Used primarily in the preparation of neodymium oxide for manufacturing powerful neodymium-iron-boron (NdFeB) permanent magnets, which are essential in high-performance motors, generators, and electronic devices such as headphones, speakers, and hard disk drives. Also employed in specialized glass and ceramic coloring, where it provides distinct purple to red hues and helps counteract unwanted green tints from iron impurities. Plays a role in the purification and separation of rare earth elements due to its low solubility, facilitating precipitation processes. Additionally, investigated for use in certain catalytic applications and luminescent materials.