""Scandium Metal Market is valued at USD 61.2 Million in 2018 and expected to reach USD 81.2 Million by 2025 with the CAGR of 4.1% over the forecast period.""
Global Scandium Metal Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2020-2025- Its increasing demand in aerospace and defense is one of the major factors driving the growth of Global Scandium Metal Market.
Scandium metal is a silvery-white metallic element classified as a rare-earth element, made from the combination of yttrium and the lanthanide. This metal is present in many deposits of rare-earth and uranium compounds, extracted from these ores in mines from worldwide. Scandium metal has many properties such as; it is soft with highest density of about three times that of water that is 1.734 ounces per cubic inch, resistant to corrosion and has a high melting point.
Scandium is a transition metal found in more than 800 minerals and also considered a rare earth element due to similar chemical properties. The only scandium metal has few commercial uses and the combination with other metals to make alloys has many several advantages. An alloy is made by melting and mixing two or more metals. Scandium alloys are used in various kinds of sporting equipment such as baseball bats, lacrosse sticks, and bicycle frames and in other applications of the aerospace industry.
Global scandium metal market is broadly segmented into material types, applications, end-users and regional. On the basis of material types, the market is classified as alloys, oxides, fluoride, chloride, nitrate and iodide. On the basis of applications, the scandium metal market is bifurcated into solid oxide fuel cell (SOFCs), high-intensity metal halide lamps, lasers, chemical refining and others. Based on end-user scandium metal market is divided into automobile, electronics and electrical aerospace and defense and others.
The regions covered in global Scandium metal market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global Scandium metal market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Scandium Metal Market reports cover prominent players like,
Global Scandium Metal Market Dynamics–
The key factor for growth of global scandium metal market is its increasing demand in aerospace & defense for aircraft parts to reduce weight and other manufacturing industries as well as surge in the information & communications technology with industrial evolution. According to the Sustainability Accounting Standards Board in 2014, the global Aerospace & Defense industry has estimated USD 663 billion with aircraft parts manufacturing accounted for more than 70% of the total industry revenue which has the highest contribution of scandium metal due to it helps in reducing the weight of the aircrafts by 10- 15%. However, its high cost of may hamper the market growth. In spite of that, increasing production of devices with technological advancement using 3D printing an adaptive manufacturing process for alloys, advent of nanotechnology etc. for electronics, electrical and healthcare industry can create huge opportunity to foster the global scandium metal market during the forecast period.
Global Scandium Metal Market Regional Analysis–
North America is expected to dominate the global scandium metal market due to the increasing demand for advanced technology materials like scandium-aluminum alloys in aerospace & defense, electronics and telecommunication industry to reduce the weight in this region. According to the Sustainability Accounting Standards Board in North America, the United States has the largest contribution in aerospace & defense industry with estimated over USD 374 billion to its GDP and the supply chain of aerospace and defense industry for more than USD 208 billion in the U.S. GDP in the 2018 followed by Europe.
The Asia Pacific region is expected to grow at faster pace due to rise in the advanced materials usage in the electronics, and telecommunication industry. According to the European Engineering Industries Association in 2017, China is the largest manufacturer of electronic components manufacturing. China has 19% of global manufacturing value added which accounts for 35.9% of China’s gross domestic product followed by Japan and India.
Key Benefits for Scandium Metal Market Report–
Global scandium metal market report covers in depth historical and forecast analysis.
Global Scandium Metal Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global scandium metal market report helps to identify opportunities in market place.
Global scandium metal market report covers extensive analysis of emerging trends and competitive landscape.
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa