Scandium Oxide Market Size, Share, Growth, and Industry Analysis by Type (Scandium Oxide 99.90%, Scandium Oxide 99.99%, Scandium Oxide 99.999%, and Scandium Oxide 99.9995%) By Application (Aluminum-Scandium Alloys High-Intensity Metal Halide Lamps, Lasers, SOFCs, and Others), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Scandium Oxide Market Report Overview

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The global scandium oxide market size was USD 65 million in 2021 and is expected to be USD 92.56 million in 2031, exhibiting a CAGR of 3.7% during the forecast period.

Scandium is a metallic element that is silvery-white and is frequently found alongside rare earth elements. Additionally, it may be recovered as a byproduct from uranium mill tailings or derived from thortveitite. It reacts chemically with substances like magnesium, zirconium, and aluminium thanks to its high melting point, low density, and tiny ion size. These qualities make it a popular material for producing dazzling, sunlight-like mercury-vapor lamps. Additionally, the aerospace sector uses scandium because it helps to lower solidification cracking when welding high strength aluminium alloys.

One of the most prevalent scandium compounds is scandium oxide. Because of its unique physicochemical characteristics, scandium oxide finds extensive use in a variety of sectors. Scandium-aluminum alloys and solid oxide fuel cells (SOFCs) are the two main applications for scandium oxide. A key use for scandium is in SOFCs. Through constant internal reactions that create heat, these fuel cells may produce energy very effectively and at a very low cost. The SOFCs create residual heat that may be utilised to enhance the power produced from inexpensive natural gas, and the entire cost of the energy produced by these cells is only pennies per kilowatt-hour.

COVID-19 Impact: Impact: Halt on Demand, Supply, and Manufacturing Operations to Impede Market Growth

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

The unexpected occurrence of the COVID-19 pandemic had led to the execution of stringent lockdown rules across numerous nations ensuing in disturbances in the import and export activities of scandium oxide market. The abrupt COVID-19 pandemic outbreak had prompted the introduction of strict lockdown measures across a number of countries, which had disrupted the import and export of scandium oxide. The corona virus affected supply and demand directly, disturbed the production network and the marketplace, and had a financial impact on enterprises and financial business sectors. These were the three primary consequences it had on the global economy. Observing the scenario across the world after the COVID-19 emergency makes it clear that the market would offer producers attractive opportunities.

LATEST TRENDS

"Proliferation of Solid Oxide Fuel Cells (SOFCs) to Foster Market Development "

Solid oxide fuel cells (SOFCs) are increasingly in demand as a means of generating power. This stands for one of the main elements boosting market growth. Scandium helps the power generating system function at considerably lower temperatures and lowers the cost of SOFCs, encouraging their wider use for distributed generation of electricity around the globe. In addition, there is a rising demand for a sustainable way of power generation due to a sharp rise in electricity rates. The exports of scandium are consequently increasing globally as a result of this. Additionally, it serves as an alternative to yttria (Y2O3) in the fuel cell's solid electrolyte as a stabilising agent. This prolongs the reaction time by allowing reactions to take place at lower temperatures. This makes it possible for reactions to happen at lower temperatures, extending the component life and boosting the unit's power density.

These factors coupled with the increasing use of aluminum-scandium alloys are helping the industry prosper. Another factor that stimulates the scandium oxide market growth is the growing use of SOFC-based fuel cells to replace internal combustion engine in light-duty vehicles and warehouse forklifts. These fuel cells increase vehicle efficiency and support efforts to reduce oil consumption and emissions from the transportation sector.

RESTRAINING FACTORS

"Risks and Sustainability Issues Involved in Mining of Scandium Oxide to Pose Threat to Market"

Because scandium is readily available, environmental concerns about the extraction procedures have worried all parties involved and emphasised the use of environmentally friendly methods. A scandium ore would produce a lot of trash if no other byproducts were produced due to the comparatively poor grades. These factors may impact the scandium oxide market growth to some extent in the coming years.

