Global Scandium Market to be Dominated by SOFCs Through 2028
Growing demand for Scandium
for the production of SOFCs, spacecraft, aircraft, drones & cars, and
ongoing government projects is factors to drive the demand for the global
scandium market in the forecast period, 2024-2028.
According to
TechSci Research report, “Global Scandium Market- By Region, Competition
Forecast and Opportunities, 2018-2028”, global scandium market is projected
to grow at an impressive rate in the forecast period 2024-2028. Increasing
demand from the aerospace and power generation sector is the primary reason
driving the market's growth of scandium. High conductivity and anti-corrosion
of an aluminum-scandium alloy than other alloys are driving the demand for
scandium to m high voltage tension wires as different electrical infrastructure
projects are growing worldwide.
Shortage of raw
materials and disturbance in the supply chain are primary obstruct to the
market growth of the scandium market. China, the Philippines, and Russia are
the leading producer and miners of the global scandium market. According to
The Observatory of Economic Complexity (OEC) report, the major global exporters
of rare-earth alloys such as scandium and yttrium along with export value
amounted to 115 million USD in Vietnam, 81.7 million USD in China, 69.8 million
USD in Australia, 54.1 million USD in Thailand, and 9.06 million USD
in Japan. Therefore, regional sanctions or conflict are expected to
disturb the overall supply chain. As it is extracted from the residue of
different metals, the growing demand for scandium can't be due to dependence on
other materials. All these led to a shortage of raw materials and impended market
growth.
Browse over XX market
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Global scandium
market is segmented based on alloy, industry application, region, and company. Based on industry
application, the market is divided into aerospace, automotives, electronics,
lighting, SOFCs, 3D printing, sporting goods, ceramics, and others. The SOFCs segment
will hold the largest market share till 2028. Scandium is much more efficient
than yttrium in various applications due to its electrical and thermal
stabilizing properties. SOFCs have the potential to work as effective baseload
power suppliers utilizing a different fuel source, such as natural gas or
biogas. In these, the cost of extra components or parts in a generator can
deduct, which is used in other power generation sources that operate in low
temperatures. All these factors led to rising demand from transport vehicles,
industries, disaster-facing areas, and remote places, making SOFCs dominate the
market segment.
Major
companies operating in global scandium market are:
- 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)
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"North America region is
expected to dominate the global scandium market in the forecast period due to
growing power demand and the rising electronic, automobile, and aerospace
markets. Globally, increasing demand for scandium to use in solid oxide fuel
cells (SOFCs), high-strength aluminum alloys, electronics, high-intensity metal
halide lamps, and laser research. Ongoing R&D activities for new
applications to achieve sustainable development and government projects for
space tourism, fighter planes, and power generation are propelling the global
scandium market demand and creating favorable conditions to drive the global scandium
market growth till 2028.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Scandium Market- Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Alloy (Metal, Alloy, Iodide, Carbonite,
Others), By Industry Application (Aerospace, Automotives, Electronics,
Lighting, SOFCs, 3D printing, Sporting goods, Ceramics, and Others), By Company, By Region and Competition,
has
evaluated the future growth potential of global scandium market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global scandium market.”
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