Used primarily in the production of neodymium-based permanent magnets, which are essential components in high-performance motors and generators, including those in electric vehicles and wind turbines. It serves as a precursor material in the synthesis of neodymium oxide, which is further processed into alloys for magnet manufacturing. Also utilized in the preparation of catalysts and in glass coloring to achieve specific optical properties, such as blocking infrared radiation. Its hydrate form allows for easier handling and processing in industrial applications requiring controlled decomposition.