Global Yttrium Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Compounds, Alloys, Metal), By End-Use Industry (Ceramics, Consumer Electronics, Manufacturing, Metallurgy, Automotive, Healthcare, Others), And By Geography - Forecasts From 2022 To 2027

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.

Introduction

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.

Market Drivers:

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.

Growth Factors.

• Increase usage of electronics.

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.

• Application in the defense sector.

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.

Competitive Insights.

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.

• In 2020, MP Materials combined with Fortress Value Acquisition Corp. The combined company, MP Materials Corp, began trading on the New York Stock Exchange on November 18, 2020, under the ticker symbol “MP.” 

Global Yttrium Market Scope:

Segmentation:

• By-Products
  • Compounds
  • Alloys
  • Metal
• By End-Use Industry
  • Ceramics
  • Consumer Electronics
  • Manufacturing
  • Metallurgy
  • Automotive
  • Healthcare
  • Others
• By Geography
  • Americas
    • USA
    • Brazil
    • Others
  • Europe Middle East and Africa
    • UK
    • Germany
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Taiwan
    • Others

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the yttrium market?
A1. The yttrium market is projected to witness a CAGR of 18.37% during the forecast period.

Q2. What will be the yttrium market size by 2027?
A2. The global yttrium market is projected to reach a market size of US$270.094 million by 2027.

Q3. What is the size of the global yttrium market?
A3. Yttrium Market was valued at US$82.947 million in 2020. 

Q4. Which region holds the maximum market share in the yttrium market?
A4. Geographically, the Asia-Pacific region is foreseen to dominate the yttrium market.

Q5. What factors are anticipated to drive the yttrium market growth?
A5. The use of yttrium is highly diversified which is a chief driver of the yttrium market from pharmaceuticals to construction.