Yttrium Market To Witness Growth Acceleration During 2021 – 2031

Market Dynamics

Yttrium can be used in high temperature superconductors that have the potential to replace permanent magnets, especially in wind turbines. This shift could surge the demand for yttrium in the near future. The market of yttrium and other rare earth elements is largely dependent on scientific and technological advancements. Hence, almost any progress might drive the market on an upward trajectory. Attributing to its excellent physical and chemical properties, its application in ceramics is likely to make an impact in niche markets as well.

It can be said that yttrium has no other potential substitute and hence, the growth rate for this market is estimated to remain stable in the near future. While yttrium oxide finds key applications in the phosphor market, the recent substitution of Cathode Ray Tube (CRT) for LED displays is affecting its demand, leading to an oversupply and a subsequent decline in the prices. On the other hand, yttrium is expected to register high demand from its application in yttria-stabilized zirconia (YTZ).

Since most of the yttrium and yttrium oxide are found in China, yttrium has restricted international trade. Also, the Government of China has many ongoing international issues based on the export and illegal mining of yttrium, which is compelling end users to seek new opportunities in order to meet supply shortages.

Currently, yttrium and its compounds are being used in the treatment of cancer, especially liver cancer. They also serve as thermal barrier coatings in jet engines and their usage in this segment will continue to grow until a better and cheaper substitute originates. Thus, the global market of yttrium is expected to register noteworthy growth during the forecast period.

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Regional Outlook

China is one of the leading producers of yttrium oxide and yttrium, followed by Australia, due to the availability of large rare earth metal reserves in the regions. In the South East Asia and Pacific region, China has a comparatively larger consumer base for yttrium oxide. With China dominating the rare earth element market in Asia Pacific by up to 40%, the cost of yttrium across the globe is dependent on exports from China.

Strong growth in the electronics industry is pushing the demand for yttrium. The demand in Japan, South East Asia, and Asia Pacific is expected to be largely driven by the permanent magnet and metal alloys product segment. North America, Europe and Latin America are also pegged to be significant markets due to the strong presence of the functional coatings markets in these regions.