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· Manufacturers in the neodymium market are increasingly adopting digital technologies to reshape business models to focus on key revenue-generating areas to mitigate the impact of the COVID-19 pandemic
· The company strives to align with sustainable development and circular economy goals, establish partnerships in the chemical value chain, and adopt alternative materials and processes due to bottom-line impacts during the pandemic
Albany, New York, November 2, 2021/PRNewswire/ - The wide application of neodymium magnets, from electric motors to medical sciences, renewable energy to satellite communications, is driving the growth of the neodymium market. The evaluation of the demand for neodymium in large-scale applications estimates that during the forecast period from 2021 to 2031, the neodymium market will grow at a compound annual growth rate of 7.9%.
Neodymium is a permanent magnet made of iron, boron and neodymium alloys, giving it first-class strength. For these reasons, more than one third of the neodymium magnets developed are used in the manufacture of various permanent magnet motors. Permanent magnet motors are lightweight and compact, which can save power for the applications in which they are used.
The Asia-Pacific region accounts for an important share of the neodymium market. Strong demand for neodymium in the booming industrial sectors of China and Japan is stimulating the neodymium market in the region.
However, Europe has dominated the neodymium market recently.
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Due to increased demand for various applications such as laser crystals, permanent magnets, catalysts and neodymium glass, North America will continue to be a major consumer of neodymium.
Neodymium market-key findings of the report
The use of coated resistive materials solves the susceptibility to corrosion, and the design of bar magnets expands the application in high-end jewelry
Neodymium is widely accepted as a rare earth magnet, which has led to its wide application in industrial products. For example, jet engines, magnetic bearings, and automatic door locks are some of the industrial and commercial uses of neodymium. However, the extreme sensitivity of neodymium to corrosion needs to be addressed, which can lead to physical defects. Coating neodymium with a resistant material to prevent degradation is one way to solve the physical damage of neodymium.
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This has promoted the use of rare earth metals such as neodymium in the middle parts of audio speakers, smart bombs and earphones. Neodymium manufacturers are building a reliable source of revenue through DC motors and linear actuators used in particle accelerators and automobiles.
In addition, the measures taken by product manufacturers to expand the production capacity of rod magnets will further expand the scope of application of neodymium. Rod magnets are used to design high-end jewelry buckles, adding convenience and elegance to jewelry. On the other hand, the complex closure of high-end jewelry will reduce the consumer experience. In addition, manufacturers in the neodymium market are applying nickel coatings on small magnets to make jewelry look more elegant.
Growing demand for green energy technologies to create a source of income
The emphasis on using green energy to solve the problem of global warming is occupying a leading position in the energy circle around the world. Special plans for the use of solar and wind energy are gaining momentum. These require infrastructure and operating equipment. The development of large-scale wind farms requires high-efficiency windmills, whose motors have built-in motors made of special rare-earth magnets, called neodymium.
Neodymium is also used in windmills to develop a magnetic mounting system to firmly fix ladders and other equipment to the steel tower wall. This progressive installation solution has several advantages, including shortening construction time and cost, improving worker safety, and eliminating the need to weld brackets or drill holes on the tower wall.
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Some of the major players operating in the neodymium market are Lynas Rare Earth Limited, Metall Rare Earth Limited, Alkane Resources Limited, China Minmetals Rare Earth Limited, Australian Strategic Materials Co., Ltd., Noah Technology Corporation, Arafura Resources, HEFA Rare Earth Canada Co. Ltd., Neo Performance Materials Inc., Lenntech Water Treatment Solutions and American Elements.
The neodymium market segmentation is as follows;
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