Dysprosium Market is forecast to reach $756 million by 2025, after growing at a CAGR of 5.8% during 2020-2025. With growing demand for electricity for daily life purpose, the Dysprosium market is witnessing an increase in demand. Growing shipbuilding will further enhance the overall market demand for Dysprosium during the forecast period.
Dysprosium Market Segment Analysis - By Sources
Monaziate and bastnasite are the most significant sources of dysprosium. Dyspropium can be also prepared by reduction of the trifluoride with calcium. Dysprosium is obtained primarily from monazite sand, a mixture of various phosphates. While there is not currently a wide range of applications for dysprosium, properties such as its thermal neutron absorption cross-section and high melting point could result in metallurgical uses in nuclear control applications and for alloying with special stainless steels. Dysprosium oxide-nickel cement plays a role in cooling nuclear reactor rods.
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Dysprosium Market Segment Analysis - By Application
Nuclear reactors sector has been the primary market for Dysprosium. A nuclear reactor, formerly known as an atomic pile, is a device used to initiate and control a self-sustained nuclear chain reaction. Nuclear reactors are used at nuclear power plants for electricity generation and in nuclear marine propulsion. Dysprosium is good at absorbing neutrons and so it is used in dysprosium-oxide-nickel cement in control rods in nuclear reactors. Control rods are inserted into the reactor core to reduce the reaction rate or withdrawn to increase it. The heat created by fission turns the water into steam, which spins a turbine to produce carbon-free electricity. The water in the core is heated by nuclear fission and then pumped into tubes inside a heat exchanger. Those tubes heat a separate water source to create steam. The steam then turns an electric generator to produce electricity.
Dysprosium Market Segment Analysis - Geography
APAC dominated the Dysprosium market with a share of more than xx%, due to the increasing shipbuilding and nuclear power plants. Terfenol-D (a terbium, iron and dysprosium alloy) expands or contracts in the presence of a magnetic field (magnetostriction) and is used in ships’ sonar systems and in sensors and transducers. Terfenol-D, an alloy is a magnetostrictive material. The alloy has the highest magnetostriction of any alloy, up to 0.002 m/m at saturation; it expands and contracts in a magnetic field. Its initial application was in naval sonar systems. It sees application in magnetomechanical sensors, actuators, and acoustic and ultrasonic transducers, e.g. in the SoundBug device (its first commercial application by FeONIC).
Dysprosium Market Drivers
Growing usage in Alloy
As a pure metal it is little used, because it reacts readily with water and air. Dysprosium’s main use is in alloys for neodymium-based magnets. This is because it is resistant to demagnetization at high temperatures. This property is important for magnets used in motors or generators. These magnets are used in wind turbines and electrical vehicles, so demand for dysprosium is growing rapidly.
Implementation of Stringent Environment Regulations
Growing governments demand for naval ships and marine is expected to drive the market growth for dysprosium market. Shipbuilding is the construction of ships and other floating vessels. It normally takes place in a specialized facility known as a shipyard. Shipbuilders, also called shipwrights. Shipbuilding and ship repairs, both commercial and military, are referred to as "naval engineering". The construction of boats is a similar activity called boat building. Specially in the naval ships they need sensors, soundbugs and others which were manufactured by dysprosium.
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Dysprosium Market Challenges
Reduces the magnetization of the magnet
The drawback of dysprosium addition is that it couples antiferromagnetically with the iron in the lattice and, as a result, reduces the magnetization of the magnet. Dy for a portion of the neodymium (Nd) in Neo magnets increases the room temperature value of HcJ and also reduces the rate at which it falls with increasing temperature. Thus Dy‐containing Neo magnets have greater resistance to demagnetization over a wider temperature range.
Impact of COVID-19 pandemic
The rapid spread of coronavirus has had a major impact on global markets as, major economies of the world are completely lockdown due to this pandemic. Because of this major lockdown, suddenly all the consumer market has started to show zero interest towards purchasing pigments materials. One of the major difficulties, market is facing are the shutdown of all kinds of International transportation. Global crisis for all sectors including manufacturing sector have slower down the demand of goods’ production and exports of dysprosium market.
Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Dysprosium market. In 2019, the market of Dysprosium has been consolidated by the top five players accounting for xx% of the share. Major players in the Dysprosium Market are Lynas Corp, Arafura Resources Ltd, Avalon Advanced Materials Inc, Greenland Minerals and Energy Ltd., Tasman Metals Ltd., among others.
Acquisitions/Technology Launches
In April 2020, Lynas wins US military tender as America moves to rebuild rare earth industry. No details of the funding amount or the size of the project have been released, but Lynas is working with a Texan company, Blue Line, on the project, with the plant expected to be built in that state.
Key Takeaways
Asia-Pacific dominates the Dysprosium market owing to increasing demand from applications such as nuclear reactors, sound bug and Others.
The growing demand for electricity for daily life purpose, is likely to aid in the market growth of Dysprosium.
In addition, the growing shipbuilding will increase the market demand for Dysprosium in the near future.
COVID-19 pandemic will create hurdles for the Dysprosium market.
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