Yttrium (Y), a soft silvery metal, belongs to a class called transition metals in the periodic table, alongside some well-known metals such as iron and silver. According to BlueQuark Research & Consulting, the global yttrium market is expected to grow considerably during the forecasted period. Factors such as the increasing demand from high-temperature refractories and rising demand in various end-user industries and sectors such as the ceramic industry and LED display manufacturing are expected to drive the direction of the Yttrium market in the forecasted period. Further, Yttrium's role in SOFCs, a future energy source, is also vital and is expected to drive the global yttrium market besides other technological innovations in the forecasted period. Furthermore, the increasing demand for defense and construction sectors is also expected to provide new opportunities for global Yttrium's market in the forecasted period. However, the concentration of the resource yttrium, illegal mining, government restrictions on exports and imports, and Yttrium's toxicology are some challenges for this global market.

Yttrium is utilized in manufacturing the tubes of older television sets and showcases excellent color ranges. It is, therefore, utilized in light bulbs and panels as well.

The increase in demand for rare earth metals globally is one of the major factors driving the growth of the high purity yttrium market. Yttrium oxide is utilized in many applications in the refractory field. The application range includes the compound's use for applications that require stability at high temperatures. Yttrium oxide, along with the CaO, MgO, and BN, is considered an aspirant material for insulator coating, due to its high-temperature stability, up to 2,200°C. The demand for high-temperature refractories is increasing significantly due to the increased iron and steel production, coupled with the increasing construction activities in the country. High-temperature refractories are majorly used in the iron and steel industry, including the usage in internal linings of furnaces to utilize iron and steel, furnaces for heating steel before further processing, vessels for the clasp and transporting metal and slag, in the stacks through which hot gases are conducted, and others. In petrochemical refineries, refractories are used in a wide range of applications, such as fired heaters, fluid catalytic cracking units, gasifiers, hydrogen gas plants, reformers and cracker furnaces, and sulfur recovery units, and many others. In chemical manufacturing plants, refractories find significant applications in carbon black plants, coke calcining plants, elemental sulfur plants, ethanol plants, fertilizer plants, gasification plants, and sulfuric acid plants, among others. With the increasing demand for power generation and refining capacities, along with the increased consumption of various chemicals, the need for different refractory materials will likely grow in the country during the forecasted period. While yttrium oxide finds critical applications in the phosphor market, the recent substitution of Cathode Ray tubes (CRT) for LED displays is affecting its demand, leading to an oversupply and a subsequent price decline. On the other hand, Yttrium is expected to register high demand from its application in yttria-stabilized zirconia (YTZ).

The Asia Pacific region is expected to be the largest growing market for global Yttrium. The existence of established organizations and resource wealth, Yttrium's demand in a wide range of chemical industries like the iron and steel industry, petrochemical industry, and other end-user industries with high-temperature refractory applications, along with extended spending on research projects influence the region's dominance. Population-driven growth of the construction sector will play a vital role in the Asia-Pacific market. Because of their physical and chemical properties, Earth metals like Yttrium have various applications throughout their defense operations. They are utilized in making electronics and lighting to lasers, phosphors, and the solid permanent magnets contained primarily in computer hard drives, electric motors, and actuators. They are also utilized in fin actuators in missile guidance and control systems, satellite communications, disk drive motors installed in aircraft and tanks, and radar and sonar systems. The US Military is one of the flag bearers using Yttrium in its defense mechanisms. Yttrium, owing to its physical properties, like heat stabilizing and resistant properties, electrical conductivity, and lightweight, is becoming integral to several applications in major commercial and industrial sectors. They are used in panels, light bulbs, and television sets. Plasma and flat panel displays are other applications of Yttrium. Producers worldwide are engaging themselves in improving the technology and efficiency of their electronic devices, which is predicted to increase the growth of the global yttrium market in the forecasted periods. 

The global yttrium market is fragmented. Major market players were Goring Rare Earth Corporation, Metall Rare Earth Limited, Alkane Resources, Nippon Yttrium, and The Nilaco Corporation, among others.                       

Using 500 km of yttrium barium copper oxide high temperature superconducting (HTS) tape, Commonwealth plans to build by June 2021 what Bob Mumgaard, CEO of Commonwealth Fusion Systems, says will be by far the world's most giant high-field HTS coil, producing an expected field of 20 teslas. It will be a full-scale version of the magnets to be used in Commonwealth's test reactor, which is scheduled to begin early next year. Commonwealth expects to demonstrate by 2025 a fusion reaction producing an energy gain, a feat that no one has yet accomplished. Mumgaard says the machine, known as SPARC, is expected to cost around USD 400 million. SPARC is among four other competitors in the race for achieving controlled thermonuclear fusion a decade or more before the USD 25 billion international ITER project.

Indian Institute of Technology (IIT) Madras, the University of North Texas, and the US Army Research Laboratory have collaborated in coming up with an engineered magnesium alloy containing rare earth like Gadolinium (Gd), Yttrium (Y), and Zirconium (Zr), which is capable of replacing steel and aluminum alloys in the automobile and aerospace industry, making vehicles more fuel-efficient.

In 2020, MP Materials combined with Fortress Value Acquisition Corp. The combined company, MP Materials Corp, began trading on the New York Stock Exchange on November 18, 2020, under the ticker symbol "MP."

Global Yttrium Market report provides deep insights into the current and future state of the yttrium market across various regions. The study comprehensively analyzes the yttrium market by segmenting based on type (Alloys, Metal, and Compounds), application (Refractories and Ceramics, Chemical and Metallurgical, Electronics and SOFCs, Medical and Research, and Others), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market's growth, in detail. The study covers & includes emerging market size, trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.