Global Scandium Market - Segmented by Product Type, End-User Industry and Geography - Trends and Forecasts (2018 - 2023)
The scandium market is expected to reach a volume of 24,791.65 kilograms by 2023 with an estimated CAGR of 11.55% during the forecast period (2018 – 2023), due to excessive demand in various segments, such as electronics, LED & lasers, and batteries. The increasing demand in the aerospace and automotive industries will contribute to the growth of the scandium market. New avenues in chemical refining technology are a good opportunity for scandium manufacturers to tap into. In addition, innovative product application of scandium provides an excellent prospect to further drive the market.
Accelerating Usage in Solid Oxide Fuel Cells (SOFCs)
The principal use of scandium in future will be in the form of Solid Oxide Fuel Cells (SOFCs), aluminum-scandium alloys due to its electrical conductivity and heat stabilization qualities. Aluminum-scandium alloys are majorly used in aerospace and other high-performance applications. Operating at low temperatures reduces the component costs and extends fuel cell life, thus making SOFCs competitive and cheaper in comparison to other sources of electricity. However, the limited availability of scandium restricts its usage. It is estimated that, SOFCs market alone will consume about five times scandium compared to current consumption, provided it is available in abundance.
Aerospace – The Fastest Growing Segment by Usage
The global scandium market in the aerospace and defense industry is expected to reach a volume of 15,305.77 kilogram by 2023, at an estimated CAGR of 11.87%, during the forecast period 2018-2023. One of the most important uses of scandium is the preparation of aluminum-scandium alloy, which is used in the aerospace industry during the manufacturing of aircraft. Aircraft designers believe that when scandium is added in trace amount (about 0.1% to 0.5%) to aluminum, the strength of aluminum increases, thus reducing weight by 15% - 20%. Estimates show that a single-aisle aircraft could use up to 70 kilograms of scandia. However, the concern is the availability of metal.
Asia-Pacific to Lead the Market
China accounted for the highest consumption share due to high reserves of scandium, along with government policies restricting large scale export of the product. Majority of this consumption was accounted for by a limited number of downstream applications, including nuclear energy, aerospace and defense, and electronics, among others.
The Global Scandium market is a consolidated market with the presence of limited number of players, across the globe. Globally, there are more than 50 players in the scandium market, with the top 6 players accounting for close to half of the scandium production globally. Scandium International Mining Corp. is leading the market with a share of 11%. Hunan Oriental Scandium Co. Ltd is the largest producer of scandium in China, while NioCorp Development Ltd is the only manufacturer of scandium in the North American market.
Notable Developments in Market
March 2018: Auxico Resources Canada Inc., announced the discovered the presence of scandium and gold on the Metalor property in Colombia.
Major Players: Scandium International Mining Corp, Platina Resources Ltd, CleanTeq, Australian Mines Ltd, and Metallica Minerals amongst others.
Reasons to Purchase this Report
To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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