Yttrium Market
Yttrium Market Study by Compounds, Alloys, and Metals for Medicinal Purposes, Coating Ingredients, and High-Temperature Superconductors From 2024 to 2034
Analysis of Yttrium Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Yttrium Market Outlook (2024 to 2034)
Worldwide revenue from the yttrium market is estimated to stand at US$ 114.9 million in 2024 and is slated to increase at a CAGR of 4.6% to reach US$ 179.92 million by 2034.
Highly crystalline iron-gray rare-earth metal yttrium is frequently added to alloys. It makes magnesium and aluminum alloys stronger. Yttrium has a wide range of applications and is a major market driver in both construction and medicines. The industry is making investments in yttrium-based technologies and is gradually advancing toward application piloting and experimentation. The market is seeing increased potential as yttrium is consumed more in the military industry.
Camera lenses are made of glass that has had yttrium oxide added to it to make it resistant to stress and heat. In addition, superconductors are made with it. Yttrium-90, a radioactive isotope, is used in medicine to treat several malignancies, including liver cancer. The market is expanding thanks to these diverse applications in several end-user industries.
The principal locations of the world's yttrium deposits are Australia, Brazil, China, Russia, and Vietnam. Global yttrium reserves are sufficient to supply near-term demand at present production levels. Yet, several variables, including trade restrictions, environmental concerns, economic conditions, and the increasing demand for ion adsorption ores in China and Myanmar, will continue to influence the availability and cost of several rare earth elements, including yttrium.
Because of its physical characteristics, which include electrical conductivity, resistance to heat, stability, and low weight, yttrium is finding widespread use in several applications across large commercial and industrial sectors. Television sets, panels, and light bulbs all utilize it. Other uses for yttrium include flat panel displays and plasma. The technology and efficiency of electronic devices are improved by producers all over the globe, which is supporting the expansion of the global yttrium market.
| Report Attributes | Details |
|---|---|
| Yttrium Market Size (2024E) | US$ 114.9 Million |
| Forecasted Market Value (2034F) | US$ 179.92 Million |
| Global Market Growth Rate (2024 to 2034) | 4.6% CAGR |
| Mexico Market Growth Rate (2024 to 2034) | 7.4% CAGR |
| India Market Value (2034F) | US$ 11.06 Million |
| Western Europe Market Share (2024E) | 10.5% |
| East Asia Market Share (2034F) | 34.7% |
| Key Companies Profiled | China Rare Earth Magnet Limited; Double Park International Corporation; Ganzhou Hong De New Technology Development Ltd. Co.; Goring Rare Earth Corporation Limited; Inner Mongolia Nonferrous Mining Co. Ltd; Metall Rare Earth Limited; Shenzhen Chuanyan Technology Co. Ltd.; Zhejiang Jinda Rare-earth Element Co. Ltd; Alkane Resources; GBM Resources Ltd; Nippon Yttrium Co.; The Nilaco Corporation; Crossland Strategic Metals Limited |
Yttrium is a chemical element (symbol Y) belonging to the rare earth element group, which is an exceptional group of elements that exhibit superior magnetic, optical, and electronic properties. Attributing to its physical properties such as excellent electric conductivity, creep resistance, heat stabilizing, and lightweight, yttrium is garnering tremendous attention from industrial and manufacturing sectors. Largely, yttrium is extracted from the deposits of rare earth elements, while some relatively smaller quantities are obtained during the mining of other metals.
Yttrium is not found as a pure element, but always in the form of a compound, mostly yttrium oxide. Yttrium is used in manufacturing the tubes of older television sets and displays excellent color ranges. It is, therefore, used in light bulbs and panels as well.
Among all yttrium compounds, yttrium oxide witnesses relatively higher demand due to its diverse applications and use in defense and electronic sectors. In the electronics sector, yttrium is used along with phosphor compounds for flat panel displays, and in the defense sector, yttrium is largely used for laser target designators with aluminum garnet composites. Yttrium is also used as a catalyst in polymer manufacturing.
