The global scandium market share reached a value of around US$ 509 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 802 Million by 2027, exhibiting at a CAGR of 7.6% during 2022-2027.
Base Year: 2021
Forecast Year: 2022-27
Scandium is a silvery-white metallic element obtained from thortveitite or extracted as a by-product from uranium mill tailings. It has small-sized ions, low density and a high melting point, enabling it to react with elements like zirconium, magnesium and aluminum. Scandium iodide is added to mercury and metal-halide lamps to produce light that has a tone similar to sunlight.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Scandium Market Trends:
The market is primarily driven by the significant rise in the demand for solid oxide fuel cells (SOFCs) to produce electricity as scandium assists in operating power generation systems at much lower temperatures, thereby reducing the cost of SOFCs. Furthermore, the demand has been escalated by the rising utilization of SOFC-based fuel cells in the transportation sector. They are used in light-duty vehicles and warehouse forklifts to increase vehicle efficiency by reducing oil usage and emissions. Additionally, the growing need for a sustainable power generation method due to the increasing electricity prices is contributing to the market growth.
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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 and 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: (United States, Canada)
- Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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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
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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