Used primarily in the production of neodymium oxide, which is a key component in manufacturing strong permanent magnets. These magnets are essential in high-performance motors and generators, including those in electric vehicles, wind turbines, and hard disk drives. Also serves as a precursor in the synthesis of other neodymium-based compounds used in glass coloring and laser materials. Its role in pigment formulation provides stable, vibrant colors for ceramics and glassware. Additionally, utilized in some catalytic applications due to the rare earth metal’s electron configuration.