asia Pacific owing to new construction projects that are being taken on especially in the state New York. Commercial buildings in North America prefer the usage of glass in their construction projects. This is anticipated to drive the neodymium market in the North American region during the projected period.

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Neodymium Market: Key Players

The key companies present in the neodymium market include Chemicool Ltd., American Elements: The Material Science Company etc. A number of new players are emerging in the neodymium market and high investments are being made my companies to develop new technologies in order to commercialize neodymium even further.

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