Press release
Erbium Oxide Market Observe Substantial Growth By 2015 - 2023
Growing demand for erbium oxide from the display panel industry is expected to drive the market. Due to erbium oxide’s optical and electrical properties, it is primarily used in display monitors such as LEDs and LCDs. Burgeoning consumer electronic industry globally is fueling the demand for display panel, which in turn expected to drive the erbium oxide market. Internet of things is an upcoming trend in the developed world of which display panels form the indispensable element. Furthermore, growth in smartphone and phablet adoption in developing countries is driving display panel industry. Additionally, growth in the semiconductor industry due to increasing consumer and industrial electronics is expected to fuel the erbium oxide market. Erbium oxide is used as the up-conversion material in capacitors and semiconductor transistors. Furthermore, growing permanent magnet industry is expected to drive the erbium oxide market. The compound can be paramagnetic, anti-ferromagnetic and ferromagnetic depending on the temperature. End-use industries such as automotive, medical, aerospace and defense are driving permanent magnet industry. Erbium oxide’s properties changes magnetic properties according to temperature expand its application area due to customization it offers.
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However, highly toxic nature of erbium is expected to hamper the market growth. Erbium oxide, when injected, inhaled or taken orally can have harmful effects on human health. The symptoms of erbium oxide toxicity could be ataxia, writhing, arched back, labored respiration and sedation. Erbium oxide is graded as irritant by Environmental Protection Agency (EPA) and can cause serious skin and eye irritation. Furthermore, high raw material cost is anticipated to hamper the erbium oxide market. Supply of the erbium is highly dependent on mining activities in regions where reserves are abundant. Any political or economic disruptions in these regions can cause supply issues and hence affect the market growth.
Development of new applications of erbium oxide nanoparticles are expected to provide immense opportunities for the players in the market. These nanoparticles can be used in display monitors and bio-imaging. Additionally, recycling of erbium oxide from E-waste is expected to be an important opportunity in the next few years.
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Global erbium oxide market is moderately consolidated with major dominating the local market. Key players in erbium oxide market include Epsi Metals, Arafura Resources, Avalon Rare Metals Inc., Alkane Resources Ltd., China Rare Earth Holding Limited, Great Western Minierals Group Ltd., Indian Rare Earths Limited, Frontier Rare Earths Ltd., Molycorp and Inner Mongolia Baotou Steel Rare Eartch Hi-Tech Co.
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