Scandium Market By Size, Share, Trends, Growth, Forecast 2028

Report Description

Global Scandium market is anticipated to increase at an impressive rate through 2028. Scandium is a soft, silvery metallic element that is not exceptionally rare but has comparatively low occurrence due to dispersion in the lithosphere with 100 minerals. It becomes complex to extract from its ores. Due to its atomic number of 21, it is considered the lightest transition metal and can easily alloy with other metals. It is a more abundant available element than lead, mercury, and other valuable metals blended in the earth's crust, where it occurs at a rate of about 22 ppm. Significant Scandium deposits are found in Scandinavia, China, and Russia region.

According to the U.S. Geographical Survey report, the global supply and consumption of scandium oxide were anticipated to amount between 15 to 25 tons annually in 2022. Scandium is also considered an excellent source of artificial natural light and is widely used in floodlights to film projectors alloyed with mercury. Owing to its remarkable transition capacity, it is highly demanded in different industries such as aerospace, automobiles, and others to develop products like cars, bikes, rockets, body parts, or frames. Apart from this, growth from different end-user industries and various ongoing research and developments around the world are projected to drive the global scandium market in the forecast period.

Growing Demand from the Automotive & Aerospace Industry

Automotive industries are considered as the biggest aluminium alloy consumers due to unexpected high-functioning product properties. Owing to its properties such as an aluminium scandium alloy, scandium ensures to provide extremely revolutionary potential advantages to the automotive sector. As an outcome, Al-Sc alloys have shown the potential to lighten vehicles by 15% to 20%. Additionally, the use of weldable structures to reduce the weight offers similar possibilities for cost savings by lowering the consumption of fuel and batteries. Besides these, aluminium-scandium alloy is used to make different parts of an automobile, such as chassis parts, electric motor housings, EV battery trays, hydrogen fuel tanks, suspension parts, engine blocks, commercial truck wheels, welding matrix material, wheel hubs, alloy wheels, crash components, fuselage components, and welding matrix for aircraft. This in turn is expected to create lucrative opportunities for the growth of global scandium market in the coming years.

Increasing demand from Various End User Industries

Scandium is considered a prominent metal for preparing aluminium-scandium alloy, which has proven its significance in end-user industries. Various aluminium alloy materials have enhanced the product properties by adding aluminium-scandium and achieving advanced properties such as increased toughness, expanded weldability, corrosion, and heat resistance. Growing demand from power supply industries to use for different purposes like making high power overhead wire and batteries. For instance, the mounting market of SOFCs from the end user for use in transport, industrial equipment, power generation, disaster relief, and remote places due to proven outstanding performance as compared to the conventional yttrium stabilized zirconia solid electrolytes. All these factors drive the demand for scandium for SOFCs manufacturing purposes. Due to high-temperature resistance, ceramics based on scandium oxide are used as advanced building and electrically insulating material and are considered a better product than conventional ceramics. Hence, owing to outstanding performance, scandium is expected to grow at an impressive rate in the forecasted period.

Space Tourism To Increase Demand for Scandium

Commercialization of space tourism and ongoing R&D for new applications, such as in 3D printing raw material, is expected to create a favourable opportunity for the scandium market. Growing effort worldwide to lead and commercialize the space tourism market is expected to bolster the demand for scandium to manufacture rockets and spacecraft. According to the Union Bank of Switzerland report, it is anticipated that as a subsector of the space economy, the global space tourism market is expected to grow by 900 billion USD in 2030. In addition, increasing investment in the research & developments of scandium to create a new application such as to enhance the performance of aluminium alloys in the 3D printing market. This in turn is expected to open new prospects for the market growth in the coming years.

Recent Developments:

In June 2021, Scandium International Mining Corp. signed a letter of intent with Nevada Gold Mines for a joint technical and economic feasibility program at NGM's Phoenix Mine, Nevada. This helps them develop a program to recover critical mineral projects and form a joint venture with 50:50 ownership.

