Used as a semiconductor material in optoelectronic devices due to its favorable band gap and electrical properties. Employed in the production of specialized glass and ceramics, where it imparts color and enhances resistance to heat and corrosion. Also investigated for use in solid-state devices and infrared optical components because of its transmission characteristics in the infrared range. Additionally, serves as a precursor in the synthesis of other neodymium-containing compounds for catalytic applications.