Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of “Scandium Market – Forecasted from 2019 to 2026”.
The prime factor driving the growth of the scandium market is the increasing demand for aerospace, growing usage in the automotive sector, and increasing usage in Solid Oxide Fuel Cells.
As per the report, the market about Scandium Market is expected to grow at a steady pace.
Scandium is a soft, silvery-white metallic component that has the properties of an electric conductor and is used in industries generally as a heat stabilizer. Scandium oxide is the main ore of scandium metal which is extracted from the rarest sites on earth. Scandium is widely used in Solid Oxide Fuel Cells, in the aerospace industry, and the automotive industry as well. Scandium is considered as a clean fuel over coal and natural gas which is expected to drive its demand in the future. Besides that, Scandium is also used in making alloys that are used in bicycles. The major restraint for the Scandium market is the rare availability of the metal. Scandium is obtained from wiikite, bazzite, and as a byproduct of uranium refining. Its low supply and increasing demand are something that can hamper the market growth in the future.
Based on product, Scandium is available in the form of metal, alloy, carbonite, iodide, etc. of which metal and alloy hold a dominant market share because of its great demand in aerospace and manufacturing industries.
By industry application, Scandium is used in SOFCs, aerospace, electronics, lighting, and Ceramics. In the future, Scandium is expected to hold a major share in SOFCs due to its wide application in transport, cooling, disaster relief, and power generation. Besides that, even aerospace is expected to hold a significant market share because of the use of metal as an aluminum-scandium alloy which is used in manufacturing aircraft.
Based on geography segmentation, countries like Ukraine, Kazakhstan, Russia, and China are the leading producers of Scandium globally. Besides that, Australia is expected to emerge as a new leading source of Scandium in the future because of work done by small mining companies to develop scandium deposits. Owing to the largest aerospace industry, the USA is expected to emerge as a significant leader in the market.
As a part of the report, the major players operating in the scandium market, that have been covered are Great Western Mining Corporation PLC, GFS Chemicals Inc., Metallic Minerals Corporation, Texas Rare Earth Resources Corporation, GFS Chemicals Inc., MP Materials Corporation, Scandium International Mining Corporation, Uranium One, Inc.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/scandium-market
This analytics report segments the scandium market on the following basis
- By Product
- By Industry Application
- Europe Middle East and Africa
- Asia Pacific
- South Korea