Global Ytterbium Market Size, Share, Opportunities, COVID-19 Impact, And Trend By Mineral (Monazite, Euxenite, Xenotime), By Application (X-ray Device, Memory Device, Lasers, Stainless Steel, Solar Cells, Others), By Industry Vertical (Medical & Healthcare, Metal, Energy & Power, Consumer Electronics. Communication & Technology, Others), And By Geography - Forecasts From 2022 To 2027
- Published : Dec 2022
- Report Code : KSI061611212
- Pages : 65
Ytterbium is a soft, ductile, and white silvery rare earth metal which is produced by reacting its ores with lanthanum metal. The metal has rich mechanical strength, chemical stability, electrical conductivity, and energy transmission ability owing to which it has high applicability in major sectors such as metal, medical & healthcare, consumer electronics, energy & power, and communication & technology. Such sectors are experiencing significant growth owing to the high demand from consumers coupled with technological innovations & adoption. For instance, according to the Annual Electric Generator Report by US EIA, in 2021, the US added 13.2 gigawatts of utility solar capacity which represented a 25% increase in solar installation than 2020. Furthermore, as per China’s Ministry of Industry and Information, in 2021, smartphone shipment to China’s domestic consumers saw a 15.9% growth in comparison to 2020. Ytterbium is used in solar cells for increasing solar power absorption, whereas in consumer electronics such as smartphones it is used in memory chips and batteries. With the rapid development in energy & power and consumer electronics, the market demand for ytterbium is also expected to increase.
Based on industry vertical, the global ytterbium market is segmented into medical & healthcare, energy & power, metal, consumer electronics, communication & technology, and others. The metal sector is expected to grow at a relatively higher rate during the forecast period of the global ytterbium market. Ytterbium element owing to its rich chemical nature has major applicability in the metal sector whereas doping agent is used for mechanical strength improvement of stainless steel which is further used in other applications such as in automotive components, building materials, and kitchen accessories. The growing demand for stainless steel from its end users will simultaneously increase ytterbium demand and usage in the metal sector, thereby stimulating the segment growth of the global ytterbium market.
The bolstering growth in stainless steel production owing to its growing demand from end-use industries is boosting the market growth of the global ytterbium market. Ytterbium holds high chemical properties such as it is malleable and ductile and having rich energy transfer features, owing to which it finds high applicability as a doping agent for improving the mechanical strength, grain refinement, and other mechanical properties of stainless steel. Stainless steel is a major metal having rich industrial applications in automotive, construction, and kitchen accessories & utensils. The rapid growth in these sectors has increased the demand for stainless steel, thereby increasing the overall production volume of such metal. For instance, according to the International Forum of Stainless Steel, in 2021, global stainless steel production stood at 58,289 thousand tones which showed an increase of 14.5% in comparison to the 2020’s production level. Owing to such an increase in stainless steel production, the demand and usage of ytterbium as a doping agent for the mechanical strength improvement of stainless steel is also projected to increase, thereby boosting the growth of the global ytterbium market during the forecast period.
Recent development and expansion
- In January 2022, Eckert & Ziegler Radiopharma GmbH entered into a joint venture with Atoms Mines LLC and signed a long-term supply agreement where it will receive Atoms Mince’s enriched Ytterbium isotopes for the development of its Lutetium-177 that the company will be provided to pharmaceutical companies for the treatment of cancer therapies.
- In October 2021, POINT Biopharma Global Inc. announced its long-term supply agreement with Kinectrics Inc. where the latter would supply Ytterbium-176 to POINT Biopharma for its Lutetium-177 production program in which the company is aiming to promote Lutetium-177 medical isotopes in radiopharmaceuticals.
Covid-19 Impact on the Ytterbium Market
Ytterbium is used as a doping agent is used for strength and mechanical properties and stainless steel, whereas in consumer electronics such as smartphones it is used in memory chips and batteries. The restrictions implemented by the governing authorities to prevent the widespread of COVID-19 disrupted the activities of such major end users of ytterbium. For instance, according to the International Stainless Steel Forum, in 2020, global stainless steel production stood at 50,892 thousand tonnes which showed a decrease of 2.5% in comparison to 2019’s production scale. Furthermore, according to Samsung’s 2020 Business report, the company’s sales in the IM division which mainly consists of smartphones and tablets saw a drop of 7.2% in comparison to 2019’s sales volume. However, the COVID pandemic had a negligible effect on medical end users of ytterbium, as the chemical compound is majorly used in X-ray machines, the demand for such scanning equipment saw significant growth during the COVID period. For instance, X-ray technology maker Micro X ltd, in Q1 of 2020, reported a 375% increase in its revenue owing to high demand for mobile X-ray devices.
Global Ytterbium Market Scope:
|Growth Rate||CAGR during the forecast period|
|Forecast Unit (Value)||USD Million|
|Segments Covered||Mineral, Application, Industry Vertical, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Metal Rare Earth Limited, HEFA Rare Earth Canada Co. Ltd., Testbourne Ltd, Edgetech Industries LLC, ACI Alloys, ProChem Inc., ALB Materials Inc., Super Conductor Materials Inc., American Elements, Blue Line Corporation|
|Customization Scope||Free report customization with purchase|
- By Mineral
- By Application
- X-ray Device
- Memory Device
- Stainless Steel
- Solar Cells
- By Industry Vertical
- Medical & Healthcare
- Energy & Power
- Consumer Electronics
- Communication & Technology
- By Geography
- North America
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Covid-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Driver
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL YTTERBIUM MARKET BY MINERAL
6. GLOBAL YTTERBIUM MARKET BY APPLICATION
6.2. X-ray Device
6.3. Memory Device
6.5. Stainless Steel
6.6. Solar Cells
7. GLOBAL YTTERBIUM MARKET BY INDUSTRY VERTICAL
7.2. Medical & Healthcare
7.4. Energy & Power
7.5. Consumer Electronics
7.6. Communication & Technology
8. GLOBAL YTTERBIUM MARKET BY GEOGRAPHY
8.2. North America
8.3. South America
8.4.3. United Kingdom
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.5.3. United Arab Emirates
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Metal Rare Earth Limited
10.2. HEFA Rare Earth Canada Co. Ltd.
10.3. Testbourne Ltd.
10.4. Edgetech Industries LLC
10.5. ACI Alloys
10.6. ProChem Inc.
10.7. ALB Materials Inc.
10.8. Super Conductor Materials Inc.
10.9. American Elements
10.10. Blue Line Corporation
Metal Rare Earth Limited
HEFA Rare Earth Canada Co. Ltd.
Edgetech Industries LLC
ALB Materials Inc.
Super Conductor Materials Inc.
Blue Line Corporation
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