Please Wait.....
Report
Scandium Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 170 Pages I Mordor Intelligence
The scandium market is expected to register a CAGR of over 10% during the forecast period.
The COVID-19 pandemic negatively impacted the scandium market. Due to the lockdown, major end-user segments such as aerospace and defense, ceramics, and electronics were suspended during COVID-19, reducing scandium usage. After 2020, the market expanded steadily because of the continuous activities in major end-user segments.
Key Highlights
The major factors driving the market's growth are the increasing usage of solid oxide fuel cells (SOFCs)? and the growing demand for aluminum-scandium alloys in the aerospace and defense industry?.
The high scandium? cost and inconsistent supply? of scandium are likely to hinder the growth of the studied market.
Growing technology for storing energy and potential applications in the automotive industry will likely create opportunities for the market in the coming years.
The United States is expected to dominate and witness the highest CAGR during the forecast period.
Scandium Market Trends
Solid Oxide Fuel Cells (SOFCs) Segment to Dominate the Market
SOFCs use a solid oxide material as an electrolyte, which helps conduct negative oxygen ions from the cathode to the anode. In these cells, the anode and cathode are made from special inks that cover the electrolyte. Therefore, SOFCs do not require any precious metal, corrosive acids, or molten material.
Electrolyte materials are subjected to high temperatures to catalyze natural gas conversion to energy. However, the high temperature for the catalyzing conversion process can lead to the quick degradation of ceramic electrolytes, adding to the capital and maintenance cost.
Using scandium in solid electrolytes helps the system operate at much lower temperatures than conventional SOFCs. Thus, the application of scandium helped lower the costs of SOFCs, facilitating its widespread adoption for distributed power generation.
With rising electricity prices, the need to resort to sustainable power generation methods is expected to create substantial market opportunities for the SOFCs market, thus increasing the importance of scandium.
The increasing demand for clean energy over environmental concerns of energy generation from conventional sources, such as coal and natural gas, is expected to drive the demand for solid oxide fuel cells in the future.
Currently, SOFCs are witnessing increased application within transport, industrial equipment, power generation, cooling, disaster relief, and areas where grid connections are unavailable.
A solid oxide fuel cell (SOFC) is an electrochemical conversion device that helps produce electricity directly by combining an oxidant and a fuel across an ionic conducting oxide electrolyte. Furthermore, according to the Energy Information Administration, electricity consumption in the United States was around 3,930 terawatt hours in 2021, witnessing an increase of 2% compared to the previous year. This trend is expected to support the studied market.
Therefore, considering the abovementioned factors, the demand for the scandium market is expected to rise significantly in the solid oxide fuel cells segment shortly.
United States to Dominate the Market
The United States was one of the early adopters of the commercial-scale deployment of fuel cells, supported by government funding with increased uptake by end-users, especially the automobile industry.
The vast opportunities offered by the use 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. It is likely to result in a significant increase in fuel cell deployment in the country.
The United States includes the largest aerospace industry in the world. According to the Bureau of Economic Analysis(BEA), air transport in the United States increased from USD 60.44 billion in 2020 to USD 84 billion in 2021. It is likely to increase scandium usage in the country. Still, due to the COVID-19 outbreak, the aerospace sector in the country was majorly hit, which can have severe repercussions on demand for scandium in aerospace applications.
The military spending by the United States grew by 2% in 2021, reaching around USD 800.67 billion. The considerable army spending contributes to the vast market size for military aircraft, which creates an immense potential demand for scandium.
According to Energy Information Administration, the United States was the second largest electricity consumer in the world in 2021. Furthermore, it is expected to remain the leading market over the forecast period due to advanced technology usage, increased research and development centers, and rising consumer demand.
The United States is the second-largest market for electric vehicles after China. According to the US Department of Energy, Electric vehicle sales rose by 85% in the United States in 2021 compared to the previous year. This growth slowed in 2019 owing to several factors. One of the reasons is the gradual phaseout of the federal fiscal tax credit in January and July 2019.
All factors above are likely to fuel the scandium market growth in the United States over the forecast period.
Scandium Market Competitor Analysis
The scandium market is partially consolidated in nature. Some of the market's major players (not in any particular order) include Scandium International Mining Corp, Australian Mines Ltd, Hunan Oriental Scandium Co., Ltd., Platina Resources Limited, and Materion Corporation, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Usage in Solid Oxide Fuel Cells (Sofcs)
4.1.2 Increasing Demand for Aluminum-Scandium Alloys in the Aerospace and Defense Industry
4.2 Restraints
4.2.1 High Cost of Scandium
4.2.2 Inconsistent Supply
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
4.6 Environmental Impact Analysis
5 MARKET SEGMENTATION
5.1 Product Type
5.1.1 Oxide
5.1.2 Fluoride
5.1.3 Chloride
5.1.4 Nitrate
5.1.5 Iodide
5.1.6 Alloy
5.1.7 Carbonate and Other Product Types
5.2 End-user Industry
5.2.1 Aerospace and Defense
5.2.2 Solid Oxide Fuel Cells
5.2.3 Ceramics
5.2.4 Lighting
5.2.5 Electronics
5.2.6 3D Printing
5.2.7 Sporting Goods
5.2.8 Other End-user Industries
5.3 Geography
5.3.1 Production Analysis
5.3.1.1 China
5.3.1.2 Russia
5.3.1.3 Philippines
5.3.1.4 Rest of the World
5.3.2 Consumption Analysis
5.3.2.1 United States
5.3.2.2 China
5.3.2.3 Russia
5.3.2.4 Japan
5.3.2.5 Brazil
5.3.2.6 European Union
5.3.2.7 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Atlantic Equipment Engineers (Micron Metal Inc.)
6.4.2 Australian Mines Ltd
6.4.3 Huizhou Top Metal Materials Co. Ltd (TOPM)
6.4.4 Hunan Oriental Scandium Co.,Ltd.
6.4.5 JSC Dalur
6.4.6 Materion Corporation
6.4.7 NioCorp Development Ltd
6.4.8 Platina Resources Limited
6.4.9 Rusal
6.4.10 Scandium International Mining Corp.
6.4.11 Sigma-Aldrich (Merck KGaA)
6.4.12 Stanford Materials owned by Oceania International LLC
6.4.13 Sumitomo Metal Mining Co., Ltd.
6.4.14 Alfa Aesar, Thermo Fisher Scientific
6.4.15 Treibacher Industrie AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Potential Applications in Automotive industry
7.2 Growing technology for storing energy
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security