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Scandium Market 2027: Analysis, Trends, Share, Size and Forecast

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According to the latest report by IMARC Group, titled Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global scandium market size reached around US$ 509 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 802 Million by 2027, exhibiting at a CAGR of 7.6% during 2022-2027.

Scandium is a silvery-white metallic element obtained from thortveitite or extracted as a by-product from uranium mill tailings. It has small-sized ions, low density and a high melting point, enabling it to react with elements like zirconium, magnesium and aluminum. Scandium iodide is added to mercury and metal-halide lamps to produce light that has a tone similar to sunlight.

Request for a free sample copy of this report: https://www.imarcgroup.com/scandium-market/requestsample

Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Market Trends:

The market is primarily driven by the significant rise in the demand for solid oxide fuel cells (SOFCs) to produce electricity as scandium assists in operating power generation systems at much lower temperatures, thereby reducing the cost of SOFCs.  Furthermore, the demand has been escalated by the rising utilization of SOFC-based fuel cells in the transportation sector. They are used in light-duty vehicles and warehouse forklifts to increase vehicle efficiency by reducing oil usage and emissions. Additionally, the growing need for a sustainable power generation method due to the increasing electricity prices is contributing to the market growth.

Breakup by Product Type:

  • Oxide
  • Fluoride
  • Chloride
  • Nitrate
  • Iodide
  • Alloy
  • Others

Breakup by Application:

  • Aluminum-scandium Alloys
  • High-intensity Metal Halide Lamps
  • Lasers
  • Solid Oxide Fuel Cells

Breakup by End Use Industry:

  • Aerospace and Defense
  • Ceramics
  • Lighting
  • Electronics
  • 3D Printing
  • Sporting Goods
  • Others

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Competitive Landscape with Key Player:

  • Australian Mines Limited
  • Galileo Resources PLC
  • GFS Chemicals Inc
  • Hunan Oriental Scandium Co. Ltd
  • Lenntech B.V.
  • Materion CorporationMerck KGaA
  • Niocorp Developments Ltd
  • Platina Resources Limited
  • Scandium International Mining Corporation
  • Sumitomo Metal Mining Co. Ltd
  • Thermo Fisher Scientific Inc

Ask Analyst for Customization and Explore Full Report with TOC & List of Figure: https://www.imarcgroup.com/scandium-market

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

If you want latest primary and secondary data (2022-2027) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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