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Asia Pacific Scandium Market Forecast to 2031
Asia Pacific Scandium Market Forecast to 2031 – Regional Analysis – by Derivative (Oxide, Iodide, Alloy, Zirconia, and Others) and Application (Aerospace and Defense, Solid Oxide Fuel Cells, Electronics, Ceramics, Lighting, Nuclear Applications, 3D Printing, and Others)
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Description
Advancements in Extraction and Processing Methods Fuel Cells Bolster Asia Pacific Scandium Market
The limited availability and high cost of scandium extraction have posed challenges for its large-scale commercialization. However, ongoing research and development in extraction technologies are paving the way for more efficient and cost-effective production methods. Novel extraction techniques, such as solvent extraction, ion exchange, and innovative leaching processes, are being developed to improve scandium recovery from various sources, including ores, industrial waste streams, and by-products of other mining operations. These advancements enhance scandium yield alongside reducing energy consumption, environmental impact, and costs involved in the production process. Innovative refining techniques such as chromatography and crystallization enable the production of scandium compounds with precise specifications and tailored properties. Thus, advancements in processing techniques are resulting in scandium products with enhanced purity and quality, potentially expanding their application range in high-tech industries such as aerospace, defense, electronics, and clean energy.
Research into the alternative sources of scandium, such as the recycling of end-of-life products and secondary materials such as tungsten or vanadium-titanium extraction processes, offers additional growth avenues for the scandium market. Recycling initiatives contribute to resource conservation and waste reduction. They present a sustainable and reliable supply of scandium, in turn mitigating the dependency on primary sources and impacts of market volatility on the production as well as usage of scandium. In addition, strategic collaborations and partnerships between industry players, research institutes, and government agencies are instrumental in driving innovation and fostering the commercialization of advanced scandium technologies. By pooling resources, expertise, and infrastructure, stakeholders can accelerate the development and deployment of extraction and processing solutions. Thus, advancements in extraction and processing methods unlock significant growth opportunities for the scandium market.
Asia Pacific Scandium Market Overview
Rapid economic development and industrialization in Asia Pacific bolster the demand for high-performance materials to support infrastructure development, urbanization, and other technological advancements. Asia Pacific is home to some of the world’s largest and fastest-growing aerospace and automotive industries, both of which are major consumers of scandium-containing lightweight and high-strength alloys. These alloys are particularly valuable in aircraft components, automotive parts, and structural materials, among other applications, wherein reducing weight while maintaining performance is crucial for enhancing the final products’ fuel efficiency, range, and safety standards. Furthermore, the electronics industry in the Asia Pacific creates a significant demand for high-performance semiconductors. As per a study conducted by the Semiconductor Industry Association, ~75% of global semiconductor capacity is based in East Asia. Building manufacturing facilities in the region is likely to benefit semiconductor companies with up to 25-50% cost savings. The unique properties of scandium make it an attractive material for the production of high-speed and energy-efficient electronic devices, such as computers, smartphones, and data centers.
Moreover, the electronics industry in Asia Pacific is experiencing exponential growth, driven by rising consumer demand for smartphones, tablets, laptops, and other electronic devices. Scandium-containing materials play a crucial role in electronic manufacturing, particularly in semiconductor production, where scandium oxide is used as a dopant to enhance the performance and reliability of semiconductor devices. Additionally, scandium-based materials are utilized in advanced display technologies, such as OLED and LED displays, which are widely used in televisions, smartphones, and automotive displays. Furthermore, governments in countries like China, Japan, and South Korea are actively supporting the research and development of new technologies, particularly those centered around green energy and aerospace. Scandium’s unique properties make it a prime material for these industries, leading to a rise in demand.
Asia Pacific Scandium Market Revenue and Forecast to 2031 (US$ Million)
Asia Pacific Scandium Market Segmentation
The Asia Pacific scandium market is categorized into type, application, and country.
Based on type, the Asia Pacific scandium market is segmented into oxide, iodide, alloy, zirconia, and others. The oxide segment held the largest market share in 2023.
By application, the Asia Pacific scandium market is segmented into aerospace and defense, solid oxide fuel cells, electronics, ceramics, lighting, nuclear applications, 3D printing, and others. The others segment held the largest market share in 2023.
By country, the Asia Pacific scandium market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific scandium market share in 2023.