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Market Dynamics
Yttrium is consumed in high-temperature superconductors that have the potential to replace permanent magnets, especially in wind turbines. This shift could surge the demand for yttrium shortly. The market of yttrium and other rare earth elements is largely dependent on scientific and technological advancements. Hence, almost any progress might drive the market on an upward trajectory. Attributing to its excellent physical and chemical properties, its application in ceramics is likely to make an impact in niche markets as well.
It is said that yttrium has no other potential substitute and hence, the growth rate for this market is estimated to remain stable going forward. While yttrium oxide finds key applications in the phosphor market, the recent substitution of Cathode Ray Tube (CRT) for LED displays is affecting its demand, leading to an oversupply and a subsequent decline in the prices. On the other hand, yttrium is expected to register high demand from its application in yttria-stabilized zirconia (YTZ).
Since most of the yttrium and yttrium oxide are found in China, yttrium has restricted international trade. In addition, the Government of China has many ongoing international issues based on the export and illegal mining of yttrium, which is compelling end users to seek new opportunities to meet supply shortages.
Currently, yttrium and its compounds are used in the treatment of cancer, especially liver cancer. They also serve as thermal barrier coatings in jet engines and their usage in this segment will continue to grow until a better and cheaper substitute originates. Thus, the global market of yttrium is expected to register noteworthy growth during the forecast period.
Regional Outlook
China is one of the leading producers of yttrium oxide and yttrium, followed by Australia, due to the availability of large rare earth metal reserves in the region. In the South East Asia and Pacific region, China has a comparatively larger consumer base for yttrium oxide. With China dominating the rare earth element market in Asia Pacific by up to 40%, the cost of yttrium across the globe is dependent on exports from China.
Strong growth in the electronics industry is pushing the demand for yttrium. The demand in Japan, South East Asia, and Asia Pacific is expected to be largely driven by the permanent magnet and metal alloys product segment. North America, Europe, and Latin America are also pegged to be significant markets due to the strong presence of the functional coatings markets in these regions.
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Market Participants
- China Rare Earth Magnet Limited
- Double Park International Corporation
- Ganzhou Hong De New Technology Development Ltd. Co.
- Goring Rare Earth Corporation Limited
- Inner Mongolia Nonferrous Mining Co. Ltd
- Metall Rare Earth Limited
- Shenzhen Chuanyan Technology Co. Ltd.
- Zhejiang Jinda Rare-earth Element Co. Ltd
- Alkane Resources
- GBM Resources Ltd
- Nippon Yttrium Co.
- The Nilaco Corporation
- Crossland Strategic Metals Limited
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, applications, and industry.
The report covers exhaust analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Western Europe (Germany, Italy, France, U.K., Spain, BENELUX, Nordic, Eastern Europe)
- CIS and Russia
- Asia-Pacific (China, India, ASEAN, South Korea)
- Japan
- Middle East and Africa (GCC Countries, South Africa, Turkey, Iran, Israel)
The report is a compilation of first-hand information, qualitative and quantitative assessments by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Report Highlights
- Detailed overview of the parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Segmentation of the Yttrium Market Research
-
By Application :
- Medicinal Purposes
- Coating Ingredient
- High Temperature Superconductors
- Others
-
By End Use :
- Metal Alloys
- Catalysts
- Phosphors
- Ceramics
- Others
-
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis and Forecast, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis and Forecast
- 6.1. Application
- 6.2. End Use
- 7. Global Market Analysis and Forecast, By Application
- 7.1. Medicinal purposes
- 7.2. Coating ingredient
- 7.3. High temperature superconductors
- 7.4. Others
- 8. Global Market Analysis and Forecast, By End Use
- 8.1. Metal Alloys
- 8.2. Catalysts
- 8.3. Phosphors
- 8.4. Ceramics
- 8.5. Others
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Western Europe
- 9.4. Eastern Europe
- 9.5. East Asia
- 9.6. South Asia & Pacific
- 9.7. MEA
- 10. North America Sales Analysis and Forecast, by Key Segments and Countries
- 11. Latin America Sales Analysis and Forecast, by Key Segments and Countries
- 12. Western Europe Sales Analysis and Forecast, by Key Segments and Countries
- 13. Eastern Europe Sales Analysis and Forecast, by Key Segments and Countries
- 14. East Asia Sales Analysis and Forecast, by Key Segments and Countries
- 15. South Asia & Pacific Sales Analysis and Forecast, by Key Segments and Countries
- 16. MEA Sales Analysis and Forecast, by Key Segments and Countries
- 17. Sales Forecast by Application and End Use for 30 Countries
- 18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 19. Company Profile
- 19.1. China Rare Earth Magnet Limited
- 19.2. Double Park International Corporation
- 19.3. Ganzhou Hong De New Technology Development Ltd. Co.
