Erbium Oxide Market - Forecast(2024 - 2030)
Erbium Oxide Market Overview
Erbium Oxide Market size?is projected to reach US$107.8 million by 2027, after growing at a CAGR of 4.8% during 2022-2027. Erbium oxide (Er2O3) is a member of rare-earth sesquioxides. Erbium (III) oxide, is synthesized from the lanthanide metal erbium. Photon upconversion is a phenomenon where lower energy photons are piled up to create higher energy photons. Erbium(III) chloride is a violet solid with the formula ErCl3 and is used in the preparation of erbium metal. The product offers various properties such as high dielectric constant, high mechanical strength, high chemical and thermal stability in contact with Si and high transparency in visible light among others. These properties of erbium oxide are driving its demand among end-use industries such as glass processing, semiconductors and optical among others. The growing demand from these industries is driving the market for the Erbium industry. The COVID-19 outbreak led to major economic problems and challenges for the Erbium Oxide industry globally.?Governments all across the globe announced strict measures to slow the spread of the coronavirus and only the production of essential commodities was allowed, which impacted the non-essential commodity industries, thereby impacting the production of the Erbium Oxide industry.
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Erbium Oxide Market Report Coverage
The “Erbium Oxide Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Erbium Oxide industry.
By Product Type: 2N, 3N, 4N and 5N.
By Substrate: Pellets, Powder, Tablets and others.
By Application: Glass manufacturing, Optical, Ceramics, Nuclear Fuel, Semiconductor devices, Fuel Cell, Additives and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, France, Germany, Italy, Spain, Netherlands, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America) and Rest of the world (Middle East (Saudi Arabia, UAE, Israel and Rest of Middle East) and Africa (South Africa, Nigeria and Rest of Africa).
Key Takeaways
Figure: Erbium Oxide Market Revenue Share by Region, 2021 (%)
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Erbium Oxide Market Segment Analysis – by Type
The 2N segment held a significant share in the Erbium Oxide industry in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. 2N erbium oxide is 99% purity erbium used in different industries such as electronics, glass and ceramic among others. Erbium oxide and Erbium (III) Chloride 99% is used as a gate dielectric in semiconductor devices since it has a high dielectric constant. Hence the growth in these industries will drive the demand for erbium oxide during the forecast period.
Erbium Oxide Market Segment Analysis - by Application
The glass manufacturing segment held a significant share of 20% in the Erbium Oxide industry in 2021 and is anticipated to grow at a significant CAGR during the forecast period 2022-2027. Erbium oxide can be spread on glass or plastic for display purposes, such as display monitors, mobile screens and laptop screens among others. They are widely used in display monitors due to their electrical properties. The growing consumer electronic production globally is supporting the demand for the display panel, which is further anticipated to drive the erbium oxide market size during the forecast period. According to the facts published by Samsung, the company produced approximately 300 million smartphones in 2021. According to Avalon Data, Apple delivered 55.2 million iPhones in the first quarter of 2021. Hence the growth in the smartphone market is driving the market for smart displays and further driving the market for erbium oxide during the forecast period.
Erbium Oxide Market Segment Analysis – by Geography
The Asia-Pacific region dominated the Erbium Oxide industry in terms of revenue with a share of 40% in 2021 and is projected to dominate the market during the forecast period 2022-2027. The presence of developing nations such as India and China is driving market growth in the region. The presence of end-use industries along with rapid industrialization is also supporting the market for Erbium Oxide. According to the facts published by the All India Glass Manufacturers' Federation (AIGMF), India has a total installed capacity of 12,000 tonnes/day in container glass, 7000 tonnes/day in flat glass and 1000 tonnes/day in table glassware. Hence the growth in the glass industry is driving the market for erbium oxide in the Asia Pacific region. According to the International Organization of Motor Vehicle Manufacturers (OICA), the total automobile production in China reached 2,60,82,220 units in 2021, an increase from 2,52,25,242 units in 2020 and 2,57,20,665 units in 2019 respectively. Hence the growth in the automotive industry is driving the market for smart displays and further driving Erbium Oxide
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Erbium Oxide Market Drivers
Growing Demand for Lightweight Passenger Vehicles
Erbium Oxide is generally used in the automotive industry for different applications such as electronic displays, semiconductors and fuel cells among others. According to Hedges Company review, the United States has around 17.55 million light vehicles registered in 2020. They also mentioned, that Toyota company has registered around 2,112,940 units of light vehicle sales in the US during 2020-2021. According to IBEF facts, In January 2022, the total production of passenger vehicles, three-wheelers, two-wheelers and quadricycles reached 1,860,809 units in India. The rapid growth in automotive production is supporting the Erbium Oxide market size. Photon upconversion in lanthanide metals has recently shown compelling advantages in a wide range of fields due to their exceptional anti-Stokes luminescence performances and physicochemical properties. These properties of erbium oxide are also boosting market growth.
Growing usage of Glass In Consumer Goods and Electronics Industry
Growing demand for erbium oxide from display panels is driving the market for consumer goods and electronics. Erbium oxide is primarily used in various display products such as LEDs and LCDs among others. The growing consumer electronic industry is driving the demand for display panels, which is further driving the erbium oxide market globally. The rapid growth of the Internet of things in developing and developed countries are also driving the demand for display panels. The growth in smartphone and phablet adoption in developing countries supports the display panel industry, further driving the erbium oxide market. The product is also used in consumer electronics such as cameras, cell phones, tablets and automotive displays among others. Hence the growth in the flowing electronics is driving the market. Based on the article on mobile phones, more than 4.14 million mobile phones are sold every day in the world, of which almost 800,000 are Samsung. Hence the growth in electronics production is driving the market for Erbium Oxide during the forecast period.
Erbium Oxide Market Challenges
Adverse Health effects of Erbium Oxide
The highly toxic nature of erbium is expected to hamper the market growth. Erbium oxide, when injected, inhaled or taken orally can have harmful effects on human health. The symptoms of erbium oxide toxicity could be ataxia, writhing, arched back, labored respiration and sedation. Erbium oxide is graded as an irritant by Environmental Protection Agency (EPA) and can cause severe skin and eye irritation. Furthermore, high raw material cost is anticipated to hamper the erbium oxide market. Supply of the erbium is highly dependent on mining activities in regions where reserves are abundant. Any political or economic disruptions in these regions can cause supply issues and hence affect market growth. These are some of the major challenges hampering the market growth for Erbium Oxide.
Erbium Oxide Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Erbium Oxide Market. The top 10 companies in the Erbium Oxide Market include:
Relevant Reports
Report Code: CMR 95984
Report Code: CMR 97525
Report Code: CMR 16014
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