American Elements Inc, Strategic Metal Investments Ltd, Rio Tinto Ltd, Scandium International Mining Corporation, Otto Chemie Pvt. Ltd, and Hunan Oriental Scandium Co Ltd. are some of the leading companies operating in the Asia Pacific scandium market.
Summary Info
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According to Business Market Insights’ research, the Asia Pacific scandium market was valued at US$ 71.30 million in 2023 and is anticipated to reach US$ 520.03 million by 2031, recording a CAGR of 28.2% from 2023 to 2031. Rising demand from 3D printing industry and advancements in extraction and processing methods are among the critical factors attributed to drive the Asia Pacific scandium market growth.
Scandium-containing metal alloys exhibit improved mechanical properties, corrosion resistance, and heat resistance, which make them an attractive choice for producing high-performance components using 3D printers. In additive manufacturing, scandium-aluminum alloys are gaining attention for their superior strength-to-weight ratio and enhanced mechanical properties compared to traditional metals and metal alloys. Manufacturers can produce lightweight yet durable components with complex geometries and excellent dimensional accuracy by incorporating scandium into metal powders used in 3D printing processes such as selective laser melting (SLAM) and electron beam melting (EBM). Thus, 3D printing of advanced aerospace, automotive, and medical devices with scandium-reinforced metal powders results in optimized product performance and reduced material wastage. Moreover, the compatibility of scandium with various 3D printing techniques and the ability to enhance the processability of metal powders contribute to its growing popularity in the additive manufacturing industry. Scandium-containing alloys exhibit improved flowability, thermal stability, and printability, enabling smoother printing processes and higher-quality finished products.
On the contrary, high cost hampers the growth of Asia Pacific scandium market.
Based on type, the Asia Pacific scandium market is segmented into oxide, Iodide, alloy, zirconia, and others. The oxide segment held 58.3% market share in 2023, amassing US$ 41.56 million. It is projected to garner US$ 319.98 million by 2031 to register 29.1% CAGR during 2023-2031.
In terms of application, the Asia Pacific scandium market is categorized into aerospace and defense, solid oxide fuel cells, electronics, ceramics, lighting, nuclear applications, 3D printing, and others. The others segment held 36.9% share of Asia Pacific scandium market in 2023, amassing US$ 26.28 million. It is projected to garner US$ 188.95 million by 2031 to expand at 28.0% CAGR from 2023 to 2031.
By country, the Asia Pacific scandium market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 60.5% share of Asia Pacific scandium market in 2023. It was assessed at US$ 43.14 million in 2023 and is likely to hit US$ 327.50 million by 2031, registering a CAGR of 28.8% during 2023-2031.
Key players operating in the Asia Pacific scandium market are American Elements Inc, Strategic Metal Investments Ltd, Rio Tinto Ltd, Scandium International Mining Corporation, Otto Chemie Pvt. Ltd, and Hunan Oriental Scandium Co Ltd, among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific scandium market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the Asia Pacific scandium market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Asia Pacific Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Scandium Market Landscape
4.1 Overview
4.2 Porter’s Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Ecosystem Analysis
4.3.1 Mining
4.3.2 Manufacturers
4.3.3 Distributors/Suppliers
4.3.4 End Users
4.3.5 List of Vendors in the Value Chain
5. Asia Pacific Scandium Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Solid Oxide Fuel Cells
5.1.2 Burgeoning Demand for Aluminum-Scandium Alloys in Aerospace & Defense Sector
5.1.3 Rising Demand from 3D Printing Industry
5.2 Market Restraints
5.2.1 High Cost
5.3 Market Opportunities
5.3.1 Advancements in Extraction and Processing Methods
5.4 Future Trends
5.4.1 Surging Popularity of Electric Vehicles
5.5 Impact of Drivers and Restraints:
6. Scandium Market – Asia Pacific Market Analysis
6.1 Asia Pacific Scandium Market Volume (Tons), 2020-2031
6.2 Scandium Market Volume Forecast and Analysis (Tons)
6.3 Scandium Market Revenue (US$ Million), 2020-2031
6.4 Scandium Market Revenue Forecast and Analysis (U$ Million)
7. Asia Pacific Scandium Market Volume and Revenue Analysis – by Derivative
7.1 Oxide
7.1.1 Overview
7.1.2 Oxide: Scandium Market – Volume and Forecast to 2031 (Tons)
7.1.3 Oxide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
7.2 Iodide
7.2.1 Overview
7.2.2 Iodide: Scandium Market – Volume and Forecast to 2031 (Tons)
7.2.3 Iodide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
7.3 Alloy
7.3.1 Overview
7.3.2 Alloy: Scandium Market – Volume and Forecast to 2031 (Tons)
7.3.3 Alloy: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
7.4 Zirconia
7.4.1 Overview
7.4.2 Zirconia: Scandium Market – Volume and Forecast to 2031 (Tons)
7.4.3 Zirconia: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Scandium Market – Volume and Forecast to 2031 (Tons)
7.5.3 Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8. Asia Pacific Scandium Market Revenue Analysis – by Application
8.1 Aerospace and Defense
8.1.1 Overview
8.1.2 Aerospace and Defense: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Solid Oxide Fuel Cells
8.2.1 Overview
8.2.2 Solid Oxide Fuel Cells: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Electronics
8.3.1 Overview
8.3.2 Electronics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.4 Ceramics
8.4.1 Overview
8.4.2 Ceramics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.5 Lighting
8.5.1 Overview
8.5.2 Lighting: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.6 Nuclear Applications
