Impressive Scandium demand growth rate for 2024-2028 According to TechSci Research report, “Global Scandium Market- By Region, Competition Forecast and Opportunities, 2018-2028”, the global Scandium market is projected to grow at an impressive rate in the forecast period 2024-2028.
Increasing demand from the aerospace and power generation sector is the primary reason driving the market's growth of scandium. High conductivity and anti-corrosion of an aluminum-scandium alloy than other alloys are driving the demand for scandium to m high voltage tension wires as different electrical infrastructure projects are growing worldwide.
"North America region is expected to dominate the global scandium market in the forecast period due to growing power demand and the rising electronic, automobile, and aerospace markets. Globally, increasing demand for scandium to use in solid oxide fuel cells (SOFCs), high-strength aluminum alloys, electronics, high-intensity metal halide lamps, and laser research. Ongoing R&D activities for new applications to achieve sustainable development and government projects for space tourism, fighter planes, and power generation are propelling the global scandium market demand and creating favorable conditions to drive the global scandium market growth till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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