According to a study available on Radiant Insights, Inc.; the global scandium market is expected to expand at a healthy growth rate of 6.3% during the forecast period i.e., from 2017 to 2022. The surging demand for this chemical from various segments such as electronics, LED and laser, battery, and others is the primary market driver. Scandium (Sc) is a slivery-white metallic chemical component with an atomic number 21. It has been classified as a rare earth component with lanthanides and yttrium (Y).
Scandium is a lightweight heat stabilizer and creep resistant material that possesses excellent electrical conductivity, due to which it is becoming an important part of various industrial sectors. This factor is also predicted to be one of the key growth driving factors for the global market. On the other hand, fluctuating product supply resulting in an increased cost of scandium oxide may have a negative impact on the market development over the forecast period. However, the factors such as extensive usage of scandium in Solid Oxide Fuel Cells (SOFCs) and high demand from the aerospace and automotive industries are expected to contribute toward the growth of this market during the next few years.
The report “Global Scandium Market Outlook 2017-2022” is available now at https://www.radiantinsights.com/research/global-scandium-market-outlook-2017-2022
The global scandium market is categorized as per application or end user and region. On the basis of application, the market is categorized into LED and laser, electronics, and battery. Based on region, the market is divided into Europe, North America, Middle East and Africa (MEA), South America, and Asia Pacific. In terms of scandium consumption, China dominated the market in 2015 and was followed by the regions United States and Europe. The China market for scandium is witnessing a rapid growth due to the restrictive product export regulations by the regional government and stable prices of scandium oxide on account of the presence of scandium reserves.
In addition, shifting focus toward the product usage in automotive and aerospace industries for manufacturing purposes is estimated to offer a number of development opportunities for the global scandium market in the coming years. Furthermore, a rise in investments for research and development from the government, as well as private, organizations is also likely to augment the regional market growth over the next few years. The North America region is also expected to have a substantial growth, particularly in United States, during the forecast years.
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Some of the top companies operating in the worldwide scandium metal market include Guangzhou Guangli Electromechanical Facilities Engineering Co., Ltd.; Scandium International Mining Corp.; CNMC (GUANGXI) PGMA Co. Ltd.; Baotou Lanthanide New Material Technology Co. Ltd.; and Changsha Asian Light Economic Trade Co. Ltd. Partnerships, novel technology development, and mergers and acquisitions are some of the strategies undertaken by most of the market layers to maintain the competitive edge.
For example, Clean TeQ Holdings Ltd. recently signed an agreement with Chongqing University and Chinalco Materials Application Research Institute (CMRI) for the development of scandium-containing alloys in the worldwide transportation market. The proposed partnership will bring together the production and research engineers from the three organizations to develop and commercialize alloys containing scandium. The primary objective of the team is to develop next generation of advanced alloys to be used in the rapidly expanding aerospace and automobiles sectors.
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