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Scandium Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Alloy (Metal, Alloy, Iodide, Carbonite, Others), By Industry Application (Aerospace, Automotives, Electronics, Lighting, SOFCs, 3D printing, Sporting goods, Ceramics, and Others), By Region, and Competition
Market Report I 2023-04-01 I 116 Pages I TechSci Research
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 the biggest aluminum alloy consumers due to unexpected high-functioning product properties. Owing to its properties, such as an aluminum 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, aluminum-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 aluminum-scandium alloy, which has proven its significance in end-user industries. Various aluminum alloy materials have enhanced the product properties by adding aluminum-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 SOFC 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 favorable 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 & development of scandium to create a new application such as to enhance the performance of aluminum alloys in the 3D printing market. This, in turn, is expected to open new prospects for 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.
Market Segmentation
Global scandium market is segmented 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, automotive, 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.
Report Scope:
In this report, global scandium market has been segmented into the following categories, in addition to the industry trends, which have also been detailed below:
- Global Scandium Market, By Alloy:
o Metal
o Alloy
o Iodide
o Carbonite
o Others
- Global Scandium Market, By Industry Application:
o Aerospace
o Electronics
o Lighting
o SOFCs
o 3D printing
o Sporting goods
o Ceramics
o Others.
- Global Scandium Market, By region:
o North America
- United States
- Canada
- Mexico
o Europe
- Germany
- France
- United Kingdom
- Spain
- Italy
o Asia-Pacific
- China
- India
- Australia
- Japan
- South Korea
o South America
- Brazil
- Argentina
- Colombia
o 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).
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
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