The scandium market is expected to register a CAGR of over 11%, during the forecast period. The major factors driving the growth of the market studied are the accelerating usage in solid oxide fuel cells (SOFCs), and rising demand for aluminum-scandium alloys. However, lack of awareness, high cost, and inconsistent supply are restraining the growth of the market studied.
– The aerospace and defense segment dominated the market. It is likely to grow during the forecast period, with increasing production of aircrafts across the world.
– The shifting focus toward the usage in the automotive industry, and Australia’s emergence as a new growth hub are likely to provide opportunities for the market studied, during the forecast period.
– Asia-Pacific dominated the global market, owing to the growing usage in automotive industry, and high demand from aerospace, defense, and electronic industries.
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Key Market Trends
Aerospace and Defense Segment to Dominate the Market
– One of the most important uses of scandium is in the preparation of aluminum-scandium alloy, which is used in the aerospace industry during the manufacturing of aircraft.
– Addition of scandium with aluminum helps to improve strength, increase heat tolerance, promote corrosion resistance, extend weldability and weld strength to an array of aluminum alloy materials.
– According to the aircraft designers, about 0.1-0.5% trace amount of scandium added to aluminum can helps to increase not only the strength of aluminum, but also helps to reduce the weight of aircraft by 15-20%.
– With growing security concerns and increasing commercial use of aircraft as a medium of conveyance, the demand for aircraft has been increasing worldwide. Owing to this, various aircraft production orders are lined up for expected delivery in the coming years in order to deliver the orders from the aviation and defense industries.
– Moreover, with increasing construction of airports in countries, such as China, India, Qatar, and others, the demand for aircraft is further expected to increase, thus driving the demand for aluminum and scandium in the coming years.
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