At 28.2% CAGR, Asia Pacific Scandium Market is Projected to be Worth US$ 520.03 Million by 2031, says Business Market Insights

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.

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