Rising demand for aluminum-scandium alloys in the aerospace and defense industry is anticipated to drive the scandium oxide market growth in the near future
The Global Scandium Oxide Market was valued at US$ 91.8 Mn in 2020 and is expected to reach US$ 182.3 Mn by 2027 and is expanding at a CAGR of 12.1% during the forecast period.
Scandium oxide is most commonly utilized in solid oxide fuel cells (SOFCs) and scandium-aluminum alloys. SOFCs are a significant use of scandium. Scandium oxide costs are also impacted by quality, with 99.9% or greater grades indicating the highest purity, which is necessary for electrical applications but not alloy applications. The pollutants type also matters, while the selection of alloys, some are more troublesome than others in specific applications. The use of aluminum scandium alloys in various end use industries such as aerospace is expected to drive the global scandium oxide market growth.
Additionally, the Al-Scandium alloy, provides with characteristics such as better grain refinement, super plasticity, and precipitation hardening, corrosion resistance. Recrystallization is avoided, since most high-strength and precipitation hardenable aluminum alloys are solution-heated at temperatures considerably above their recrystallization temperatures, transition metals such as zirconium, chromium, manganese, vanadium, or titanium are ineffective at preventing recrystallization. These characteristics of scandium-aluminum alloy which can be utilized by automotive industry. All these factors mentioned above are expected to drive the global scandium oxide market growth during the forecast period.
Scandium-aluminum alloys may also be utilized in 3D printing, which produces CAD models made completely of metal. For instance, In March 2021, Amaero received first batch of Aluminum-scandium alloy for 3D printing from Rio Tinto. Scandium oxide has been shown to be a durable high-index material in laser coatings for usage at 248 nm. Scandium lasers are utilized in the defence and medical fields. Scandium isotopes are also often used as tracers in the oil refining industry. Scandium applications are divided into three categories: mature applications, emerging applications, and future demand applications. For instance, DRDO India, was in works to develop, DURGA II laser for land, naval, and air use, which are usually utilized by light combat aircrafts.
The demand for Scandium Oxide has a specific sector, although it is mostly demonstrating a shortage of high-end items due to technological barriers and surplus capacity of low-end products. High-end items are becoming increasingly popular. Despite the presence of competitive issues, investors remain enthusiastic about this sector due to the obvious global economic recovery trend and industrial profits additional investments are expected to join the market. The demand for Scandium Oxide has a specific sector, although it is mostly demonstrating a shortage of high-end items due to technological barriers and surplus capacity of low-end products. High-end items are becoming increasingly popular.
Global Scandium Oxide Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of region, the Asia Pacific region accounted the largest market share during the forecast period. The Asia Pacific market is expanding due to rising electricity consumption, expansion in the electronics sector, and fast industrialisation. Scandium production in major nations like India, South Korea, and the Philippines has also contributed to a growing market. For instance, in 2019 India’s exports for scandium (Scandium &Yttrium) increased to 12.44 tonnes from 1.89 tonnes in the previous year. Bhutan (91%) and UAE (8%) were the main buyers from India. As China's general economic trend has been declining in recent years, and the worldwide economic situation is difficult, the Scandium Oxide sector will face numerous uncertainties in the next years. Attracted by market profits, an increasing number of businesses have entered the Scandium Oxide sector, and rivalry between domestic and international manufacturers is strong for the time being. Additionally, In the U.S, the use of scandium oxide in aerospace applications is expected to drive the global scandium oxide market growth.
The Global Scandium Oxide Industry Segmentation:
Global Scandium Oxide Market by Grade (Revenue, USD Million, 2021-2027)
Global Scandium Oxide Market by Application (Revenue, USD Million, 2021-2027)
Key Findings:
Company Profiles and Competitive Intelligence:
The key players operating in the scandium and scandium oxide market are:
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