Neodymium Market Highly Favorable to the Growth Rate by 2028
On the other hand, the introduction of alternative magnets based on lanthanum and cerium, which are more economical than neodymium-based magnets, may restrain the growth of the market. Also, the mining of rare earth metals in not environment-friendly and thus, stringent environmental regulations may restrict rare earth metals mining, which may potentially disturb the global supply chain. Moreover, the high cost of neodymium contributes to its relatively fewer commercial applications.
Automotive players engaged in the manufacture of electric vehicles are also increasing the adoption of neodymium. For example, Tesla Inc. has announced the use of neodymium-based magnets to power magnetic motors for its Model 3 Long Range car, which has created an upsurge in the neodymium market.
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