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Market Segmentation

Global scandium market is segmented based on alloy, industry application, region, and company. Based on alloy, the market is divided into metal, alloy, iodide, carbonite, and others. Based on industry application, the market is divided into aerospace, automotives, electronics, lighting, SOFCs, 3D printing, sporting goods, ceramics, and others.

Market Players

GFS Chemicals Inc., Great Western Mining Corporation PLC, Metallic Minerals Corporation, MP Materials Corporation, Scandium International Mining Corporation, Uranium One, Inc., Texas Rare Earth Resources Corporation, Galileo Resources PLC, China First Metallurgical Group Co Ltd., Huizhou Top Metal Materials Co. Ltd are some of the key players operating in global scandium market.

Attribute	Details
Base Year	2022
Historic Data	2018 – 2021
Estimated Year	2023
Forecast Period	2024 – 2028
Quantitative Units	Revenue in USD Million, Volume in tons and CAGR for 2018-2022 and 2023-2028
Report coverage	Revenue forecast, Volume forecast, company share, competitive landscape, growth factors, and trends
Segments covered	Alloy Industry Application
Regional scope	North America; Europe; Asia Pacific; South America; Middle East & Africa
Country scope	United States; Canada; Mexico; Germany; France; United Kingdom; Spain; Italy; China; India; Japan; Australia; South Korea; Brazil; Argentina; Colombia; South Africa; UAE; Saudi Arabia.
Key companies profiled	GFS Chemicals Inc., Great Western Mining Corporation PLC, Metallic Minerals Corporation, MP Materials Corporation, Scandium International Mining Corporation, Uranium One, Inc., Texas Rare Earth Resources Corporation, Galileo Resources PLC, China First Metallurgical Group Co Ltd., Huizhou Top Metal Materials Co., Ltd
Customization scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, global scandium market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

Global Scandium Market, By Alloy:

Metal
Alloy
Iodide
Carbonite
Others

Global Scandium Market, By Industry Application:

Aerospace
Electronics
Lighting
SOFCs
3D printing
Sporting goods
Ceramics
Others.

Global Scandium Market, By region:

North America

United States
Canada
Mexico

Europe

Germany
France
United Kingdom
Spain
Italy

Asia-Pacific

China
India
Australia
Japan
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

§ South Africa

§ Saudi Arabia

§ UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in global scandium market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global scandium market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Impact of COVID-19 on Global Scandium Market

5. Impact of Russia-Ukraine War on Global Scandium Market

6. Voice of Customer

7. Global Scandium Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Alloy (Metal, Alloy, Iodide, Carbonite, Others)

7.2.2. By Industry Application (Aerospace, Automotive, Electronics, Lighting, SOFCs, 3D printing, Sporting goods, Ceramics, and Others)

