Global Lutetium Market Size, Share, Opportunities, COVID-19 Impact, And Trend By Type (Oxide, Chloride, Metal, Fluoride, Others), By Application (Electronic Equipment, Medical Procedures, Pure Beta Emitter, Catalyst In Oil Refineries, Others), And By Geography - Forecasts From 2022 To 2027

The global lutetium market is anticipated to expand at a CAGR of 11.30% over the course of the forecast period, from US$698.497 million in 2020 to a total market value of US$1477.897 million by 2027.

A member of the lanthanide series, lutetium is a rare earth element. One of the hardest and densest elements in the lanthanide class, it is a silvery-white metal. In hydrogenation and polymerization operations as well as for the cracking of hydrocarbons in oil refineries, lutetium and its constituents are used as catalysts. Its components are also helpful for dating meteorites, and acting as a pure beta emitter when activated by neutrons. The demand for lutetium will be influenced by these elements.

However, lutetium has relatively few practical uses since it is exceedingly difficult to obtain in large enough amounts at a reasonable price.

Increasing demand in various industry verticals to boost the global lutetium market expansion 

The worldwide lutetium market is anticipated to be driven by factors such as the rising use of lutetium in the medical sector. Lutetium 177 is a radioactive drug that adheres to a particular region of tumor cells, allowing radiation to enter and destroy them. It is anticipated that growing investment in the creation of novel lutetium-based cancer therapies would significantly boost demand for the Lutetium element.  Lutetium salts are utilized to make electronic components, so they can be employed in devices like color televisions. This is another factor that is anticipated to drive the worldwide Lutetium market. Lutetium Oxide is also utilized to make catalysts for breaking down hydrocarbons in the petrochemical industry, which is projected to propel market expansion. The demand for Lutetium components will be increased globally due to Lutetium's expanding use in the electronics sector, particularly in organic LEDs and computer memory devices. By doping gadolinium gallium garnet with lutetium, magnetic bubble memory devices for computers can also employ this material (GGG). When coupled with tantalum, lutetium is the perfect host for x-ray phosphors.  

Key Developments:

• December 2021: With Ganzhou Zhanhai Industrial and Trade Co., Ltd., Canada Rare Earth Corp. has renewed an exclusive distribution contract for specialty rare earth goods, including high-purity rare earth products. With the renewal of this Agreement, Canada Rare Earth keeps its exclusive rights in Europe, the Americas, Russia, and India to market, distribute, and sell Ganzhou's rare earth goods. High-purity rare earth items are a component of many high-performance products, including electronics and magnets, and are part of the Ganzhou product line. Atomic energy, catalytic cracking for the processing of oil, vehicle catalytic converters, lights, ceramics, and glass are some specific examples. The production and engineering staff at Ganzhou is capable of modifying custom goods and procedures in addition to regular ones. Ganzhou's manufacturing and engineering staff is capable of modifying their processes in order to build proprietary customer products and adhere to the exacting and particular requirements of their clients in addition to offering conventional products and procedures. Customers will have access to these rare earth elements through this agreement, which can be exceedingly difficult to procure but are essential for their enterprises.
• October 2019: In order to acquire up to a 50% interest in the Will Scarlett Rare Earths Recovery Project, which is located close to Marion, Illinois, Avalon Advanced Materials Inc. has disclosed that it has signed a legally binding letter of intent with a private US business called Coal Strategy Advisors, LLC. A recent geochemical sampling at the closed coal mine site of Will Scarlett revealed higher concentrations of metallic elements including cobalt, nickel, and lithium as well as rare earth elements (or "REE") like europium, lutetium, etc. in mine waste products. Total rare earth oxide values in excess of 500 ppm have been found in samples taken from rare earth precipitates and AMD. Avalon and CSA intend to move further with the process and analytical testing to confirm concentration levels and the most effective extraction method for recovering rare earth from AMD and precipitates. As soon as the complete scope of work necessary to move the project to beginning production is established, Avalon and CSA will sign a formal joint venture agreement.

Product Offerings:

• Lutetium oxide: White powder containing lutetium, atomic number 71, symbol Lu, and weight 174.97, is known as lutetium oxide and is provided by HEFA Rare Earth Canada Co. Limited. It doesn't have a magnetic moment like most rare earth do. Of all the rare earth, it also has the shortest metallic radius. It is conceivably the least prevalent lanthanide in nature. Due to the lack of a magnetic moment, it is used as a dopant to match the lattice characteristics of specific substrate garnet crystals, such as indium-gallium-garnet (IGG) crystals. It serves as a phosphor activator or a Y-Fe or Y-Al garnet addition. Packing is done in a plastic woven bag with two inside double PVC bags that each hold 500kg of net weight, as well as per the specifications of the customer.
• Lutetium Oxide: Lutetium oxide is a white powder that appears to have a 99.999 relative purity and is supplied by Canada Rare Earth Corporation. It is soluble in acids but insoluble in water. In sealed double polyethylene bags, packing is done. Steel containers of 50 kg each store the bags. The Other Specifications are flexible depending on the customer's needs.

Global Lutetium Market Scope:

Segmentation

• By Type
  • Oxide
  • Chloride
  • Metal
  • Fluoride
  • Others
• By Application
  • Electronic Equipment
  • Medical Procedures
  • Pure Beta Emitter
  • Catalyst in Oil Refineries
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Indonesia
    • Taiwan
    • Thailand
    • Others