The global lutetium market is expected to grow at a CAGR of 19.60%, reaching a market size of US$2,548.210 million in 2030 from US$1,041.733 million in 2025.
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 and 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. These elements will influence the demand for lutetium.
Lutetium salts are used to make electronic components for devices like color televisions, another factor anticipated to drive the worldwide Lutetium market. Lutetium Oxide is also used to make catalysts for breaking down hydrocarbons in the petrochemical industry, which is projected to propel market expansion.
The demand for Lutetium components will increase 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.
The worldwide lutetium market is anticipated to be driven by factors such as its rising use 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. Growing investment in creating novel lutetium-based cancer therapies is anticipated to significantly boost demand for the Lutetium element. Multiple companies are offering different products related to lutetium in the market.
In May 2021, the Netherlands Cancer Institute and NRG published an article describing the Lu-177 treatment application. This showed that new treatments would be available for many patients. This is a great step towards nuclear medicine. Further, several developments are pushing the market forward, such as in March 2023. Eckert & Ziegler successfully submitted a Type II Drug Master File (DMF) with the U.S. Food and Drug Administration for lutetium (177Lu) chloride solution, an active pharmaceutical ingredient, and received DMF registration. Drug manufacturers could refer to this DMF when developing new radiopharmaceuticals for the U.S. market and use the lutetium chloride solution in clinical trials of drugs.
By geography, the market is segmented into North America, South America, Europe, the Middle East, Africa, and Asia Pacific. The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies, such as ASEAN countries, are from this region. In North America, the United States would have the largest share of the market. Saudi Arabia, the UAE, and Israel would have a significant share in the Middle East and Africa market due to economic prosperity and advanced technological applications.
The global lutetium market is segmented by type into oxide, chloride, metal, fluoride, and others. Further, it is segmented by application into electronic equipment, medical procedures, pure beta emitters, catalysts in oil refineries, and others. The medical procedural application is showing significant demand due to growing cancer cases worldwide. The oil demand is causing significant demand for the catalysts used in oil refineries; thus, the global lutetium market is expanding.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Lutetium Market Size in 2025 | US$1,041.733 million |
| Lutetium Market Size in 2030 | US$2,548.210 million |
| Growth Rate | CAGR of 19.60% |
| Study Period | 2020 to 2030 |
| Historical Data | 2020 to 2023 |
| Base Year | 2024 |
| Forecast Period | 2025 – 2030 |
| Forecast Unit (Value) | USD Million |
| Segmentation |
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| Geographical Segmentation | North America, South America, Europe, Middle East and Africa, Asia Pacific |
| List of Major Companies in Lutetium Market |
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| Customization Scope | Free report customization with purchase |