7.2.3. By Region (North America, Europe, Asia Pacific, South America, Middle East & Africa)

7.2.4. By Company (2022)

7.3. Market Map

7.3.1. By Alloy

7.3.2. By Industry Application

7.3.3. By Region

8. North America Scandium Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & Volume

8.2. Market Share & Forecast

8.2.1. By Alloy

8.2.2. By Industry Application

8.2.3. By Country

8.3. Pricing Analysis

8.4. North America: Country Analysis

8.4.1. United States Scandium Market Outlook

8.4.1.1. Market Size & Forecast

8.4.1.1.1. By Value & Volume

8.4.1.2. Market Share & Forecast

8.4.1.2.1. By Alloy

8.4.1.2.2. By Industry Application

8.4.2. Mexico Scandium Market Outlook

8.4.2.1. Market Size & Forecast

8.4.2.1.1. By Value & Volume

8.4.2.2. Market Share & Forecast

8.4.2.2.1. By Alloy

8.4.2.2.2. By Industry Application

8.4.3. Canada Scandium Market Outlook

8.4.3.1. Market Size & Forecast

8.4.3.1.1. By Value & Volume

8.4.3.2. Market Share & Forecast

8.4.3.2.1. By Alloy

8.4.3.2.2. By Industry Application

9. Europe Scandium Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value & Volume

9.2. Market Share & Forecast

9.2.1. By Alloy

9.2.2. By Industry Application

9.2.3. By Country

9.3. Pricing Analysis

9.4. Europe: Country Analysis

9.4.1. Germany Scandium Market Outlook

9.4.1.1. Market Size & Forecast

9.4.1.1.1. By Value & Volume

9.4.1.2. Market Share & Forecast

9.4.1.2.1. By Alloy

9.4.1.2.2. By Industry Application

9.4.2. Spain Scandium Market Outlook

9.4.2.1. Market Size & Forecast

9.4.2.1.1. By Value & Volume

9.4.2.2. Market Share & Forecast

9.4.2.2.1. By Alloy

9.4.2.2.2. By Industry Application

9.4.3. United Kingdom Scandium Market Outlook

9.4.3.1. Market Size & Forecast

9.4.3.1.1. By Value & Volume

9.4.3.2. Market Share & Forecast

9.4.3.2.1. By Alloy

9.4.3.2.2. By Industry Application

9.4.4. France Scandium Market Outlook

9.4.4.1. Market Size & Forecast

9.4.4.1.1. By Value & Volume

9.4.4.2. Market Share & Forecast

9.4.4.2.1. By Alloy

9.4.4.2.2. By Industry Application

9.4.5. Italy Scandium Market Outlook

9.4.5.1. Market Size & Forecast

9.4.5.1.1. By Value & Volume

9.4.5.2. Market Share & Forecast

9.4.5.2.1. By Alloy

9.4.5.2.2. By Industry Application

10. Asia-Pacific Scandium Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value & Volume

10.2. Market Share & Forecast

10.2.1. By Alloy

10.2.2. By Industry Application

10.2.3. By Country

10.3. Pricing Analysis

10.4. Asia-Pacific: Country Analysis

10.4.1. China Scandium Market Outlook

10.4.1.1. Market Size & Forecast

10.4.1.1.1. By Value & Volume

10.4.1.2. Market Share & Forecast

10.4.1.2.1. By Alloy

10.4.1.2.2. By Industry Application

10.4.2. Japan Scandium Market Outlook

10.4.2.1. Market Size & Forecast

10.4.2.1.1. By Value & Volume

10.4.2.2. Market Share & Forecast

10.4.2.2.1. By Alloy

10.4.2.2.2. By Industry Application

10.4.3. India Scandium Market Outlook

10.4.3.1. Market Size & Forecast

10.4.3.1.1. By Value & Volume

10.4.3.2. Market Share & Forecast

10.4.3.2.1. By Alloy

10.4.3.2.2. By Industry Application

10.4.4. South Korea Scandium Market Outlook

10.4.4.1. Market Size & Forecast

10.4.4.1.1. By Value & Volume

10.4.4.2. Market Share & Forecast

10.4.4.2.1. By Alloy

10.4.4.2.2. By Industry Application

10.4.5. Australia Scandium Market Outlook

10.4.5.1. Market Size & Forecast

10.4.5.1.1. By Value & Volume

10.4.5.2. Market Share & Forecast

10.4.5.2.1. By Alloy

10.4.5.2.2. By Industry Application

11. South America Scandium Market Outlook

11.1. Market Size & Forecast

11.1.1. By Value & Volume

11.2. Market Share & Forecast

11.2.1. By Alloy

11.2.2. By Industry Application

11.2.3. By Country

11.3. Pricing Analysis

11.4. South America: Country Analysis

11.4.1. Brazil Scandium Market Outlook

11.4.1.1. Market Size & Forecast

11.4.1.1.1. By Value & Volume

11.4.1.2. Market Share & Forecast

11.4.1.2.1. By Alloy

