Skutterudite has been evolving as a material for an array of thermoelectric applications such as automobiles, industries, among others. The automotive sector has been undergoing a significant transition with regards to the fuel used for powering the automobile. Automakers around the world are laying emphasis on manufacturing vehicles that will use renewable fuel sources such as electricity or solar-powered cars. For instance, startups such as Lightyear and Sono Motors are focussing on developing cars that can be powered using onboard solar power. In addition, there have been researching initiatives and inventions, albeit on a small scale, in solar-powered cars, students from Sarajevo, Bosnia, and Herzegovina, developed a solar-powered car in April 2020. These developments are likely to place the automotive sector as one of the most prominent end-users of the skutterudite market.
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Trends from the International Energy Agency (IEA) suggest that oil and petrol use will decrease, but marginally, owing to factors such as high initial investments in procuring vehicles that run on alternative fuel. However, automakers are striving to enhance fuel efficiency by using thermoelectricity to convert heat energy released from the exhaust pipe of an automobile to convert into energy that powers its components. These trends are anticipated to accelerate the market in the forecast period.
COVID-19 Impact Analysis
The pandemic occurred due to the coronavirus (COVID-19) is expected to halt all research, manufacturing, and mining operations related to skutterudite. This is expected to delay the full-fledged commercialization of the mineral across all the potential applications. On the other hand, manufacturing industries and other end-users have stopped their operations, which will restrict the growth of this market to a certain degree.
Skutterudite Market Segmentation
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