Yttrium Oxide Market - Global Industry Analysis and Forecast 2024
Yttrium
oxide, also known as yttria, is an oxide of yttrium metal. The rare
earth metal oxide is one of the most stable compound. Hence, it is used
in applications in several industries. Yttrium oxide possesses several
important properties such as high erosion resistance, high hardness,
chemical inertness, and mechanical strength. Other ceramics do not
exhibit these characteristics.
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Yttrium
oxide also has very high thermal stability and resistance to molten
metals. Thus, it is used in refractory materials. The oxide also
demonstrates high stability against radiations, primarily UV and
microwave radiation. Thus, it is employed as an additive in paints &
coatings for high-temperature and radiation applications. Yttrium oxide
is also used in the manufacture of yttrium iron garnets for microwave
filters and sensors, which are used for gamma rays and x-rays. Another
major application of yttrium oxide is in the manufacture of YSZ, i.e.
Yttrium Stabilized Zirconia. Yttria is also used as a catalyst in
(polymerization) manufacture of polymers.
Yttrium
oxide is a compound with exceptional chemical and physical properties.
Thus, the market for this ceramic is expected to expand across the globe
for niche applications. Yttrium oxide has several special applications
and has virtually no effective substitute. The phosphor market is the
key application for yttrium oxide. However, recent substitution of CRT
displays with LED displays is hampering the yttrium oxide market.
This
is estimated to result oversupply, thereby leading to a decline in
prices. On the other hand, demand for yttrium oxide is anticipated to
rise in YSZ application. Thus, the global market for yttrium oxide is
projected to expand as the price, supply, and demand is anticipated to
stabilize during the forecast period.
The
yttrium oxide market can be segmented based upon purity and
application. In terms of purity, the yttrium oxide market can be divided
into 3N, 4N, and 5N. Purity plays an important role in application of
yttrium oxide. Yttrium oxide is used to subdue oxidation; therefore,
majority of applications require high purity yttrium oxide as any
impurity may lead to oxidation and corrosion. Based on application, the
yttrium oxide market can be classified into oil & gas, chemical
intermediate, glass, ceramics, and others. Chemical intermediate is one
of the key applications of yttrium oxide; yttrium stabilized zirconia is
the key product in this segment. The oxide is also used in the
manufacture of glass. Yttrium oxide has a high melting point; high
strength; and good shock resistance, which are effectively transferred
to glass resulting in a strong and shock resistant glass. Similarly,
production of yttrium iron garnets also exploit the radiation resistance
property of yttrium, for manufacture of microwave filters.
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In
terms of geography, the yttrium oxide market can be segregated into
Asia Pacific, Europe, North America, Latin America, and Middle East
& Africa. Asia Pacific is one of the leading consumers of yttrium
oxide. Strong growth in the electrical & electronics industry in the
region has created significant demand for yttrium oxide. In terms of
consumption, China alone accounts for more than 40% share of the yttrium
oxide market in Asia Pacific. The country is also a key producer of
yttrium metal and yttrium oxide due to the presence of large number of
reserves of the rare earth metal. North America and Europe are also
significant markets for yttrium oxide due to the presence of a strong
functional coatings market in these regions.
Prominent players operating in the global yttrium oxide market are Jiangxi Rare Earth Corp., and Molycorp.Inc
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