Market Research Report
Global Yttrium Market - Forecasts from 2022 to 2027
|Global Yttrium Market - Forecasts from 2022 to 2027|
Published: May 2, 2022
Knowledge Sourcing Intelligence
Content info: 118 Pages
Delivery time: 1-2 business days
The global yttrium market is projected to witness a CAGR of 18.37% during the forecast period to reach a market size of US$270.094 million by 2027, increasing from US$82.947 million in 2020.
Yttrium is a highly crystalline iron-gray, a rare-earth metal, widely used as an additive in alloys. It increases the strength of aluminum and magnesium alloys.
The use of yttrium is highly diversified, which is a chief driver of the market from pharmaceuticals to construction. Moreover, the increasing incorporation of yttrium into the defense sector is a growing opportunity for the market. Yttrium oxide is added to the glass used to make camera lenses to make heat and shock-resistant. It is also used to make superconductors. The radioactive isotope yttrium-90 has medical uses, such as treating some cancers, including liver cancer. This manifold uses across several end-user industries are propelling the market ahead.
Geographically, the Asia-Pacific region is foreseen to dominate the market. China produces and consumes the largest amount of yttrium products. By product, alloys of yttrium have extensive uses in the field of construction. By end-user industry, the consumer electronics division uses yttrium in many devices like televisions, cameras, etc., which are widely demanded.
Yttrium, owing to its physical properties, like electrical conductivity, heat stabilizing and resistant properties, and lightweight, is becoming an integral part of various applications in major commercial and industrial sectors. They are used in the light bulb, panels, and television sets. Plasma and flat panel displays are some other applications of yttrium. Producers all across the globe are engaging themselves in improving the technology and efficiency of their electronic devices, which is anticipated to augment the growth of the global yttrium market in the coming years.
Earth metals like yttrium, because of their physical and chemical properties, have a wide variety of applications throughout their defense operations. They are used in making electronics and lighting to lasers, phosphors, and the strong permanent magnets contained primarily in computer hard drives as well as electric motors and actuators. They are also used in fin actuators in missile guidance and control systems; disk drive motors installed in aircraft and tanks; satellite communications; and radar and sonar systems. The United States Military is one of the flag bearers in using yttrium in its defense mechanisms.
Impact of COVID-19 on the Global Yttrium Market:
The yttrium market was negatively impacted as a result of the pandemic. China, one of the major producers and consumers of the market, witnessed a slowdown as supply chains were disrupted, and the global demand from the manufacturing sector saw a downfall. The mining activities which remained suspended in the early days of the pandemic affected the supply of raw materials to its end-users.
The market leaders for the global yttrium market are MP Materials Corp, Arafura Resources, METALL RARE EARTH LIMITED, Cathay Advanced Materials Limited, Lynas Corporation Ltd, HEFA Rare Earth Canada Co. Ltd., Shenzhen Chuanyan Technology Co., Ltd, Sichuan Lanthanum Rare Materials Limited, Nippon Yttrium Co. Ltd, China Minmetals Rare Earth Co. Ltd, and Tokyo Chemical Industry Co., Ltd.
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