Neodymium Market: Introduction
Transparency Market Research delivers key insights on the global neodymium market. In terms of revenue, the global neodymium market is estimated to expand at a CAGR of 8% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global neodymium market.
The global neodymium market is adversely affected by factors, including volatility of prices and availability of substitutes.
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Neodymium Market: Dynamics
The increase in the demand for neodymium in various applications such as permanent magnets, catalysts, laser crystals, neodymium glasses, and electric capacitors is expected to drive the neodymium market during the forecast period.
Neodymium magnet, which is also known as NdFeB, Neo magnet, or NIB, is the common type of rare-earth magnet. It is a permanent magnet made from an alloy of neodymium, iron, and boron. Neodymium magnets are the strongest magnets in the world. Therefore, even a tiny magnet piece can be very effective. Neodymium magnets are used in various applications. Industries such as electrical motors, medical science, and renewable energy primarily use super strength neodymium magnets. Neodymium magnets are widely used in satellite communications, radar technology, remote control telemetry, electronic countermeasures, and electronic tracking. Additionally, these magnets are used in cathode ray tubes, magnetron traveling wave tubes, magnetron tubes, and circulators.
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More than one-third of the output of the neodymium magnets is used to manufacture various permanent magnet motors. Permanent magnet motors save power; and are lightweight and compact. They also possess high specific power. Neodymium magnets are extensively used in electric bicycle motors, elevator traction machine motors, refrigerator air conditioner motors, wind-driven motors, etc. Neodymium magnets are used in various consumer, commercial, industrial, and technical applications where strong permanent magnets are required. Neodymium magnets possess high magnetic strength. Common applications of neodymium magnets include holding systems requiring very high forces, sensors, reed switches, hard disk drives, audio equipment, acoustic pick-ups, headphones & loudspeakers, MRI scanners, magnetically coupled pumps, motors & generators, magnetic tool holders, magnetic bearings, dental instruments, door catches, medical devices, magnetic separators, lifting machinery, crafts & model making, hanging artwork, levitation device, pop displays, commercial signage, packaging closures, and jewelry clasps.
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Neodymium-based Ziegler catalyst system is known to produce polydienes with high cis-1,4 content. It is generally believed that in Ziegler catalytic systems, a halide or pseudohalide, whether in the catalyst itself or a separate source, is required for the success of the polymerization.
Neodymium catalyst is used for the polymerization of dienes and polar vinyl monomers. Polymethacrylates, polyacrylates, and poly(vinyl acetate) are some commonly used classes of polymers that are synthesized industrially through radical and anionic polymerization techniques. Large amounts of neodymium are also used as a catalyst for petroleum refinery in the oil industry, as neodymium improves catalytic processes.
Neodymium Market: Key Players
The global neodymium market was moderately consolidated in 2020. A small number of players dominated the market. Key players operating in the global neodymium market are Lynas Rare Earth Ltd., Arafura Resources, Metall Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Alkane Resources Ltd, Neo Performance Materials Inc., China Minmetals Rare Earth Co. Ltd., Lenntech Water Treatment Solutions, Australian Strategic Materials Ltd., American Elements, and Noah Technologies Corporation.
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