Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Scandium Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Alloy (Metal, Alloy, Iodide, Carbonite, Others), By Industry Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.
The Global Scandium market is anticipated to increase at an impressive rate through 2028.
According to the U.S. Geographical Survey report, the global supply and consumption of scandium oxide were anticipated to amount between 15 to 25 tons annually in 2022. Scandium is also considered an excellent source of artificial natural light and is widely used in floodlights to film projectors alloyed with mercury.
Owing to its remarkable transition capacity, there is high demand in different industries such as aerospace, automobiles, and others to develop products like cars, bikes, rockets, body parts, or frames. Apart from this, growth from different end-user industries and various ongoing research and developments around the world are projected to drive the global scandium market in the forecast period.
Growing Demand from the Automotive & Aerospace Industry
Automotive industries are considered the biggest aluminum alloy consumers due to unexpected high-functioning product properties. Owing to its properties, such as an aluminum scandium alloy, scandium ensures to provide extremely revolutionary potential advantages to the automotive sector.
As an outcome, Al-Sc alloys have shown the potential to lighten vehicles by 15% to 20%. Additionally, the use of weldable structures to reduce the weight offers similar possibilities for cost savings by lowering the consumption of fuel and batteries.
Besides these, aluminum-scandium alloy is used to make different parts of an automobile, such as chassis parts, electric motor housings, EV battery trays, hydrogen fuel tanks, suspension parts, engine blocks, commercial truck wheels, welding matrix material, wheel hubs, alloy wheels, crash components, fuselage components, and welding matrix for aircraft. This, in turn, is expected to create lucrative opportunities for the growth of global scandium market in the coming years.
Increasing demand from Various End User Industries
Scandium is considered a prominent metal for preparing aluminum-scandium alloy, which has proven its significance in end-user industries. Various aluminum alloy materials have enhanced the product properties by adding aluminum-scandium and achieving advanced properties such as increased toughness, expanded weldability, corrosion, and heat resistance. Growing demand from power supply industries to use for different purposes like making high power overhead wire and batteries.
For instance, the mounting market of SOFCs from the end user for use in transport, industrial equipment, power generation, disaster relief, and remote places due to proven outstanding performance as compared to the conventional yttrium stabilized zirconia solid electrolytes.
All these factors drive the demand for scandium for SOFC manufacturing purposes. Due to high-temperature resistance, ceramics based on scandium oxide are used as advanced building and electrically insulating material and are considered a better product than conventional ceramics. Hence, owing to outstanding performance, scandium is expected to grow at an impressive rate in the forecasted period.
Space Tourism To Increase Demand for Scandium
Commercialization of space tourism and ongoing R&D for new applications, such as in 3D printing raw material, is expected to create a favorable opportunity for the scandium market. Growing effort worldwide to lead and commercialize the space tourism market is expected to bolster the demand for scandium to manufacture rockets and spacecraft.
According to the Union Bank of Switzerland report, it is anticipated that as a subsector of the space economy, the global space tourism market is expected to grow by 900 billion USD in 2030. In addition, increasing investment in the research & development of scandium to create a new application such as to enhance the performance of aluminum alloys in the 3D printing market. This, in turn, is expected to open new prospects for market growth in the coming years.
Report Scope:
In this report, global scandium market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
Global Scandium Market, By Alloy:
- Metal
- Alloy
- Iodide
- Carbonite
- Others
Global Scandium Market, By Industry Application:
- Aerospace
- Electronics
- Lighting
- SOFCs
- 3D printing
- Sporting goods
- Ceramics
- Others.
Global Scandium Market, By region:
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- France
- United Kingdom
- Spain
- Italy
- Asia-Pacific
- China
- India
- Australia
- Japan
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Global Scandium Market
5. Impact of Russia-Ukraine War on Global Scandium Market
6. Voice of Customer
7. Global Scandium Market Outlook
8. North America Scandium Market Outlook
9. Europe Scandium Market Outlook
10. Asia-Pacific Scandium Market Outlook
11. South America Scandium Market Outlook
12. Middle East and Africa Scandium Market Outlook
13. Market Dynamics
13.1. Drivers
13.1.1. Growing demand from automotive industry
13.1.2. Rising demand from aerospace and defence segment
13.1.3. Soaring demand of Solid Oxide Fuel Cell (SOFC)
13.2. Challenges
13.2.1. Shortage of Raw material
13.2.2. Disturbance in Supply Chain
14. Market Trends & Developments
14.1. Merger and acquisition
14.2. Commercialization of space tourism
14.3. Ongoing R&D for new application such as in 3D printing
15. Global Scandium Market: SWOT Analysis
16. Porter's Five Forces Analysis
17. Competitive Landscape
18. Strategic Recommendations
A selection of companies mentioned in this report includes
- GFS Chemicals Inc.
- Great Western Mining Corporation PLC
- Metallic Minerals Corporation
- MP Materials Corporation
- Scandium International Mining Corporation
- Uranium One, Inc.
- Texas Rare Earth Resources Corporation
- Galileo Resources PLC
- China First Metallurgical Group Co Ltd.
- Huizhou Top Metal Materials Co., Ltd (TOPM)
For more information about this report visit https://www.researchandmarkets.com/r/vsmldh
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
