Yttrium Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Product Type (Alloy, Metal, and Compounds), Application (Phosphors, Ceramics, Electronic Devices (Superconductors), High-Temperature Refractories, Lasers, Metallurgical Applications, Solid Oxide Fuel Cell (SOFC), and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East & Africa)

Market Snapshot

Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4 %

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Market Overview

The market for the yttrium market is expected to grow at a CAGR of more than 4% during the forecast period. Major factors driving the market studied is demand from ceramic manufacturers and growing market for flat panel displays.

  • Increasing Applications in the Defense Sector is likely to act as an opportunity.
  • Asia-Pacific dominated the market across the globe with the largest consumption in a country such as India, China, etc.

Scope of the Report

The yttrium market report includes:

Product Type
Alloy
Metal
Compounds
Application
Phosphors
Ceramics
Electronic Devices (Superconductors)
High Temperature Refractories
Lasers
Metallurgical Applications
Solid Oxide Fuel Cell (SOFC)
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Increasing demand for High Temperature Refractories

  • Yttrium oxide is used in many applications in the refractory field. The application range includes the use as a compound for applications that require stability at high temperatures.
  • Yttrium oxide, along with the CaO, MgO, and BN is considered as aspirant materials for insulator coating, due to its extremely high-temperature stability up to 2,200°C.
  • Owing to the increased iron and steel production, coupled with the increasing construction activities in the country, the demand for high-temperature refractories are increasing significantly.
  • High-temperature refractories are majorly used in the iron and steel industry, including the usage in internal linings of furnaces to make iron and steel, furnaces for heating steel before further processing, vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and others.
  • In petrochemical refineries, refractories are used in a wide range of applications, such as fired heaters, fluid catalytic cracking units, gasifiers, hydrogen gas plants, reformers and cracker furnaces, sulfur recovery units, and many others.
  • In chemical manufacturing plants, refractories find major applications in carbon black plants, coke calcining plants, elemental sulfur plants, ethanol plants, fertilizer plants, gasification plants, and sulfuric acid plants, among others.
  • With the increasing demand for power generation and refining capacities, along with the increased consumption of various chemicals, the demand for various refractory materials is likely to grow in the country during the forecast period.
Yttrium Market Revenue Share

China to Dominate the Asia-Pacific Region

  • China is the world's largest producer and consumer of yttrium products. In terms of consumption, China alone accounts for more than 40% share of the yttrium oxide market in the Asia Pacific.
  • Due to the presence of a large number of reserves of the rare earth metal, the country is also a key producer of yttrium metal and yttrium oxide.
  • As most of the reserves and mines of yttrium oxide are concentrated mainly in China, the product has limited international trade.
  • However, the Chinese government is unable to clamp down illegal yttrium mining and the expectation of imposing further restrictions on yttrium exports is forcing the end-users to explore newer avenues to meet the impending supply shortages.
  • All the aforementioned factors are likely to increase the demand for the market over the forecast period.
Yttrium Market Regional Trends

Competitive Landscape

The yttrium market is fragmented. Some of the major players include Goring Rare Earth Corporation Limited, Metall Rare Earth Limited, Alkane Resources Ltd, and Nippon Yttrium Co. Ltd, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Demand from Ceramic Manufacturers

      2. 4.1.2 Growing Market for Flat Panel Displays

    2. 4.2 Restraints

      1. 4.2.1 China's Domination of Rare Earths (RE) Industrial Ecosystem

      2. 4.2.2 Substitution by Scandium in Specific Applications

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Alloy

      2. 5.1.2 Metal

      3. 5.1.3 Compounds

    2. 5.2 Application

      1. 5.2.1 Phosphors

      2. 5.2.2 Ceramics

      3. 5.2.3 Electronic Devices (Superconductors)

      4. 5.2.4 High Temperature Refractories

      5. 5.2.5 Lasers

      6. 5.2.6 Metallurgical Applications

      7. 5.2.7 Solid Oxide Fuel Cell (SOFC)

      8. 5.2.8 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/ Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Alkane Resources

      2. 6.4.2 Chengdu Haoxuan Technology Co. Ltd.

      3. 6.4.3 China Rare Earth Co. Ltd.

      4. 6.4.4 Crossland Strategic Metals Limited

      5. 6.4.5 Double Park International Corporation

      6. 6.4.6 Ganzhou Hong De New Technology Development Ltd. Co.

      7. 6.4.7 GBM Resources Ltd

      8. 6.4.8 Goring Rare Earth Corporation Limited

      9. 6.4.9 Inner Mongolia Nonferrous Mining Co. Ltd

      10. 6.4.10 Metall Rare Earth Limited

      11. 6.4.11 Nippon Yttrium Co. Ltd

      12. 6.4.12 Shenzhen Chuanyan Technology Co. Ltd.

      13. 6.4.13 Sichuan Lanthanum Rare Materials Limited

      14. 6.4.14 The Nilaco Corporation

      15. 6.4.15 Zhejiang Jinda Rare-earth Element Co. Ltd

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increasing Applications in the Defense Sector

    2. 7.2 Other Drivers

**Subject to Availability

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Frequently Asked Questions

The Yttrium Market market is studied from 2016 - 2026.

The Yttrium Market is growing at a CAGR of >4% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Goring Rare Earth Corporation Limited, Metall Rare Earth Limited, Alkane Resources Ltd, Nippon Yttrium Co. Ltd, The Nilaco Corporation are the major companies operating in Yttrium Market.

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