Yttrium Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Yttrium Market Analysis
The Yttrium market is projected to register a CAGR of more than 4% during the forecast period.
- COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- Increasing demand from the ceramics industry and electronic devices industry is expected to drive market growth during the forecast period. On the other hand, the substitution of the product by scandium in specific applications is expected to hinder the market's growth.
- Increasing applications in the defense sector are likely to act as an opportunity. Asia-Pacific dominates the global market with the largest consumption in a country such as India, China, etc.
Yttrium Market Trends
This section covers the major market trends shaping the Yttrium Market according to our research experts:
Increasing Demand from 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 calcium oxide (CaO), magnesium oxide (MgO), and boron nitride (BN), is considered an aspirant material for insulator coating due to its extremely high-temperature stability up to 2,200°C.
- High-temperature refractories are majorly used in the iron and steel industry, including 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, and in the flues or stacks through which hot gases are conducted, among others.
- As a rare earth metal, yttrium is extensively employed in producing iron and steel. The increasing production of steel leads to a higher demand for metalworking to mold the steel in its desired form, thus positively impacting the market for yttrium.
- According to the World Steel Association (WSA), global crude steel production for the 64 countries was151.7 million tonnes (Mt) in September 2022, representing an increase of 3.7% compared to September 2021. Furthermore, 1 691.4 million tonnes (Mt) was produced across the globe from January-November 2022.
- The demand for high-temperature refractories is increasing significantly due to the increased iron and steel production and the increasing construction activities in the country. This is expected to impact the Yttrium market during the forecast period positively.
Asia-Pacific Region to Dominate the Market
- 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 rare earth metals, 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. According to the US Geological Survey's (USGS) Mineral Commodity Summaries (MCS), China produced the majority of the world's yttrium supply from weathered clay ion adsorption ore deposits in the southern Provinces, primarily Fujian, Guangdong, and Jiangxi-and a smaller number of deposits in Guangxi and Hunan.
- In 2021, nearly all imports of yttrium metal and compound imports in the United States were generated from mineral concentrates processed in China. The United States imported about 94% of yttrium compounds from China and 1% each from Japan and Korea. Furthermore, according to the USGS-MCS, China's yttrium compounds and metal exports were 2,400 tons in 2022. Japan, the US, the Republic of Korea, and Germany were the top export destinations.
- All the aforementioned factors are likely to increase the demand for the market over the forecast period.
Yttrium Industry Overview
The yttrium market is fragmented in nature. Some of the major players in the market include Goring Rare Earth Corporation Limited, Metall Rare Earth Limited, Alkane Resources Ltd, The Nilaco Corporation, and Nippon Yttrium Co., Ltd, among others.
Yttrium Market Leaders
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Goring Rare Earth Corporation Limited
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Metall Rare Earth Limited
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Alkane Resources Ltd
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Nippon Yttrium Co. Ltd
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The Nilaco Corporation
*Disclaimer: Major Players sorted in no particular order
Yttrium Market News
- September 2022: China Rare Earth Group Co and Jiangxi Copper Co signed a strategic cooperation agreement to promote the integration of the rare-earth industry. Rare earth (such as yttrium) is an important strategic resource and a key element in the development of high and new technology and green applications.
- September 2022: JL Mag Rare-Earth invested USD100 million in the construction of a recycling factory in Mexico that will convert scrap alloy into permanent magnets (consisting of rare-earth elements such as yttrium), which are used in electric automobiles, wind turbines, and other machinery.
Yttrium Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Demand from Ceramic Manufacturers
- 4.1.2 Growing Market for Flat Panel Displays
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4.2 Restraints
- 4.2.1 Substitution by Scandium in Specific Applications
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Product Type
- 5.1.1 Alloy
- 5.1.2 Metal
- 5.1.3 Compounds
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5.2 Application
- 5.2.1 Phosphors
- 5.2.2 Ceramics
- 5.2.3 Electronic Devices (Superconductors)
- 5.2.4 High Temperature Refractories
- 5.2.5 Lasers
- 5.2.6 Metallurgical Applications
- 5.2.7 Solid Oxide Fuel Cell (SOFC)
- 5.2.8 Other Applications
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/ Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Alkane Resources
- 6.4.2 Chengdu Haoxuan Technology Co. Ltd.
- 6.4.3 China Rare Earth Co. Ltd.
- 6.4.4 Crossland Strategic Metals Limited
- 6.4.5 Double Park International Corporation
- 6.4.6 Ganzhou Hong De New Technology Development Ltd. Co.
- 6.4.7 GBM Resources Ltd
- 6.4.8 Goring Rare Earth Corporation Limited
- 6.4.9 Inner Mongolia Nonferrous Mining Co. Ltd
- 6.4.10 Metall Rare Earth Limited
- 6.4.11 Nippon Yttrium Co., Ltd
- 6.4.12 Shenzhen Chuanyan Technology Co., Ltd.
- 6.4.13 Sichuan Lanthanum Rare Materials Limited
- 6.4.14 The Nilaco Corporation
- 6.4.15 Zhejiang Jinda Rare-earth Element Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Applications in the Defense Sector
Yttrium Industry Segmentation
Yttrium is a chemical element that is often referred to as a "rare-earth element." It is a silvery-metallic transition metal with chemical properties similar to lanthanides. Yttrium is extensively used as an alloy additive. It improves the toughness of aluminum and magnesium alloys. It is also utilized in the manufacture of electronic devices, among other things.
The yttrium market is segmented by product type, application, and geography. By product type, the market is segmented into alloy, metal, and compounds. By application, the market is segmented into phosphors, ceramics, electronic devices (superconductors), high-temperature refractories, lasers, metallurgical applications, solid oxide fuel cells (SOFC), and other applications. The report also covers the market size and forecasts in 15 countries across major regions.
For each segment, market sizing and forecasts have been done based on revenue (USD million).
| 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 | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Yttrium Market Research FAQs
What is the current Yttrium Market size?
The Yttrium Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Yttrium Market?
Goring Rare Earth Corporation Limited, Metall Rare Earth Limited, Alkane Resources Ltd, Nippon Yttrium Co. Ltd and The Nilaco Corporation are the major companies operating in the Yttrium Market.
Which is the fastest growing region in Yttrium Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Yttrium Market?
In 2024, the Asia Pacific accounts for the largest market share in Yttrium Market.
What years does this Yttrium Market cover?
The report covers the Yttrium Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Yttrium Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Yttrium Industry Report
Statistics for the 2024 Yttrium market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Yttrium analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
