Global Yttrium Market - Segmented by Product Type, Application, and Geography - Trends and Forecast (2018 - 2023)
The global yttrium market is expected to register a CAGR of 9.11% during the forecast period (2018 - 2023). Yttrium is a chemical element with symbol Y and has often been classified as a ‘rare-earth element’. The majority of the yttrium is extracted from the deposits of other rare-earth elements and metals during their mining and subsequent purification. A limited amount is also being extracted from scarcely found minerals gadolinite, xenotime, samarskite, euxenite, fergusonite, yttrotantalite, yttrotungstite, and yttrialite.
Increasing Popularity of LED Lighting
Yttrium, owing to its superior physical properties, such as excellent electrical conductivity, heat stabilizing and creep resistant properties, and light weight, is becoming an integral part of various applications in major commercial and industrial sectors. They are used in light bulb, panel and television sets. The red component of color television cathode ray tubes is typically emitted from an yttria or yttrium oxide sulfide. Beside this, they are also used in glass industry for polishing and as an additive for providing color and special optical properties. Producers all across the globe are engaging themselves in improving the technology and efficiency of LEDs. This is expected to drive the market for Yttrium during the forecast period.
Yttrium Oxide Products are expected to have the Highest Growth
It has been identified that the yttrium compound, especially yttrium oxide, has the largest market share by product type during 2017. One major reason for growth of the yttrium market is its extensive use in the electronics sectors and defense sector. In these sectors, the metal is used in phosphor compounds for flat panel displays and aluminum garnet composites for laser target designators, respectively.
China 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 Asia Pacific. Due to the presence of 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 expectation of imposing further restrictions on yttrium exports is forcing the the end-users to explore newer avenues to meet the impending supply shortages.
Major Players: Chengdu Haoxuan Technology Co. Ltd., China Rare Earth Co. Ltd., GBM Resources Ltd, Nippon Yttrium Co. and EMC Metals Corp., among others.
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