The global scandium market size reached US$ 548.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 859.0 Million by 2028, exhibiting a growth rate (CAGR) of 7.45% during 2023-2028.
Scandium is a silvery-white metallic element found in association with rare earth elements. It can also be obtained from thortveitite or extracted as a by-product from uranium mill tailings. It has a high melting point and low density like aluminum and its small ion size enables it to react chemically with elements like magnesium, zirconium, and aluminum. Due to these properties, it is widely used to make bright mercury-vapor lamps that produce sunlight-like light. Apart from this, as it assists in reducing solidification cracking during the welding of high strength aluminum alloys, scandium is employed in the aerospace industry worldwide.
Scandium Market Trends:
There is a considerable rise in the demand for solid oxide fuel cells (SOFCs) for producing electricity. This represents one of the key factors strengthening the growth of the market. Scandium assists the power generation system in operating at much lower temperatures and reducing the cost of SOFCs, thereby facilitating its widespread adoption for distributed power generation worldwide. Besides this, due to a significant increase in electricity prices, there is a growing need for a sustainable power generation method. This, in turn, is positively influencing the sales of scandium around the world. Moreover, it is used as a substitute for yttria (Y2O3) as a stabilizing agent for the solid electrolyte in the fuel cell. This enables reactions to occur at lower temperatures, therefore extending the life of the components and increasing the power density of the unit. This, along with the growing adoption of aluminum-scandium alloys, is positively influencing the market. Furthermore, the rising utilization of SOFC-based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to increase vehicle efficiency and support the goals of reducing oil usage and emissions from the transportation sector acts as another growth-inducing factor.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global scandium market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, application and end use industry.
Breakup by Product Type:
Breakup by Application:
High-intensity Metal Halide Lamps
Solid Oxide Fuel Cells
Breakup by End Use Industry:
Aerospace and Defense
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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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Key Questions Answered in This Report
The global scandium market was valued at US$ 548.9 Million in 2022.
We expect the global scandium market to exhibit a CAGR of 7.45% during 2023-2028.
The growing utilization of scandium across the aerospace industry, as it assists in reducing solidification cracking during the welding of high strength aluminum alloys, is primarily driving the global scandium market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous production activities for scandium.
Based on the product type, the global scandium market has been segregated into oxide, fluoride, chloride, nitrate, iodide, alloy, and others. Among these, fluoride currently exhibits a clear dominance in the market.
Based on the end use industry, the global scandium market can be bifurcated into aerospace and defense, ceramics, lighting, electronics, 3D printing, sporting goods, and others. Currently, aerospace and defense holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global scandium market include 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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