Yttrium Mining Market Size, Share, and Industry Analysis By Type of Mine (Open-Pit and Underground), By Deposit Type (Placer Deposits, Carbonatites, Uranium Ores, and Weathered Clay Deposits (Ion-Adsorption Ore)), and Regional Forecast, 2024-2032

Yttrium is a mineral ore that is naturally occurring and is a rare-earth element. It is a silvery metallic transition metal, which is never found in a free state in nature. Yttrium is a very rare metal and is scantily found in the world. Its chemical and physical properties have found wide-ranging applications in various industries, which has led to a surge in the demand for yttrium mining.

Due to increased industrialization and urbanization, there has been a surge in the demand for construction and various refractory activities, which has raised the demand for superconducting and super-strength alloys. This has given rise to the increasing usage of yttrium in alloys with aluminum, magnesium, and chromium. Its use in LEDs, lasers, and CRT, due to its superconductivity, has driven the demand for yttrium in the market, which is likely to drive the global market growth during the forecast period.

The key market restraint is the lack of successful explorations of yttrium all over the world, as it is a rare-earth element. The mining of rare-earth elements requires massive investments in explorations and a low success rate in explorations is affecting the growth of the market.

The COVID-19 pandemic had a critical impact on varied end-use industries. The shutdown of businesses and the imposed lockdown slowed down the manufacturing industries and mining activities. The unavailability of raw materials and labor for the production of yttrium mining impacted the market growth. However, the growing demand for different mineral products, as well as the advancement of technology in mining, are expected to boost the market growth.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Yttrium Mining Market


• Key Industry Trends


• Regulatory Landscape for the Yttrium Mining Market


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Market

SEGMENTATION

 ANALYSIS BY TYPE OF MINE 

Based on material, the market is segmented into open-pit and underground. The open-pit segment accounted for the major share of the market and is anticipated to maintain its dominance during the forecast period. The mine type provides greater recovery of yttrium ore due to the increased maneuverability using heavy machinery. Open-pit mining is also a safer alternative to underground mining.

ANALYSIS BY APPLICATION

Based on application, the market is segmented into placer deposits, carbonatites, uranium ores, and weathered clay deposits (ion-adsorption ore). The weathered clay deposits (ion-adsorption ore) segment accounted for the major share of the market and is anticipated to maintain its dominance during the forecast period. It is the most widely found deposit type of yttrium, especially in China and the rest of the Asia Pacific region.

REGIONAL ANALYSIS

Based on region, the yttrium mining market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific accounted for a major share of the global market, as most of the yttrium deposits are located in countries such as China, India, Australia, Malaysia, and Burma. China is the world’s largest yttrium producer, producing over 97% of the world’s total yttrium mining produce.

North America is the fastest-growing regional market owing to the increasing number of successful explorations in the region, especially in nations such as the U.S. North America is also a rapidly growing market due to the increased setting up of mining activities in the U.S. Latin America is a steadily growing market due to the rising yttrium mining activities in Brazil.

KEY PLAYERS COVERED

The report includes the profiles of key players such as  Lynas Rare Earths Ltd, MP Materials, lluka Resources, Australian Strategic Materials Ltd (ASM), ENERGY FUELS INC., Western Rare Earths, Neo Performance Materials, Lotus Resources Limited, Pensana Plc, Greenland Minerals and Energy Ltd, Hastings Technology Metals Ltd, Texas Rare Earth Resources, Northern Minerals, USA Rare Earth LLC, and Arafura Resources Limited.

KEY INDUSTRY DEVELOPMENTS

• In March 2021, Western Rare Earths, a company based in Phoenix, U.S., announced that it would start its drilling operations on public lands in Bouse, Arizona, in rural La Paz County, to drill for 17 rare-earth materials. The decision is expected to set a foundation for the self-dependence of the U.S. in terms of rare-earth materials’ production, especially yttrium, which is majorly imported from China.


• In March 2021, Lotus Resources Limited announced plans to restart mining activities in the Kayalekera uranium mines in Malawi, which are a source of rare-earth elements such as yttrium with an average grade of 3.4%. This decision was made to bridge the supply-demand gap that arose due to the COVID pandemic.