Scandium Global Market Report 2023: Space Tourism To Increase Demand for Scandium

Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Scandium Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Alloy (Metal, Alloy, Iodide, Carbonite, Others), By Industry Application, By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.The Global Scandium market is anticipated to increase at an impressive rate through 2028.

According to the U.S. Geographical Survey report, the global supply and consumption of scandium oxide were anticipated to amount between 15 to 25 tons annually in 2022. Scandium is also considered an excellent source of artificial natural light and is widely used in floodlights to film projectors alloyed with mercury.

Owing to its remarkable transition capacity, there is high demand in different industries such as aerospace, automobiles, and others to develop products like cars, bikes, rockets, body parts, or frames. Apart from this, growth from different end-user industries and various ongoing research and developments around the world are projected to drive the global scandium market in the forecast period.Growing Demand from the Automotive & Aerospace IndustryAutomotive industries are considered the biggest aluminum alloy consumers due to unexpected high-functioning product properties. Owing to its properties, such as an aluminum scandium alloy, scandium ensures to provide extremely revolutionary potential advantages to the automotive sector.

As an outcome, Al-Sc alloys have shown the potential to lighten vehicles by 15% to 20%. Additionally, the use of weldable structures to reduce the weight offers similar possibilities for cost savings by lowering the consumption of fuel and batteries.

Besides these, aluminum-scandium alloy is used to make different parts of an automobile, such as chassis parts, electric motor housings, EV battery trays, hydrogen fuel tanks, suspension parts, engine blocks, commercial truck wheels, welding matrix material, wheel hubs, alloy wheels, crash components, fuselage components, and welding matrix for aircraft. This, in turn, is expected to create lucrative opportunities for the growth of global scandium market in the coming years.Increasing demand from Various End User IndustriesScandium is considered a prominent metal for preparing aluminum-scandium alloy, which has proven its significance in end-user industries. Various aluminum alloy materials have enhanced the product properties by adding aluminum-scandium and achieving advanced properties such as increased toughness, expanded weldability, corrosion, and heat resistance. Growing demand from power supply industries to use for different purposes like making high power overhead wire and batteries.

For instance, the mounting market of SOFCs from the end user for use in transport, industrial equipment, power generation, disaster relief, and remote places due to proven outstanding performance as compared to the conventional yttrium stabilized zirconia solid electrolytes.

All these factors drive the demand for scandium for SOFC manufacturing purposes. Due to high-temperature resistance, ceramics based on scandium oxide are used as advanced building and electrically insulating material and are considered a better product than conventional ceramics. Hence, owing to outstanding performance, scandium is expected to grow at an impressive rate in the forecasted period.Space Tourism To Increase Demand for ScandiumCommercialization of space tourism and ongoing R&D for new applications, such as in 3D printing raw material, is expected to create a favorable opportunity for the scandium market. Growing effort worldwide to lead and commercialize the space tourism market is expected to bolster the demand for scandium to manufacture rockets and spacecraft.

According to the Union Bank of Switzerland report, it is anticipated that as a subsector of the space economy, the global space tourism market is expected to grow by 900 billion USD in 2030. In addition, increasing investment in the research & development of scandium to create a new application such as to enhance the performance of aluminum alloys in the 3D printing market. This, in turn, is expected to open new prospects for market growth in the coming years.

Report Scope:In this report, global scandium market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:Global Scandium Market, By Alloy:

Metal

Alloy

Iodide

Carbonite

Others

Global Scandium Market, By Industry Application:

Aerospace

Electronics

Lighting

SOFCs

3D printing

Sporting goods

Ceramics

Others.

Global Scandium Market, By region:

North America

United States

Canada

Mexico

Europe

Germany

France

United Kingdom

Spain

Italy

Asia-Pacific

China

India

Australia

Japan

South Korea

South America

Brazil

Argentina

Colombia

Middle East & Africa

South Africa

Saudi Arabia

UAE

Key Topics Covered: 1. Product Overview2. Research Methodology3. Executive Summary4. Impact of COVID-19 on Global Scandium Market5. Impact of Russia-Ukraine War on Global Scandium Market6. Voice of Customer7. Global Scandium Market Outlook8. North America Scandium Market Outlook

9. Europe Scandium Market Outlook10. Asia-Pacific Scandium Market Outlook11. South America Scandium Market Outlook12. Middle East and Africa Scandium Market Outlook13. Market Dynamics13.1. Drivers13.1.1. Growing demand from automotive industry13.1.2. Rising demand from aerospace and defence segment13.1.3. Soaring demand of Solid Oxide Fuel Cell (SOFC)13.2. Challenges13.2.1. Shortage of Raw material13.2.2. Disturbance in Supply Chain14. Market Trends & Developments14.1. Merger and acquisition14.2. Commercialization of space tourism14.3. Ongoing R&D for new application such as in 3D printing15. Global Scandium Market: SWOT Analysis16. Porter's Five Forces Analysis17. Competitive Landscape18. Strategic RecommendationsA selection of companies mentioned in this report includes

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)

For more information about this report visit https://www.researchandmarkets.com/r/vsmldh

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