Neodymium Market Worth $3.39 Billion By 2028 | CAGR: 5.3%
Neodymium Industry Overview The global neodymium market size was valued at USD 2.25 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028. The demand for magnets in various end-use industries such as green energy and automotive is projected to boost the market growth over the forecast period. Neodymium and its compounds are used in a variety of applications, among which neodymium-iron-boron (NdFeB) is the key product with the highest demand across several applications. NdFeB magnets have a high strength-to-weight ratio, which has reduced the sizes of electric motor systems for communication, computation, and small consumer products. Gather more insights about the market drivers, restrains and growth of the Global Neodymium Market Increasing installation capacity of wind energy in the U.S. and the growing demand for wind turbines are projected to assist in the expansion of the U.S. market for neodymium. As per th...