According to the latest report by IMARC Group, titled “Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global scandium market size reached around US$ 509 Million in 2021. Looking forward, the market expected to reach US$ 802 Million by 2027, exhibiting at a CAGR of 7.6% during 2022-2027.
Scandium refers to a silvery-white metallic compound found in association with rare earth elements. It can also be extracted from uranium mill tailings or obtained from thortveitite. Scandium has a low density and high melting point, like aluminum, and its small ion size allows it to react chemically with various elements, such as zirconium, magnesium, and aluminum. Owing to these properties, it is extensively used to make luminous mercury-vapor lamps that produce sunlight-like light. In addition, as it assists in minimizing solidification cracking during the welding of high-strength aluminum alloys, scandium finds widespread applications in the aerospace industry across the globe.
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Scandium Market Trends and Drivers:
The escalating need for solid oxide fuel cells (SOFCs) in producing electricity is among the primary factors driving the scandium market. Besides this, the elevating demand for a sustainable and cost-effective power generation method, on account of the rising electricity prices, is further augmenting the market growth. Moreover, scandium is utilized as a substitute for yttria (Y2O3), a stabilizing agent for the solid electrolyte in fuel cells that enables reactions to occur at lower temperatures, extends the life of the components, and increases the power density of the unit, which is also catalyzing the global market. Apart from this, the inflating requirement for alloys made from this element is acting as another significant growth-inducing factor. Furthermore, the growing popularity of SOFC-based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to improve vehicle efficiency and support the goals of reducing oil usage and emissions from the transportation sector is anticipated to propel the scandium market over the forecasted period.
Scandium Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- 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
- Thermo Fisher Scientific Inc.
The report has segmented the market on the basis on region, product type, application, end use industry.
Breakup by Product Type:
Breakup by Application:
- Aluminum-scandium Alloys
- High-intensity Metal Halide Lamps
- Solid Oxide Fuel Cells
Breakup by End Use Industry:
- Aerospace and Defense
- 3D Printing
- Sporting Goods
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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