Global Scandium Oxide Market Overview:
Scandium oxide is a rare earth oxide with high melting temperature and is the primary form of refined scandium produced by the mining industry. Scandium oxide appears as a free-flowing white powder and can be used in the preparation of other scandium compounds and in high-temperature systems indicating its high resistance power, electronic ceramics, and in glass composition as an intermediate product. Basic usage of scandium oxide is in solid oxide fuel cells (SOFC), high-strength aluminum alloys, high-intensity metal halide lamps, electronics, and laser research.
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Global Scandium Oxide Market Size Analysis:
The scandium oxide market is expected to reach a volume of 24,791.65 kilograms by 2023 with an estimated CAGR of XX%. The excessive demand in various segments, such as electronics & LED, lasers, aerospace and automotive industries, and batteries is towards its apex, indirectly increasing the market share. New avenues in chemical refining technology are a good opportunity for scandium manufacturers to enter into the market with innovative ideas.
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, accelerating the usage of SOFCs. 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. It is estimated that SOFCs market alone will consume about five times scandium compared to current consumption, provided it is available in abundance. Aircraft designers believe that when scandium is added in trace amount (about 0.1% to 0.5%) to aluminum, its strength increases, reducing weight by 15% – 20%.
Global Scandium Oxide Market Regional Analysis:
The Global Scandium market is a consolidated market with the presence of a 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 oxide is produced majorly in United States, Mexico, China and Japan. Regardless of its production, it is consummated in different countries like United States, Canada, Mexico, China, India, Malaysia and so on.
Key Players in Global Scandium Oxide Market:
The key players of this product are Scandium International Mining Corp, Platina Resources Ltd, CleanTeq, Australian Mines Ltd, and Metallica Minerals, Intermix-met, LTD.INRAMTECH, Atlantic Equipment, Treibacher, Low Hanging Fruit, Hunan Oriental Scandium, CNMC (Guangxi) Pgma, Rare Earth Aluminum (Funing), Hunan Rare Earth Metal Materia, Huizhou Top Metal Material, Wante Special New material, Ganzhou Kemingrui, GORING High-Tech Material
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