The latest report by IMARC Group, titled “Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global scandium market size reached US$ 548.9 Million in 2022. Scandium (Sc) is a metallic element commonly associated with rare earth elements. It is a soft, light, silvery-white metal that slightly tinges into yellow or pink when exposed to air. It can be acquired from thortveitite or extracted as a by-product from uranium mill tailings. It has a low density and high melting point, and its small size allows it to react chemically with elements such as zirconium (Zr), aluminum (Al), and magnesium (Mg). As a result, it is widely used to produce bright mercury-vapor lamps, which are employed to replicate sunlight in studios for the television and film industry. In addition, it helps reduce solidification cracking during the welding of high-strength aluminum alloys. Owing to these properties, scandium is widely employed for sports equipment such as baseball, bats, and bikes, which rely on high-performance materials.
Global Scandium Market Trends:
The market is primarily driven by the expanding aerospace and defense industry. In addition, the increasing product demand as it increases toughness and heat resistance and expands weldability and weld strength to a variety of aluminum alloy materials which enhances aluminum capacity and reduces aircraft weight is contributing to the market growth. Moreover, the growing demand for solid oxide fuel cells (SOFCs) for producing electricity and the rising usage of scandium in solid electrolytes to lower operating temperatures, reduce costs, and make SOFCs more accessible for distributed power generation, represents another major growth-inducing factor. Besides this, the widespread adoption of SOFC-based fuel cells in light-duty vehicles and warehouse forklifts to enhance vehicle efficiency and decrease oil usage and emissions is providing a positive thrust to the market growth. Furthermore, the growing environmental awareness regarding traditional energy sources, including natural gas and coal, is also propelling the market growth. Looking forward, IMARC Group expects the market value to reach US$ 859.0 Million by 2028, exhibiting a CAGR of 7.45% during the forecast period (2023-2028).
- Based on the product type, the market has been categorized into oxide, fluoride, chloride, nitrate, Iodide, alloy, and others.
- On the basis of the application, the market has been segmented into aluminum-scandium alloys, high-intensity metal halide lamps, lasers, and solid oxide fuel cells.
- Based on the end use industry, the market has been classified into aerospace and defense, ceramics, lighting, electronics, 3D printing, sporting goods, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined in the report, with some of the key players being Australian Mines Limited, Galileo Resources PLC, GFS Chemicals Inc., Hunan Oriental Scandium Co. Ltd., Lenntech B.V., Materion Corporation, Merck KGaA, Niocorp Developments Ltd., Platina Resources Limited, Scandium International Mining Corporation, Sumitomo Metal Mining Co. Ltd and Thermo Fisher Scientific Inc.
|Base Year of the Analysis
||Product Type, Application, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Australian Mines Limited, Galileo Resources PLC, GFS Chemicals Inc., Hunan Oriental Scandium Co. Ltd., Lenntech B.V., Materion Corporation, Merck KGaA, Niocorp Developments Ltd., Platina Resources Limited, Scandium International Mining Corporation, Sumitomo Metal Mining Co. Ltd and Thermo Fisher Scientific Inc.
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