Used primarily in the production of high-performance magnets, it plays a crucial role in the electronics industry, particularly in the manufacturing of headphones, microphones, and computer hard drives. Its application extends to the field of catalysis, where it serves as a catalyst in organic synthesis, facilitating various chemical reactions. Additionally, it is employed in the creation of specialized glasses and ceramics, enhancing their optical properties and durability. In research, it is utilized in spectroscopic studies due to its unique luminescent characteristics.