Scandium Metal Market Size, Share, Growth, and Global Industry Analysis by Type Scandium Oxide 99.99%, Scandium Oxide 99.999%, Scandium Oxide 99.9995%, and Scandium Metal Ingot), By Application (Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, and SOFCs), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

SCANDIUM METAL MARKET REPORT OVERVIEW

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The global scandium metal market size was USD 90 million in 2021 and is projected to touch USD 290.54 million by 2031, exhibiting a CAGR of 12.4% during the forecast period. 

Scandium is a silvery-white metallic chemical component that has historically been regarded as a source of rare earth elements. Scandium-oxide, the primary resource, and supplier of the metal, as well as its various composites and alloys, is generated in modest amounts in only a few places around the world.  Due to its desirable electrical conductivity, ability to stabilise heat, creep resistance, and low weight, scandium is actively integrating itself into a variety of lucrative and industrial industries.

Scandium is mostly utilised in research. But because of its far greater melting point and virtually identically low density to aluminium, it has a lot of potential. Baseball bats, high-end bicycle frames, and Russian MIG fighter jets have all utilised an aluminum-scandium alloy. Mercury vapour lamps are made more efficient by adding scandium iodide to create a light source that resembles sunshine. When recording indoors or at night, these lamps enable television cameras to accurately recreate colour. In order to track the movement of different fractions during the oil refining process, the radium scandium-46 is utilised as a tracer. To find leaks in subsurface pipes, it also can be employed.

COVID-19 Impact

"Suspension on the Aviation Sector to Obstruct Market Advancement "

The global COVID-19 pandemic has been unprecedented and staggering, with the scandium metal market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The rise in CAGR is a byproduct of the scandium metal market growth and demand returning to pre-pandemic levels once the pandemic is over. 

In a short amount of time, the COVID-19 pandemic had a huge impact on markets, consumer behaviour, economies, and society. Businesses are increasingly seeking for methods to assist them get through these difficult times, with offices, educational institutions, and manufacturing sites closing permanently, major sporting events being postponed, work-from-home and social distance laws in place. Supply chain breaches, stock market inefficiencies, and vendor instability are the results of these improvements. These were consistently impeding the market's expansion for the metal.

The aerospace industry, one of the main users of the materials, was among the hardest-hit businesses as a result of the global travel bans and lockdowns brought on by the Covid-19 epidemic, which had a negative effect on the scandium metal market share. Due to the months-long suspension of flying operations, the aerospace sector sustained significant losses. The worst-affected countries, which further impeded market growth, were those that utilise the advanced material in large quantities. The rising consumer demand for electronics during this time, however, led to significant growth in the electronics sector, which helped to balance the scandium metal market. As the travel and shutdown restrictions have been eased, a recovery in the materials market is anticipated throughout the projected period.

LATEST TRENDS 

"Propulsion of Clean Energy Approach to Induce Opportunities for the Market"

The market for the materials is expected to rise due to the growing need for clean energy as a result of environmental concerns over the production of energy from traditional energy, such as fossil fuels and natural gas. Scandium is also utilized to create alloys that go into the construction of bikes and other sporting goods. Growing global trade has shown that manufacturing has relocated away from where items are used in big amounts. Other businesses are considering the possibility of creating scandium as a byproduct. The aviation and aircraft manufacture industry's shifting focus could cause the demand for Scandinavian metal to surge dramatically in a short amount of time.

RESTRAINING FACTORS

"Incompatible Supply of Raw Materials to Slow-Down Market Growth"

A source of rare earths is scandium metal. Minerals like bazzite as well as thortveitite, can be used to produce the advanced material, or it can be obtained as a by-product when uranium is refined. There is a shortage of scandium metal in the market as a result of the rising demand for it across numerous industries. The metal lacks a reliable source of supply, which leads to shortages and erratic availability. As a result, the industries may be forced to utilise an alternative, which could slow the expansion of the market over the projection period if the advanced material are indeed not readily available to satisfy the rising demand.

