Yttrium Market is Projected to Reach US$ 179.92 Million by 2034 with a 4.6% CAGR | Fact.MR Report

Global revenue from the market of yttrium is estimated to be US$ 114.9 million in 2024 and is likely to rise at a CAGR of 4.6% to US$ 179.92 million by 2034.

Very crystalline iron-gray rare-earth element yttrium is most often added to alloys. It reinforces magnesium and aluminum alloys. Yttrium is applied in a vast array of ways and is a key market driver in construction and medications. The sector is investing in yttrium technologies and is slowly moving towards piloting and experimenting with applications. The market is being witnessed with expanding possibility as yttrium is being used more in the defense sector.

Glass is used to manufacture camera lenses, which have yttrium oxide added to them to render them heat and stress-resistant. It is also used to produce superconductors. Yttrium-90, a radioactive isotope of yttrium, is employed in the medical field to cure various malignancies, such as liver cancer. The market is growing due to these varied applications across various end-user industries.

The major deposits of the world's yttrium are located in Australia, Brazil, China, Russia, and Vietnam. World reserves of yttrium are adequate to meet near-term demand at current production rates. However, a number of factors, such as trade restrictions, environmental issues, economic conditions, and growing demand for ion adsorption ores in China and Myanmar, will continue to affect the availability and price of a number of rare earth elements, including yttrium.

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Key Takeaway from Market Study:

The Yttrium Market size in 2024 is estimated at US$ 114.9 million, reflecting its growing demand across various industries.
The market is forecasted to reach US$ 179.92 million by 2034, indicating significant expansion over the next decade.
The global market is projected to grow at a CAGR of 4.6% from 2024 to 2034, driven by increasing applications in electronics, ceramics, and medical sectors.
Mexico's Yttrium market is expected to grow at a higher CAGR of 7.4% from 2024 to 2034, showcasing strong regional demand and investment.
India's Yttrium market is anticipated to reach US$ 11.06 million by 2034, reflecting its rising consumption in industrial and technological applications.
Western Europe holds a 10.5% market share in 2024, highlighting steady demand across the region.
East Asia is projected to dominate with a 34.7% market share by 2034, driven by strong industrialization, technological advancements, and increasing production capacities.

Leading Players Driving Innovation in the Yttrium Market:

China Rare Earth Magnet Limited; Double Park International Corporation; Ganzhou Hong De New Technology Development Ltd. Co.; Goring Rare Earth Corporation Limited; Inner Mongolia Nonferrous Mining Co. Ltd; Metall Rare Earth Limited; Shenzhen Chuanyan Technology Co. Ltd.; Zhejiang Jinda Rare-earth Element Co. Ltd; Alkane Resources; GBM Resources Ltd; Nippon Yttrium Co.; The Nilaco Corporation; Crossland Strategic Metals Limited

Key Growth Drivers of the Global Yttrium Market:

Increasing Demand in Electronics and Optics - Yttrium finds extensive applications in the production of phosphors for LED screens, cathode ray tubes, and optical glasses, which fuels its market expansion.

Growing Applications in Aerospace and Defense - The metal is vital in the manufacture of high-performance alloys for jet engines, spacecraft, and defense applications, which increases demand.

Increasing Application in Medical and Healthcare Industries - Yttrium compounds are used more and more in cancer therapy, including radiation therapy and radioisotopes, aiding in market growth.

Rising Applications in the Automotive Sector - With the growing demand for electric vehicles (EVs) and hybrid vehicles, yttrium application in lightweight materials and high-end batteries is driving its use.

Advances in Ceramic and Glass Production - Yttrium-stabilized zirconia (YSZ) is one of the essential ingredients in ceramic coatings, dental products, and high-temperature uses, helping drive market expansion.

Increased Mining of Rare Earth Elements and Supply Chain Advancements - Improved methods of extraction and increased investment in rare earth mining provide a reliable supply of yttrium to industries.

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Regional Outlook:

China is the top producer of yttrium oxide and yttrium, followed by Australia, as the country has abundant reserves of rare earth metals. In the Asia Pacific and South East Asia region, China has a relatively higher number of consumers of yttrium oxide. Since China controls the market of rare earth elements in Asia Pacific to the tune of 40%, the price of yttrium worldwide is reliant on Chinese exports.

Robust growth in the electronics sector is driving the demand for yttrium. Demand in Asia Pacific, South East Asia, and Japan will be predominantly fueled by the product segment of permanent magnet and metal alloys. Latin America, Europe, and North America are also slated to be major markets on account of the robust presence of the functional coatings markets in these regions.

More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the yttrium market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights into the market based on application, end use, and region. By application, it includes Medicinal Purposes, Coating Ingredient, High Temperature Superconductors, and Others. In terms of end use, the market is categorized into Metal Alloys, Catalysts, Phosphors, Ceramics, and Others. Geographically, the market is divided into North America, Western Europe, Eastern Europe, Latin America, East Asia, South Asia & Pacific, and the Middle East & Africa, with East Asia expected to hold a dominant share due to strong industrial demand.

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