HYDERABAD, India, February 4, 2016 /PRNewswire/ --
Mordor Intelligence announces the release of research study on the global yttrium market. This research study elucidates the current market landscape of yttrium deposited around the world, and studies its different markets under product type, end-user industry.
The global yttrium market is in its nascent stage, and is expected to grow at a fast pace until 2020. Yttrium consumption is estimated to grow at a CAGR of 15.45% from 2014 to 2020. China held about 40% of the global market consumption in 2014. This growth is largely fuelled by the presence of a major yttrium resources in the country.
It is believed that with a reliable supply, demand could increase exponentially. The overall production of this rare earth element does not meet the potential demand for the product, as there are only a handful of yttrium producers outside of China. As a result, consumers largely dependent on Chinese imports for their yttria supply. This is a major restraint for the global yttrium market.
With the Chinese government unable to clamp down illegal yttrium mining in the country, and expectation of imposing further restrictions on yttrium exports, the end-users in the global market are forced to explore newer avenues to cater to the impending supply shortages. Japan and Vietnam have signed an agreement to mine and process rare-earth elements.
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Recycling applications, especially the process of extracting yttrium and other rare-earth elements from discarded electronics waste, primarily phosphors and fluorescent & energy saving lamps, have the potential of becoming major game changers in the years to come.
It has been identified that the yttrium compound, especially yttrium oxide, segment has the largest market share by product type in the global market. One major reason for growth of the yttria market is its extensive use in the defense and electronics sectors; here, the metal is used in aluminum garnet composites for laser target designators, and in phosphor compounds for flat panel displays, respectively.
Major production areas include Australia, China, India, Vietnam, and Brazil, among others. Consumption areas include China, United States, Japan, and European Union, among others.
Some of the major players in the market are Alkane Resources, Atlantic Equipment Engineers Inc., Chengdu Haoxuan Technology Co. Ltd., China Rare Earth Co. Ltd., EMC Metals Corp., ESPI Corp. Inc., GBM Resources Ltd, Indian Rare Earths Limited, Lynas Corporation, Materion Advanced Materials Group, Molycorp., Nippon Yttrium Co., Northern Minerals Ltd, Shenzhen Chuanyan Technology Co. Ltd., Sichuan Lanthanum Rare Materials Limited, TCI Chemicals, and Zhejiang Jinda Rare-earth Element Co. Ltd,
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SOURCE Mordor Intelligence LLP