SCANDIUM METAL MARKET SEGMENTATION

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• By Type

Based on type; the market is divided scandium oxide 99.99%, scandium oxide 99.999%, scandium oxide 99.9995% and scandium metal ingot

Scandium oxide 99.99% is the leading part of the type segment.

• By Application

Based on the application; the market is divided aluminum-scandium alloys, high-intensity metal, halide lamps, lasers and SOFCs

Aluminum-scandium alloys is the leading part of the application segment.

DRIVING FACTORS

"Increasing Technological Development in SOFCs to Refuel Market Growth"

Aluminium-scandium metal alloys offer electrical conductivity and thermal stabilisation properties. Therefore, the market growth is anticipated to be boosted by the SOFCs' (solid oxide fuel cells) faster development for substantial energy savings. The aeronautical and other elevated applications sectors use these alloys the most. A competitive and less expensive source of power, SOFCs operate at lower temperatures, cut component costs, and increase fuel cell life. Thus, market expansion over the anticipated period would undoubtedly be aided by the growing utilisation and development of SOFCs.

"Growing Airport Construction and Rising Aircraft Demand to Enhance Industry Progress"

A major portion of the manufacture of aircraft uses scandium. The advancement of even more aircraft and airports, particularly in developing countries, is being encouraged by factors including the expanding population, the transition toward urbanisation, rising disposable income, and changes in people's lifestyles. This will subsequently encourage the expansion of scandium metal market growth during the forecast period.

SCANDIUM METAL MARKET REGIONAL INSIGHTS

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"North America to Lead Market Owing to Increased Defence Investment"

During the forecast period, it is expected that scandium consumption will continue to increase in the aerospace sector. Geographically, it is believed that North America holds the majority of the market share. More government regulations limiting exports are anticipated to boost the region's market share. Given that the region has the largest aerospace sector in the world, the North America region is anticipated to hold a sizable proportion. The Federal Aviation Administration (FAA) projects that the entire active general aviation fleet would grow from 212,885 aircraft in 2018 to 211,576 aircraft by 2039 as a result of the rise in air freight. The country's use of scandium is projected to rise as a result. Additionally, the scale of the regions marketplace is enormous. Due to the use of cutting-edge technology, expanding research and development facilities, and rising consumer demand, it is anticipated to continue to be the market leader over the forecast period. This will in turn spur market expansion for the scandium market over the projected period.

KEY INDUSTRY PLAYERS

"Participants in the Industry to Promote Market Expansion "

The research provides a thorough analysis of scandium metal market on a global scale for the anticipated period. The study on the global market for the metal includes information on various marketing strategies as well as upcoming developments that will likely have a big impact on the scandium metal market. Trends, opportunities, challenges, and restrictions will all have an impact on the global growth of the market. Additionally, the market research provides a thorough outlook of the market's implementation in terms of earnings throughout the anticipated year.

The metal market's largest revenue-generating and fastest-growing segments are the focus of the study. All of these observations aid in the exploration of tactics and achievement of long-term development with in market.

List of Market Players Profiled

• Rusal (Russia)
• Stanford Materials Corp. (U.S.)
• Metallica Minerals (Australia)
• Platina Resources Ltd. (Australia)
• Scandium International Mining Corp. (U.S.)
• DNI Metals Inc. (Canada)
• Sumitomo Metal Mining (SMM) (Japan)
• MCC (U.S.)
• CODOS (Canada)
• Hunan Oriental Scandium Co. Ltd. (China)
• Huizhou Top Metal Materials Co., Ltd (TOPM) (China)
• Rongjiayu Technology (China)

REPORT COVERAGE

Investors can concentrate on the statistics and realities of the material market largely owing to market research. The investing options provided by the market research reports are ideal for beginning investors. The projected income, liabilities, and customer base aid in formulating the objectives and informs of any pertinent advancements. With strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a comprehensive description of the market circumstances in the projected period, the market research report keeps a close eye on the major competitors. It is an expertly written, in-depth study that highlights key and secondary variables, customer base, top categories, and regional analysis. The paper also examines prominent actors, significant partnerships, expansions, and purchases, as well as popular innovations and business practises.