Used as a precursor in the production of neodymium-doped lasers and optical fibers, where it enhances signal amplification in telecommunications. Commonly applied in research and development of magnetic materials, especially for high-performance permanent magnets used in motors and wind turbines. Also utilized in spectroscopy studies and the synthesis of neodymium-containing compounds for specialized glass and ceramic coloring. Its solution form allows for easy integration into chemical processes requiring homogeneous dispersion of neodymium ions.