TMR_Research_Reports_2017 Yttrium Oxide Market Expected To Expand By 2017 | Page 2

Report Description
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. 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.
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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.