HYDERABAD, January 25, 2016 /PRNewswire/ --
Mordor Intelligence releases their report on the Global Scandium Market. The report elucidates the situation of Scandium around the world and studies its markets by product type, which includes metal, chloride, nitrate, iodide, fluoride, alloy, carbonate and others; by end-user industry - aerospace & defense, 3D printing, lighting, electronics, solid oxide fuel cells (SOFCs), ceramics, phosphorous, displays and others (chemical refining, sports goods and automotive).
Being in its embryonic stages, the global scandium market is expecting an accelerated growth until 2020. The scandium oxide consumption is estimated to grow at a CAGR of 11.47% from 2014 to 2020. In 2014, China held about 35% of the global market consumption. This market consumption percentage can be credited to the presence of plentiful scandium resources in the country.
Reliable supply could increase the demand exponentially. The overall production of this rare earth mineral does not meet the potential demand for the product. Scandium producers who lead the market are just as scarce. Consumers still depend on former Soviet Union stockpiles of scandium oxide. This unreliable supply is a major restraint for this market.
In terms of scandium product type, scandium alloy has the largest market share - 65%. One major reason for growth of the market is that, this metal readily alloys with aluminum and enhances the grain structure of the combined metal, consequently improving the strength and weld-ability, without compromising on the corrosion resistance property of aluminum.
Major production areas include Australia, China, Russia and Kazakhstan among others. Consumption areas include China, United States, Japan and European Union among others.
The New South Wales lateritic belt in Australia radicalized the scenario by upgrading scandium at grades by approximately four times the existing grades during its finds. These projects can become an assured source of scandium, which in coming years can promote and increase commercial applications, in turn meeting market expectations of both price and supply.
The major players in the market are Scandium International Mining Corp. Hunan Oriental Scandium Co. Ltd., Platina Resources Ltd., Clean TeQ, Metallica Minerals, Beijing Cerametek Materials, and NioCorp Development Ltd.
Subscribe to free alerts or browse our comprehensive literature on Chemicals & Materials - http://www.mordorintelligence.com/industry-reports/chemicals-materials
About Mordor Intelligence:
Mordor Intelligence is a global market research and consulting firm offering in-depth market analysis reports and consulting services.
SOURCE Mordor Intelligence LLP