Market Size of Yttrium Industry
| 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 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 | |||||||
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Yttrium Market Size Summary
The yttrium market is anticipated to experience steady growth over the forecast period, driven by increasing demand from the ceramics and electronics industries. The market, which faced setbacks due to the COVID-19 pandemic, has rebounded to pre-pandemic levels and is poised for further expansion. However, the substitution of yttrium by scandium in certain applications poses a challenge to market growth. The defense sector presents new opportunities for yttrium applications, while Asia-Pacific remains the dominant region in terms of consumption, with countries like China and India leading the charge. Yttrium oxide's high-temperature stability makes it a valuable component in refractory applications, particularly in the iron and steel industry, where it is used in various high-temperature processes.
China plays a pivotal role in the yttrium market, being the largest producer and consumer globally. The country's abundant reserves of rare earth metals, including yttrium, contribute to its significant share in the Asia-Pacific market. The limited international trade of yttrium products, due to concentrated reserves in China, underscores the country's influence in the market. The increasing demand for high-temperature refractories, driven by rising steel production and construction activities, is expected to positively impact the yttrium market. The market is characterized by fragmentation, with key players such as Goring Rare Earth Corporation Limited and Metall Rare Earth Limited actively participating. Strategic initiatives, like the cooperation agreement between China Rare Earth Group Co and Jiangxi Copper Co, aim to enhance the integration of the rare-earth industry, further influencing market dynamics.
Yttrium Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Demand from Ceramic Manufacturers
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1.1.2 Growing Market for Flat Panel Displays
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1.2 Restraints
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1.2.1 Substitution by Scandium in Specific Applications
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Product Type
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2.1.1 Alloy
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2.1.2 Metal
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2.1.3 Compounds
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2.2 Application
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2.2.1 Phosphors
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2.2.2 Ceramics
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2.2.3 Electronic Devices (Superconductors)
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2.2.4 High Temperature Refractories
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2.2.5 Lasers
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2.2.6 Metallurgical Applications
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2.2.7 Solid Oxide Fuel Cell (SOFC)
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2.2.8 Other Applications
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Yttrium Market Size 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.
