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Neodymium Market Size To Reach $7.30 Billion By 2030

Neodymium Market Size To Reach $7.30 Billion By 2030

May 2025 | Report Format: Electronic (PDF)

Neodymium Market Growth & Trends

The global neodymium market size is expected to reach USD 7.30 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.7% from 2025 to 2030. The market is anticipated to be driven by rising demand for neodymium magnets from wind energy and electric vehicle industries.

China is the largest producer of both rare earth and permanent magnets in the world. The country accounts for over 70% of the global permanent magnet production and 60% of the global rare earth production according to the global mining data published by the USGS. The significant factor that has led to China’s dominance, especially in rare earth permanent magnet production, is the abundance of rare earth deposits in China.

In terms of value, magnets are anticipated to register the fastest CAGR during the forecast period. Their growing demand from electronics, wind energy, and automotive end-uses is propelling segment growth. The primary consumers of neodymium magnets include electric motor manufacturers, EV manufacturers, electronic component (sensors, microphones, earphones, HDD) manufacturers, and other magnetic assembly manufacturers. Thus, growing demand from end-use industries such as automotive and electronics is propelling segment growth.

Wind energy is projected to provide opportunities for the market and the segment is anticipated to register a revenue-based CAGR of 15.3% during the forecast period. Its growth is attributed to the increasing shift towards renewable energy and sustainable energy practices. Wind turbine demand is expected to positively impact market growth. As per the Global Wind Energy Council, 2021 witnessed around 93 GW of installed capacity addition, an increase of 53% from 2020.

In terms of volume, North America is a significantly smaller market as compared to Asia Pacific. The lesser availability of rare earth oxides in the region makes the region import-reliant on China. The catalyst producers are the prominent consumers of neodymium in North America, which cater to the tire and oil and gas industries. The commercial uses of neodymium catalysts are limited owing to their expensive nature. They are used in refinery petroleum cracking, polymerization, and photovoltaic wastewater treatment.

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Neodymium Market Report Highlights

Based on application, magnets held the largest revenue share of over 60% in 2024.
Based on end use, automotive held a revenue share of over 33.0% in 2024 of the global market.
The neodymium market in Europe is experiencing significant growth, primarily driven by the expansion of renewable energy initiatives.
The neodymium industry in Asia Pacific is experiencing robust growth, driven by the rapid expansion of key industries such as EVs, renewable energy, and consumer electronics.