Used as a precursor in the synthesis of neodymium-containing materials for lasers and optical devices. Commonly employed in the production of doped glass and crystals that amplify light in fiber optics and telecommunications. Applied in research and manufacturing of catalysts for organic reactions and polymerization processes. Also utilized in the preparation of neodymium oxide coatings and thin films for electronic and magnetic applications. Its solubility in water and alcohols makes it suitable for solution-based processing techniques like sol-gel and coating methods.