11.4.1.2.2. By Industry Application

11.4.2. Colombia Scandium Market Outlook

11.4.2.1. Market Size & Forecast

11.4.2.1.1. By Value & Volume

11.4.2.2. Market Share & Forecast

11.4.2.2.1. By Alloy

11.4.2.2.2. By Industry Application

11.4.3. Argentina Scandium Market Outlook

11.4.3.1. Market Size & Forecast

11.4.3.1.1. By Value & Volume

11.4.3.2. Market Share & Forecast

11.4.3.2.1. By Alloy

11.4.3.2.2. By Industry Application

12. Middle East and Africa Scandium Market Outlook

12.1. Market Size & Forecast

12.1.1. By Value & Volume

12.2. Market Share & Forecast

12.2.1. By Alloy

12.2.2. By Industry Application

12.2.3. By Country

12.3. Pricing Analysis

12.4. MEA: Country Analysis

12.4.1. South Africa Scandium Market Outlook

12.4.1.1. Market Size & Forecast

12.4.1.1.1. By Value & Volume

12.4.1.2. Market Share & Forecast

12.4.1.2.1. By Alloy

12.4.1.2.2. By Industry Application

12.4.2. Saudi Arabia Scandium Market Outlook

12.4.2.1. Market Size & Forecast

12.4.2.1.1. By Value & Volume

12.4.2.2. Market Share & Forecast

12.4.2.2.1. By Alloy

12.4.2.2.2. By Industry Application

12.4.3. UAE Scandium Market Outlook

12.4.3.1. Market Size & Forecast

12.4.3.1.1. By Value & Volume

12.4.3.2. Market Share & Forecast

12.4.3.2.1. By Alloy

12.4.3.2.2. By Industry Application

13. Market Dynamics

13.1. Drivers

13.1.1. Growing demand from automotive industry

13.1.2. Rising demand from aerospace and defence segment

13.1.3. Soaring demand of Solid Oxide Fuel Cell (SOFC)

13.2. Challenges

13.2.1. Shortage of Raw material

13.2.2. Disturbance in Supply Chain

14. Market Trends & Developments

14.1. Merger and acquisition

14.2. Commercialization of space tourism

14.3. Ongoing R&D for new application such as in 3D printing

15. Global Scandium Market: SWOT Analysis

16. Porter’s Five Forces Analysis

16.1. Competition in the Industry

16.2. Potential of New Entrants

16.3. Power of Suppliers

16.4. Power of Customers

16.5. Threat of Substitute Product

17. Competitive Landscape

17.1. Business Overview

17.2. Product Offerings

17.3. Recent Developments

17.4. Financials (As Reported)

17.5. Key Personnel

17.6. SWOT Analysis

17.6.1. GFS Chemicals Inc.

17.6.2. Great Western Mining Corporation PLC

17.6.3. Metallic Minerals Corporation

17.6.4. MP Materials Corporation

17.6.5. Scandium International Mining Corporation

17.6.6. Uranium One, Inc.

17.6.7. Texas Rare Earth Resources Corporation

17.6.8. Galileo Resources PLC

17.6.9. China First Metallurgical Group Co Ltd.

17.6.10. Huizhou Top Metal Materials Co., Ltd (TOPM)

18. Strategic Recommendations

Figures and Tables

Frequently asked questions

What are the major drivers for the global scandium market?

Growing demand of Scandium for electric aircraft, drones & cars and ongoing government projects are driving the demand for the global scandium market.

Who are the top players operating in the global scandium market?

Which alloy is expected to dominate the global scandium market in the forecast period?

Based on alloy, the market is divided into metal, alloy, iodide, carbonite, and others. The alloy segment is expected to lead the market segment in the forecast period. Due to increasing usage of scandium metal across different industries like manufacturing, aerospace, SOFCs, and others are expected to propel the metal demand in the forecasted period in the segment.

Which region is expected to account for the global scandium market share?

The North American region is dominating the market and maintain its dominance over the next five years. According to estimations, the number of planes in the U.S. commercial which include commercial and passenger fleet is expected to grow from 7,397 in 2018 to 8,806 in 2039. Apart from these, rising electronic, automobile, and aerospace market is expected to drive the demand of scandium market in the region

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