- 19.4. Goring Rare Earth Corporation Limited
- 19.5. Inner Mongolia Nonferrous Mining Co. Ltd
- 19.6. Metall Rare Earth Limited
- 19.7. Shenzhen Chuanyan Technology Co. Ltd.
- 19.8. Zhejiang Jinda Rare-earth Element Co. Ltd
- 19.9. Alkane Resources
- 19.10. GBM Resources Ltd
- 19.11. Nippon Yttrium Co.
- 19.12. The Nilaco Corporation
- 19.13. Crossland Strategic Metals Limited
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List Of Table
Table 1: Global Market US$ Mn Forecast by Region
Table 2: Global Market US$ Mn Forecast by Application
Table 3: Global Market US$ Mn Forecast by End Use
Table 4: North America Market US$ Mn Forecast by Country
Table 5: North America Market US$ Mn Forecast by Application
Table 6: North America Market US$ Mn Forecast by End Use
Table 7: Latin America Market US$ Mn Forecast by Country
Table 8: Latin America Market US$ Mn Forecast by Application
Table 9: Latin America Market US$ Mn Forecast by End Use
Table 10: Western Europe Market US$ Mn Forecast by Country
Table 11: Western Europe Market US$ Mn Forecast by Application
Table 12: Western Europe Market US$ Mn Forecast by End Use
Table 13: Eastern Europe Market US$ Mn Forecast by Country
Table 14: Eastern Europe Market US$ Mn Forecast by Application
Table 15: Eastern Europe Market US$ Mn Forecast by End Use
Table 16: East Asia Market US$ Mn Forecast by Country
Table 17: East Asia Market US$ Mn Forecast by Application
Table 18: East Asia Market US$ Mn Forecast by End Use
Table 19: South Asia & Pacific Market US$ Mn Forecast by Country
Table 20: South Asia & Pacific Market US$ Mn Forecast by Application
Table 21: South Asia & Pacific Market US$ Mn Forecast by End Use
Table 22: MEA Market US$ Mn Forecast by Country
Table 23: MEA Market US$ Mn Forecast by Application
Table 24: MEA Market US$ Mn Forecast by End Use
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List Of Figures
Figure 1: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 2: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 3: Global Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Region
Figure 4: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 5: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 6: North America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 7: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 8: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 9: Latin America Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 10: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 11: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 12: Western Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 13: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 14: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 15: Eastern Europe Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 16: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 17: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 18: East Asia Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 19: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 20: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 21: South Asia & Pacific Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Figure 22: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Application
Figure 23: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by End Use
Figure 24: MEA Market Value Share (%), Growth Rate (Y-o-Y), and US$ Mn Projection by Country
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
How much growth potential does the yttrium market hold?
The yttrium market is estimated to grow at a CAGR of 4.6% during the forecast period.
Why is the yttrium market witnessing high performance?
There are several uses for yttrium oxide in the refractory industry.
Where will manufacturers find most opportunities in the yttrium industry?
China is generating remunerative opportunities for yttrium manufacturers.
Yttrium Market