8.6.1 Overview
8.6.2 Nuclear Applications: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.7 3D Printing
8.7.1 Overview
8.7.2 3D Printing: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
8.8 Others
8.8.1 Overview
8.8.2 Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9. Asia Pacific Scandium Market – Country Analysis
9.1 Asia Pacific Market Overview
9.1.1 Asia Pacific Scandium Market Revenue and Forecast and Analysis – by Country
9.1.1.1 Asia Pacific Scandium Market Volume and Forecast and Analysis – by Country
9.1.1.2 Asia Pacific Scandium Market Revenue and Forecast and Analysis -by Country
9.1.1.3 Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.3.1 Australia Scandium Market Breakdown by Derivative
9.1.1.4 China Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.4.1 China Scandium Market Breakdown by Derivative
9.1.1.5 India Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.5.1 India Scandium Market Breakdown by Derivative
9.1.1.6 Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.6.1 Japan Scandium Market Breakdown by Derivative
9.1.1.7 South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.7.1 South Korea Scandium Market Breakdown by Derivative
9.1.1.8 Rest of Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.8.1 Rest of Asia Pacific Scandium Market Breakdown by Derivative
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11. Company Profiles
11.1 American Elements Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Strategic Metal Investments Ltd
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Rio Tinto Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Scandium International Mining Corporation
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Otto Chemie Pvt. Ltd.
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Hunan Oriental Scandium Co Ltd
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
12. Appendix
12.1 About The Research Team
Table 1. Scandium Market Segmentation
Table 2. List of Vendors
Table 3. Scandium Market – Volume and Forecast to 2031 (Tons)
Table 4. Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 6. Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 7. Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 8. Asia Pacific Scandium Market – Volume and Forecast to 2031 (Tons) – by Country
Table 9. Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 10. Australia Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 11. Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 12. Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 13. China Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 14. China Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 15. China Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. India Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 17. India Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 18. India Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 19. Japan Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 20. Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 21. Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 22. South Korea Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 23. South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 24. South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 25. Rest of Asia Pacific Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 26. Rest of Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 27. Rest of Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Figure 1. Asia Pacific Scandium Market Segmentation, by Country
Figure 2. Porter’s Five Forces Analysis
Figure 3. Ecosystem Analysis: Scandium Market
Figure 4. Scandium Market – Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Scandium Market Volume (Tons), 2020-2031
Figure 7. Scandium Market Revenue (US$ Million), 2020-2031
Figure 8. Scandium Market Share (%) – Derivative, 2023 and 2031
Figure 9. Oxide: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 10. Oxide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Iodide: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 12. Iodide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Alloy: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 14. Alloy: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Zirconia: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 16. Zirconia: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Others: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 18. Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Scandium Market Share (%) – Application, 2023 and 2031
Figure 20. Aerospace and Defense: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Solid Oxide Fuel Cells: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Electronics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Ceramics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Lighting: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Nuclear Applications: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. 3D Printing: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. Market, by Key Countries – Revenue (2023) (US$ Million)
Figure 29. Asia Pacific Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 30. Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 31. China Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 32. India Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 33. Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 34. South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 35. Rest of Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 36. Heat Map Analysis by Key Players
Figure 37. Company Positioning & Concentration
The List of Companies – Asia Pacific Scandium Market
o American Elements Inc.
o Strategic Metal Investments Ltd.
o Rio Tinto Ltd.
o Scandium International Mining Corporation.
o Otto Chemie Pvt. Ltd.
o Hunan Oriental Scandium Co Ltd.
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