High Purity Scandium Metal Market Size, Share, Growth, and Industry Analysis, By Type (Purity 99.99%-99.999% and Purity 99.9%-99.99%), By Application (Processing and Manufacturing, Energy Field and Aerospace), Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

High Purity Scandium Metal Market Report Overview

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global high purity scandium metal market size was USD  41 million in 2020 and market is projected to touch 71.82 Million by 2031, exhibiting a CAGR of 4.6% during the forecast period.

The trade and demand for scandium, a rare earth metal noted for its distinctive qualities, is referred to as the high purity scandium metal market. Scandium is a silvery-white transition metal found in trace levels in a variety of minerals, including thortveitite, euxenite, and bazzite. It is mostly utilised as an alloying element to improve the characteristics of other metals, especially aluminium.

Scandium metal of high purity is valued for its outstanding corrosion resistance, high melting point, and thermal stability. Because of these characteristics, it is beneficial in a variety of industries, including aircraft, electronics, defence, and sports equipment manufacture. Scandium-aluminum alloys, in particular, are employed in lightweight aircraft structural components because they give strength and durability while lowering weight.

COVID-19 Impact

"Pandemic has had a mixed impact on the market "

The COVID-19 pandemic had a significant impact on the high purity scandium metal market. The global economic slowdown and disruptions in supply chains caused by lockdown measures and travel restrictions resulted in a decrease in demand for scandium-based products across various industries. Many manufacturing operations were temporarily halted or scaled back, leading to reduced orders for high purity scandium metal. Additionally, the uncertainty surrounding the pandemic led to cautious investment decisions, further dampening the market. However, as the world recovers from the pandemic and economic activities resume, the high purity scandium metal market is expected to gradually rebound, driven by the growing demand for lightweight materials and sustainable technologies.

Latest Trends

"Increasing focus on scandium extraction and production technologies to contribute in market growth"

The increasing emphasis on scandium extraction and production technologies is one of the most recent trends in the high purity scandium metal market. Researchers and industry participants are looking into innovative ways to improve the efficiency and cost-effectiveness of scandium extraction from various sources. This involves the creation of novel extraction techniques such as solvent extraction and ion exchange, as well as the discovery of new scandium-rich deposits. These developments aim to increase the global supply of high purity scandium metal and make it more accessible to diverse industries, adding to the market's sustained expansion.

High Purity Scandium Metal Market Segmentation

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• By Type Analysis

According to type, the high purity scandium metal market can be segmented into Purity 99.99%-99.999% and Purity 99.9%-99.99%.

• By Application Analysis

Based on application, the market can be divided into Processing and Manufacturing, Energy Field and Aerospace.

Driving Factors

"Increased demand in the aerospace and defence industries to boost market demand "

The aerospace and defence industries drive the high purity scandium metal industry. Scandium-aluminum alloys have high strength-to-weight ratios, making them excellent for aviation components like fuselages, wings, and engine parts. The need for scandium-based materials has increased in response to the growing demand for fuel-efficient and high-performance airplanes. Scandium is also used in military applications such as missile guidance systems and armor plating, which is supporting market expansion.

"Advances in the electronics and energy sectors to stimulate market growth"

Advances in the electronics and energy industries are boosting demand for high purity scandium metal. Scandium-based materials are used in superconductors, solid oxide fuel cells (SOFCs), and energy storage devices. Demand for scandium is predicted to expand as the globe concentrates on renewable energy sources and energy-efficient products. Furthermore, scandium is utilized to increase the performance and longevity of consumer gadgets such as smartphones and laptops.

Restraining Factors

"Limited availability of scandium resources to limit market demand"

One of the constraints in the high purity scandium metal market is the scarcity of scandium supplies. Scandium is a rare earth metal found in low concentrations in the Earth's crust, making extraction and manufacture difficult and costly. Because of the rarity of scandium reserves, the overall supply of high purity scandium metal is limited, resulting in higher pricing and limited high purity scandium metal market growth. Furthermore, the lack of a well-established global supply chain for scandium impedes market progress by causing logistical issues and supply uncertainties for end-users. These characteristics make widespread application of scandium-based materials in numerous industries difficult.

High Purity Scandium Metal Market Regional Insights

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"Strong presence in different industries to assist North America and Europe to lead the market"

The high purity scandium metal market is primarily driven by North America and Europe. These regions are well-represented in the aerospace, defence, and advanced manufacturing industries, all of which are major users of scandium-based products. Furthermore, North America and Europe have well-established research and development centres devoted to the development of novel scandium extraction and production technologies. However, there is considerable interest in the Asia-Pacific region, particularly in China and Japan, where scandium is in high demand in the electronics and renewable energy sectors. Because of the region's expanding industrialization and infrastructure development, the Asia-Pacific market is predicted to rise significantly.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Development"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Huizhou Top Metal Materials, GRINM, Stanford Materials Corp., United Company RUSAL Plc, Platina Resources, Scandium International Mining Corp., Hunan Dongfang scandium Industry, Rare Earth Materials, Shanghai Sheeny Metal Mateirals, Zhongnuo Advanced Material(Beijing)Technology and SkySpring Nanomaterials.

Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. In addition, the strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over high purity scandium metal market share by the key players stimulates the market growth.

List of Market Players Profiled

• Huizhou Top Metal Materials: Headquarters located in Huizhou, China.
• GRINM (General Research Institute for Nonferrous Metals): Headquarters located in Beijing, China.
• Stanford Materials Corp.: Headquarters located in Lake Forest, California, United States.
• United Company RUSAL Plc: Headquarters located in Moscow, Russia.
• Platina Resources: Headquarters located in West Perth, Western Australia, Australia.
• Scandium International Mining Corp.: Headquarters located in Sparks, Nevada, United States.
• Hunan Dongfang Scandium Industry: Headquarters located in Loudi, Hunan, China.
• Rare Earth Materials: Headquarters located in Tokyo, Japan.
• Shanghai Sheeny Metal Materials: Headquarters located in Shanghai, China.
• Zhongnuo Advanced Material (Beijing) Technology: Headquarters located in Beijing, China.
• SkySpring Nanomaterials: Headquarters located in Houston, Texas, United States.

 Report Coverage

This report examines an understanding of the high purity scandium metal market size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macroeconomic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.