Lutetium Oxide Market Size, Share, Growth, and Industry Growth, By Type (3N, 4N, 4.5N and others), By Application (Glass and Ceramics, Laser Crystals, Catalyst, Alloy and Permanent Magnet Material, Optical Dopant and Phosphors and others), Regional Forecast To 2031

Updated On: 01 April 2024

Lutetium Oxide Market REPORT OVERVIEW

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The global lutetium oxide market size was USD 95 million in 2022 and market is projected to touch USD 192.54 million by 2031, exhibiting a CAGR of 8.2% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Lutetium oxide is a white solid powder with the molecular formula Lu₂O₃. Its molecular mass is 397.932 gmol^-. It is insoluble in water and moderately soluble in strong mineral acids. It is slightly hygroscopic. It has a melting point of 2,490℃. The boiling point is 3,980ºC. It has a band gap of 5.5eV. Its density is 9.42gcm^3-. It is generally immediately available in most volumes. Ultra high purity, high purity, submicron and nanopowder forms may be considered. It is not conductive to electricity.

Also known as lutecia, it is a cubic compound of lutetium which is used in preparation of specialty glasses. It is a lanthanide oxide. It is an important raw material for laser crystals. It also has specialized uses in ceramics, glass, phosphors, and lasers. It can also act as a catalyst. It is an oxide of one of the rare earths and this helps in the process of alloy making and being a permanent magnetic material. The different uses of this compound facilitates the growth of the lutetium oxide market.

COVID-19 Impact: Manufacturers in Industries to Impede Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, which has influenced the market significantly. The outbreak of COVID-19 had a negative impact on many markets. Various countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disturbances. With many restrictions in the pandemic, various industries were impacted and this was also one of them. Halt on the production activities affected the demand of the lutetium oxide. Due to the spread of the infection, there was a demand for complete lockdown which negatively affected the demand for the product and affected market growth.

LATEST TRENDS

"Different Optical Methods of Compound to Improve Market Growth"

Lutetium oxide has been used in experimenting for scintillating applications due to its high density. Manufacturing methods that are used now, such as hot pressing and sintering, do not provide adequate resolution due to light scattering of polycrystalline materials. Vapor deposition can be used as an alternative manufacturing method. Its transparent optical coatings by magnetron sputtering gives a means of tailoring the coating for optimum scintillation and resolution. Sputter deposited coatings naturally have inherent stress and defects that adversely affect transparency and emission. The effect of process parameters on the coating properties is being tested via x-ray diffraction, scanning electron microscopy and emission spectroscopy. This helps the mineral manufacturing companies to produce more of the drug to satisfy its need in the market. Such demands are expected to pose an opportunity for the lutetium oxide market growth during the forecast period.

Lutetium Oxide Market SEGMENTATION

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• By Type

Based on type; the market is divided into 3N, 4N, 4.5N and the others.

3N is the leading part in the type segment.

• By Application

Based on application; the market is divided into glass and ceramics, laser crystals, catalyst, alloy and permanent magnet material, optical dopant and phosphors and the others.

Glass and Ceramics is the leading part in the application segment.

DRIVING FACTORS

"Rising Uses of the Product to Augment Market Growth"

The lutetium oxide market share is anticipated to increase with the increase in the uses of this compound. It can act as a catalyst to speed up the chemical reaction in many processes such as cracking, alkylation, hydrogenation, polymerization, rare earth powder, dysprosium oxide, yttrium oxide powder, calcium aluminum alloy. As these processes create a huge demand for the compound, the manufacturing companies mainly focus on expanding the business by increasing its production. Such demand is anticipated to drive the market.

"Several Uses of the Compound to Improve Market Growth"

The different uses of lutetium oxide provide the manufacturers a necessity to increase production rate. Though oxides naturally do not conduct electricity, there are some perovskite structured oxides that conduct electricity, as an application in the cathode of solid oxide fuel cells and oxygen generating systems. These compounds are basic anhydrides and can therefore react with acids and strong reducing agents in redox reactions. As they are insoluble in aqueous solutions such as water and being extremely stable, they are useful in producing ceramic structures such as advanced electronics as light weight structural components in aerospace industries and electrochemical applications such as fuel cells which are ionically conductive. Such companies are anticipated to drive the market growth during the forecast period.

RESTRAINING FACTORS

"Toxicity of the Oxide to Impede Market Growth"

Lutetium oxide is mildly toxic by inhalation or ingestion, but its insoluble salts are non-toxic. It should not be exposed to skin and eyes as it may cause irritation. Under fire conditions it can also emit toxic fumes which poses a threat to the human body. Long-term exposure of workers to these dusts can induce bronchiolar, alveolar and reactions in the lungs. The oxide of lutetium is also toxic and has negative effects on human health. These factors restrict the growth of the lutetium oxide market.  

Lutetium Oxide Market REGIONAL INSIGHTS

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"Asia-Pacific to Dominate Market due to its Availability to Resources"

Asia-Pacific holds the largest part of the global Lutetium oxide market share due to the largest countries such as China having its leading producers. The demand for the solid compound is attributed to its various uses in the market. The resources being available is one of the biggest advantages of these countries. New production facilities for this compound also contributed to the growth in the establishment of various manufacturer companies to facilitate the market growth in the region.     

KEY INDUSTRY PLAYERS

"Increasing Manufacturing Industries to Boost Market Production"

The report provides information about the list of market players and their operations in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new facilities, regions they conduct their operations in automation, technology adoption, generating revenue, and making a difference with their products.

List of Market Players Profiled

• Treibacher (Austria)
• China Minmetals Rare Earth (China)
• Longyi Heavy Rare-Earth (China)
• Ganzhou Rare Earth Mineral Industry (China)
• Ganzhou Qiandong Rare Earth Group (China)
• Chenguang Rare Earth (China)
• Jiangyin Jiahua Advanced Material Resources (China)
• Jiangsu Guosheng Rare-earth (China)
• Gansu Rare Earth New Material (China)
• Yongxing Chemical Industry (China)

REPORT COVERAGE

The research delivers a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, shares, drivers, restraints, and others. The analysis is subject to alteration if the key players and probable analysis of market dynamics changes.