The current scandium market size is estimated to be about 35 tonnes per year, however Bloomberg forecasts this could grow to reach 1,800 tonnes pa by 2035 – a 51 times increase in demand. However, if the sales of electric vehicles surge as some forecast and reach 30 million by 2030, the demand for scandium would jump to a staggering 5,250 tonnes pa – a 150-fold increase on today’s demand based on just a 0.2% scandium oxide-aluminum alloy in each EV.This exponential increase in demand for scandium does not include its additional consumption by key industries such as solid oxide fuel cells, aerospace & defense, aviation, electronics, sporting goods, and ceramics QUOTE . ARR La Paz Rare earth project in Arizona has scandium credits throughout the project footprint that will be beneficial in proving up the resource IMO.
