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The neodymium market size is forecast to increase by USD 1.51 billion at a CAGR of 8.09% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing focus on renewable energy sources and the expanding electric vehicle (EV) industry. Neodymium magnets are essential components in wind power generators and EV motors. In the chemicals sector, neodymium is used in phosphors and luminescence applications, further fueling market demand. Changing consumer demands towards sustainability and the circular economy are also driving market growth. Digitalizing operations in various industries is increasing the demand for neodymium magnets in database services. However, challenges such as corrosion and the limited availability of rare earth elements pose significant risks to market growth. The coronavirus pandemic has disrupted global supply chains, causing production delays and price fluctuations. Despite these challenges, the market is expected to continue its growth trajectory, driven by the increasing demand for renewable energy and the EV industry.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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