Used in the production of yttrium metal, which is applied in alloys to improve strength and workability. Employed in the synthesis of phosphors for LEDs and cathode ray tubes due to its luminescent properties when doped with rare earth elements. Serves as a catalyst in polymerization reactions and organic transformations. Utilized in research for developing superconductors and ceramic materials. Also investigated for use in medical imaging and radiotherapy due to its ability to form stable complexes with targeting molecules.