According to US media reports, the global neodymium market is expected to reach US $3.39 billion by 2028. It is expected to grow at a CAGR of 5.3% from 2021 to 2028. It is expected that the demand for electrical and electronic products will contribute to the long-term growth of the market.
Ammonium magnets are used in a variety of consumer and automotive electronics. Permanent magnets are required for air conditioning inverters, washing machines and dryers, refrigerators, laptops, computers and various loudspeakers. The emerging middle class population may boost demand for these products, which is conducive to market growth.
The healthcare industry is expected to provide new sales channels for market suppliers. MRI scanners and other medical devices require neodymium materials to achieve. This demand is likely to be dominated by Asia Pacific countries such as China. It is expected that the use share of Neodymium in the European health care sector will decline in the next few years.
In terms of revenue from 2021 to 2028, the wind energy end use sector is expected to record the fastest CAGR of 5.6%. Government and private investment to promote the installation of renewable energy installed capacity may still be a key growth factor in 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 committed to developing neodymium recovery technology. At present, the cost is very high, and the infrastructure for recycling this key material is in the development stage. Most rare earth elements, including neodymium, are wasted in the form of dust and ferrous fraction. Since rare earth elements account for only a small part of e-waste materials, researchers need to find economies of scale if recycling is necessary.
According to the application, the sales share of magnet field is the largest in 2020, more than 65.0%. The demand in this field may be dominated by automobile, wind energy and electronic terminal industries
In terms of end use, the automotive sector dominates 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 of this segment
It is expected that the wind energy end use sector will experience the fastest growth in the forecast period. The global focus on renewable energy is expected to promote the expansion of wind energy. The Asia Pacific region has the largest share of revenue in 2020 and is expected to grow the fastest in the forecast period. The increase in permanent magnet production, coupled with the growing terminal industries in China, Japan and India, is expected to help regional market growth during the forecast period.
Post time: Mar-09-2022
