The global neodymium market size is expected to reach USD 3.39 billion by 2028. It is expected to expand at a CAGR of 5.3% from 2021 to 2028. The demand for electrical and electronic products is projected to assist the market growth over the long term.
Neodymium-based magnets are used in a variety of consumer and automotive electronic products. The products such as air conditioning inverters, washing machines and dryers, refrigerators, laptops, computers, and various loudspeakers require permanent magnets for their functioning. The emerging middle-class population is likely to drive the demand for these products, thus benefiting the growth of the market.
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