Global Ytterbium Market - Forecasts from 2024 to 2029

Global Ytterbium Market - Forecasts from 2024 to 2029

The global ytterbium market is valued at US$100.002 million in 2024, which is estimated to grow at a CAGR of 10.45% to reach US$164.393 million in 2029.

Ytterbium is a soft, ductile, and white silvery rare earth metal produced by reacting its ores with lanthanum metal. The metal has rich mechanical strength, chemical stability, electrical conductivity, and energy transmission ability. Owing to this, it is highly applicable in major sectors such as metal, medical & healthcare, consumer electronics, energy & power, and communication & technology. These sectors are fast-growing because most consumers require them, and there is constant enhancement of technologies and their use.

Ytterbium is also used in solar cells to increase solar power absorption, whereas, in consumer electronics such as smartphones, it is used in memory chips and batteries. For instance, as per China’s Ministry of Industry and Information, in 2021, smartphone shipment to China’s domestic consumers saw a 15.9% growth compared to 2020. Nonetheless, with the rapid development in energy & power and consumer electronics, the market demand for ytterbium is also expected to increase.

GLOBAL YTTERBIUM MARKET DRIVERS:

The electronics and telecommunications sector is a key driver of the ytterbium market growth. The persistent quest for miniaturization and performance enhancement in electronic devices has raised the need for high-performance semiconductors, an important use for ytterbium. Furthermore, the growth of telecommunications infrastructure, driven by an insatiable desire for data, has increased demand for ytterbium-doped fibre amplifiers (YDFA), which are required for high-speed data transmission. According to Cisco, in 2023, more than 70% of the world was connected to the internet through a mobile device at a rate of 14.7 billion machine-to-machine connections, enabling applications such as connected autos and smart home devices.

Thus, a unified relationship between ytterbium and the electronics and telecommunication businesses can be seen. As these sectors advance and grow, so will the need for ytterbium, cementing its place as a crucial mineral in the modern world.
Product innovation is a significant driver of ytterbium market growth. As research into ytterbium's characteristics progresses, new uses and derivatives are identified. Advances in laser technology, which take advantage of ytterbium's unique optical qualities, have resulted in greater use in medical operations, materials processing, and scientific study.

For instance, ASP Isotopes began the development of its third isotope enrichment plant in Pretoria, South Africa. This third enrichment plant is intended to produce kilograms of highly enriched Ytterbium-176 (176Yb), a key stable isotope utilized in the synthesis of Lutetium-177. Lutetium-177 is a new beta-emitting radiopharmaceutical utilized in cancer treatments like Novartis' Pluvicto. This new Ytterbium-176 enrichment facility is the Company's first commercial plant to use Quantum Enrichment, a revolutionary isotope enrichment process developed by ASP Isotopes and its energy affiliate, Quantum Leap Energy LLC (QLE).

Menlo Systems also offers the YLMO 520, a tiny ytterbium femtosecond fibre laser with a 520 nm output. The YLMO 520, created by doubling the 1040 nm YLMO fundamental frequency, produces laser pulses with an average output power of over 500 mW and a duration of less than 150 fs. Simultaneously, the technology ensures access to the 1040 nm fundamental with a freely configurable optical power splitting ratio between the two wavelength channels. With a pulse duration of less than 100 fs, it can achieve a maximum average power of over 4 W at 1040 nm. This modular system architecture allows for customizable dual-color and time-resolved measurements.

GLOBAL YTTERBIUM MARKET SEGMENT ANALYSIS:

By industry vertical, the metal sector is anticipated to be one of the fastest-growing segments in the market.

Based on industry vertical, the global ytterbium market is segmented into medical & healthcare, energy & power, metal, consumer electronics, communication & technology, and others. Amongst these, the metal segment is expected to have a relatively higher growth rate during the global ytterbium market forecast period. For instance, the finished steel consumption in India stood at 119.17 MT in FY23 and 138.5 MT in FY24.? To add further to this, in February 2024, the government made some attempts to increase self-sufficiency in the steel production industry.?

According to CRU statistics, steel output in the United States increased by 6.5% in March 2024 to 6.9 million metric tonnes from 6.5 million metric tonnes in February. Ytterbium element, owing to its rich chemical nature, has major applicability in the metal sector. A doping agent is used for mechanical strength improvement of stainless steel, which is further used in other applications such as automotive components, building materials, and kitchen accessories. Comprehensively, the growing demand for stainless steel from its end users is anticipated to simultaneously increase ytterbium demand and usage in the metal sector, thereby stimulating the segment’s market growth.
Asia Pacific’s ytterbium market is anticipated to grow significantly.

The Asia Pacific region is gradually expanding as a significant market for ytterbium. This element is in the list of rare earth elements, and due to increasing industrialization and the development of other technological aspects, their demand is high. Ytterbium compounds are used in the electronics industry, especially in Asia, including China and India. Besides, the growing metals and mining industry is upsurging the demand for ytterbium. This segment in India is expected to undergo significant reform in the coming years, owing to initiatives such as the Make in India Campaign, Smart Cities, Rural Electrification, and a focus on developing renewable energy projects under the National Electricity Policy and an increase in infrastructure development. As reported by Invest India, secondary producers are an important component of the iron and steel industry, accounting for more than 40% of crude steel output. Additionally, the secondary steel sector plays a significant role in infrastructure construction.

Another significant driver is the region's rapidly expanding renewable energy sector. Ytterbium is used in solar panels and wind turbines, making it important in sustainable energy endeavours. These factors combine to set the Asia Pacific market for considerable growth during the forecast period.

Global Ytterbium Market Key Developments:

In May 2024, Kinectrics, a global provider of nuclear lifecycle services, announced the first shipments of highly enriched Ytterbium-176 (Yb-176). This strengthens the radiopharmaceutical supply chain and reduces dependency on Russian material.
In January 2022, E&Z’s radiopharmaceutical production company, Eckert & Ziegler Radiopharma GmbH & Co. KG (EZR), entered into a joint venture and a long-term supply agreement for Ytterbium-176 with Atom Mines LLC, which is an inventive producer of enriched Ytterbium isotopes and a subsidiary to the Pointsman Foundation, both based in Austin, Texas.

The global ytterbium market is segmented and analyzed as follows:

By Mineral

Monazite
Euxenite
Xenotime

By Application

X-ray Device
Memory Device
Lasers
Stainless Steel
Solar Cells
Others

By Industry Vertical

Medical & Healthcare
Metal
Energy & Power
Consumer Electronics
Communication & Technology
Others

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
United Arab Emirates
Rest of the Middle East and Africa
Asia-Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific