MarketResearch.biz has recently published its market research report titled, “Global Scandium Metal Market by Product Type, by Application, and by Region/ Country – Forecast from 2020 to 2029”. The report offers a deep-dive analysis of the global scandium metal market. It is through systematic and exhaustive research efforts, both primary and secondary, as well as ideal segmentation that the research results have been gleaned over the study period. The report also presents the first five-year cumulative revenue (2020–2024), which is projected to be valued at around US$ 0.39 Billion, and this is expected to increase rather moderately over the latter part of the five-year forecast period.
Scandium metal has numerous applications in its various forms such as, aluminum-scandium alloys are used in some components of aerospace industry and sports equipment including bicycle frames, golf iron shafts, fishing rods, baseball bats, etc., scandium iodide is used in mercury vapor lamps, and scandium oxide (Scandia) is used to manufacture high intensity “stadium” lights. In addition, its 45Sc radioactive isotope has application in oil refineries as a tracing agent, dilute scandium sulfate is used to enhance the seed germination such as peas, corn, wheat, etc., and in SOFCs. Scandium in SOFCs offers a lower operating temperature, which results in longer life of the equipment and fewer cost materials of construction.
Despite scarcity and high cost of scandium, interest in scandium metal is high and various high-value commercial applications have been developed in the past few years. An alloy of scandium with common aluminum metal products is in high demand owing to its numerous benefits. This combination can produce stronger, more corrosion resistant, heat tolerant, weldable finished products. In addition, these products are having a high demand from transportation applications such as aircraft and automobile, as these products can meet fuel efficiency requirements.
Global Scandium Metal Market: Dynamics
Global scandium metal market is projected to grow at a significant growth rate over the forecast period owing to various factors. Some factors include rising demand for scandium for many applications in various sectors such as aerospace, sports, electricity, etc. in order to manufacture strong, lighter, and effective finished products.
Increasing government investments in the electronics industry, rising spending in the defense sector, and growing demand for ceramic are some factors that are augmenting the demand for scandium in various developing economies such as India, South Korea, China, Japan, etc. In addition, increasing production of aircrafts attributable to rising security concerns and growing commercial use of aircraft as a medium of conveyance is projected to increase demand for scandium and aluminum alloy. These aforementioned factors are projected to drive the global scandium market during the forecast period.
Global Scandium Metal Market: Market Forecast
The comprehensive research report comprises a complete forecast of the scandium metal market based on factors affecting or impacting the market and the resulting and projected scenario in the foreseeable future. According to the forecast projections, revenue from the scandium metal market is expected to expand at a CAGR of over 3.6% over the forecast period.
Global Scandium Metal Market: Segmental Snapshot
The market report has been segmented on the basis of product type, application, and region/ country. The product type segments include scandium oxide 99.99%, scandium oxide 99.999%, scandium oxide 99.9995%, and scandium metal ingot. the application segments include aluminum-scandium alloys, high-intensity metal halide lamps, lasers, and solid oxide fuel cells (SOFCs). The regions/ countries covered in the analysis include US, Europe, Japan, China, India, South East Asia, and Rest of the World.
Product Type: The scandium oxide 99.99% segment is projected to register highest CAGR of over 3.9% in the global market
Application: The aluminum-scandium alloys segment is expected to register highest CAGR of more than 4% over the 10-year forecast period
Region/ Country: The market in China is expected to account for the largest revenue share in the global scandium metal market, and is projected to register the highest CAGR of over 4.2% over the forecast period
Global Scandium Metal Market: Competitive Analysis
The research report on the scandium metal market include profiles of some major companies such as Rusal, Platina Resources Limited, Metallica Minerals Limited, DNI Metals Inc., Scandium International Mining Corp., Stanford Materials Corporation, Huizhou Top Metal Materials Co., Ltd (TOPM)., Hunan Oriental Scandium Co., Ltd., Ganzhou kemingrui Non-ferrous Materials Co., Ltd., and Bloom Energy Corporation.
“Global Scandium Metal Market: Industry, Size, Share, Growth, Trends, and Forecast, 2020–2029” report has been prepared based on in-depth market analysis, with inputs from industry experts. This report covers the present scenario and growth prospects of the global scandium metal market for 2019–2029, which is a 10-year forecast period.
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