Used as a precursor in the production of neodymium-iron-boron (NdFeB) permanent magnets, which are essential in electric motors for hybrid and electric vehicles, wind turbine generators, and high-performance electronic devices. Also applied in the manufacturing of phosphors for lamps and displays, where it contributes to color correction and enhances light quality. Employed in fiber optics and laser materials to improve signal amplification and optical performance. Additionally, utilized in catalytic converters and petroleum refining processes to increase efficiency and reduce emissions.