Used primarily in the production of neodymium-based materials for high-strength permanent magnets, especially in neodymium-iron-boron (NdFeB) magnet manufacturing. It serves as a precursor in the synthesis of neodymium oxide, which is critical for magnets used in electric motors, wind turbines, and electronic devices. Also employed in specialty glass and ceramics to provide coloration and UV absorption, and in catalysts for certain organic reactions. Its hydrate form allows for easier handling and processing in aqueous-based industrial applications.