“Global Scandium Metal Market, By Product Type (Scandium Oxide 99.99%, Scandium Oxide 99.999%, Scandium Oxide 99.9995%, Scandium Metal Ingot), By Application (Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, Solid Oxide Fuel Cells {SOFCs]), as well as by Region – Global Forecast 2020 to 2030.”, which offers a comprehensive view of the Global Scandium Metal Market through systematic segmentation that encompasses every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this sector is projected to be over $88.1 Mn, and is estimated to increase moderately over the latter part of the forecast period.
Scandium is a chemical element with the symbolic Sc and atomic number 21. A silvery-white metallic d-block, it has historically been classified as a rare-earth element, together with yttrium and lanthanides. Scandium is mainly used to create high-intensity lighting and mercury vapor lamps, as it has been found to produce light that is very similar to natural sunlight.
Scandium-aluminum alloys are increasingly being used for the manufacture of various aviation components due to the numerous favorable properties they exhibit, such as exceptional heat-working temperature and hydro-formability, improved corrosion resistance, improved anodization, as well as easier weldability. Moreover, the subsequent expansion of the global aviation sector is anticipated to translate to an increase in the demand for the aforementioned components. These are some of the primary factors that are slated to have a profound influence on the revenue growth of the Global Scandium Metal Market in the foreseeable future. The limited availability of Scandium and the high costs associated with this raw material are factors that may restrain the market growth of the global scandium metal industry in the years to come. However, the surging demand for high voltage wires meant for the transmission of energy, as well as in the manufacture of various automotive parts, of which scandium is a crucial production raw material, are also some of the other major factors that are expected to increase demand, leading to further augmentation of this global sector’s footprint in the years to come. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Scandium Metal Market to $102.0 Mn by 2030, at a CAGR of 3.9%.
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