Scandium Oxide Market Segmentation

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• By type

Depending on the purity of scandium oxide available in the mineral or rocks it is categorized such Scandium Oxide 99.90%, Scandium Oxide 99.99%, Scandium Oxide 99.999%, Scandium Oxide 99.9995%. The Scandium Oxide 99.9995% will capture the maximum market share through 2028.

• By Application

The market is divided into Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, Solid oxide fuel cells (SOFCs) and other categories based on application. The segment solid oxide fuel cells (SOFCs) will dominate the market share during 2022-2028

DRIVING FACTORS

"Solid Oxide Fuel Cell advancements to Promote Market Growth"

The market size is increasing quickly because to the rising energy demands diversification and the use of alternative energy sources. Companies and societies require three things: better ecological electricity, more efficient resources, and green energy in a post-climate change future where the hazards of rising carbon emissions, catastrophic weather events, and a vulnerable infrastructure are more critical than ever. Fuel cells are situated in a special area to meet this purpose. The chance for the scandium sector to flourish has risen due to the rising technology for high-level energy storage and the rising generation of power.

"Rising Demand for Alternate Energy Sources to Augment Market Share "

Increasing demand in end-user sectors including the aerospace and automotive industries, as well as growing application in Solid Oxide Fuel Cells (SOFCs), are just a few market drivers. As a result of growing environmental concerns over the production of energy from conventional sources like coal and natural gas, there is likely to be an increase in demand for clean energy. This will propel the scandium oxide market share throughout the course of the forecast period. The expansion of global commerce has shown the rest of the world that manufacturing has moved away from the areas where goods are utilised. Additionally, the fabrication of alloys used in the construction of bikes and other athletic goods uses scandium.

Scandium Oxide Market Regional Insights

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The North American region is expected to be the largest market for global scandium oxide due to the presence of several end-user industries. Market dominance is anticipated to come from the U.S. one of the largest electronics market and aerospace industry in the world are both located in the U.S. According to the Federal Aviation Administration (FAA), the total number of operational general aviation aircraft is expected to increase from 212,885 aircraft in 2018 to 211,575 aircraft by 2039.

As China has one of the highest scandium deposits in the world, the Asia Pacific region is anticipated to expand at a rapid CAGR during 2022-2028. Due to a number of government regulations limiting trade exports, China's market share is projected to increase further. It is anticipated that the region's emphasis on defence and aerospace spending would be crucial in accelerating APAC's market progress. Several nations, notably Ukraine, Kazakhstan, China, and Russia, dominate the production of scandium. Additionally, a large number of small-scale mining companies in Australia are attempting to exploit the scandium deposits in New South Wales, suggesting that Australia may emerge as a new centre of market growth.

KEY INDUSTRY PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.

List of Market Players Profiled

• Rusal (Russia)
• Stanford Materials (U.S.)
• Metallica Minerals (Australia)
• Platina Resources (Australia)
• Scandium International Mining (U.S.)
• DNI Metals (Canada)
• Great Western Minerals Group (Canada)
• Intermix-Met (U.S.)
• CODOS (Canada)
• Hunan Oriental Scandium (China)
• Huizhou Top Metal Materials (TOPM) (China)
• CNMC Pgma (Guangxi) (China)
• Ganzhou Kemingrui (China)

REPORT COVERAGE

An exhaustive evaluation of the study for the global scandium oxide market is provided in this research. The report's market estimations came from extensive secondary research, primary interviews, and internal expert evaluations. These market estimations were taken into account by researching how numerous social, political, and economic aspects, as well as the present market dynamics, were influencing the growth of the global scandium oxide market. In addition to the market research report, which covers market dynamics, and it describes the different players who make up the market ecosystem, including system integrators, middlemen, and end users. The competitive environment of the global market for scandium oxide aids novices in better decision-making and understanding their business.