Global Scandium Metal Market Share Likely to Grow At a CAGR of 7.6% By 2030

According to Custom Market Insights (CMI), The Global Scandium Metal Market Size was valued at USD 510 million in 2021 and is estimated to reach USD 803 million by the end of 2030 at a CAGR of approximately 7.6% during the forecast period 2022-2030.

Scandium is a soft rare earth metal extracted naturally from the earth in the form of crystals. Usually, the scandium is silver-white in color but also present in yellow and pinkish color when in oxidized form. Apart from that, it is also extracted from thortveitite or uranium. Scandium is the 22nd element on the periodic table and has a low melting point and density. The scandium can easily be mixed with other metals like aluminum, magnesium, and zirconium to form an alloy. The aluminum-scandium alloy is widely used in various industries, including aerospace, automotive, electronics, etc.

Browse the full “Scandium Metal Market Size, Trends and Insights By Type (Oxide, Fluoride, Chloride, Nitrate, Iodide, Alloy, Carbonate, Others), By End-Use (Aerospace & Defence, Solid Oxide & Fuel Cells, Electronics, Ceramics, Lighting, Phosphorous CRT (displays), 3D Printing, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share Outlook, and Forecast 2022–2030” report at ReportURL

Scandium Metal Market Dynamics

Drivers

Increasing the production and usage of solid oxide fuel cells drives the market growth for scandium metals.

Solid fuel cells have extensive properties, including increased cell life and reduction in component cost, in which the scandium is used to form electrodes. These oxides are used for electricity conduction. Such a factor is likely to propel the market growth for scandium metals.

The rapid airport construction activities, along with the increase in demand for aircraft, boost the scandium metal market.

Scandium metal is used in airports to construct different materials due to its extensive properties. It can form an alloy with other metals and can enhance their toughness and resistance. Besides, scandium metal is widely used for constructing aircraft and aluminum, which drives the market growth.

Restraints 

The difficulty in the extraction process of rare-earth metal (scandium), along with the fluctuation in supply, is a major factor that restricts the growth of scandium metals in the market. Along with that, the lack of awareness regarding the usage and production of scandium metal, coupled with the high cost, hampers the market growth across different regions. The limited availability of raw materials is also supposed to hamper the market growth of scandium metals.

Opportunities

The rapid shift toward usage in the automotive industry, along with the increase in demand for the products, is likely to create multiple opportunities for the scandium market growth during the forecast period. 

Challenges 

Scandium metals are used in manufacturing electronic-based equipment in hybrid and electric vehicles. However, the demand for the fusing process to sustain the extreme conditions for the operation of hybrid and electric vehicles can challenge the market growth in the future.

Market Report 

Based on type, the alloy segment dominated the scandium market in 2021. The increase in demand for metals or alloys with more rigidity and reliability drives the market growth for the alloy segment. The scandium can easily ally with metals like aluminum, magnesium, and zirconium. The scandium-aluminum combination is widely used in aerospace industries.

Based on an end-user analysis, the Aerospace and defense segment held the largest market share in 2021. This can be attributed to the wide usage of aluminum-scandium alloy in the aerospace and manufacturing industries. Scandium enhances aluminum’s properties, which are used to manufacture various aircraft and defense equipment. It provides additional qualities, including heat resistance, toughness, etc.

Regional Snapshots

The Asia Pacific region dominated the scandium market in 2021, with a market share coverage of 38%. Multiple end-user industries’ frequent production and development have led to the huge demand for scandium metals across such regions. This can be attributed to the rapid production and development of the end-user industries across such regions. These industries include aerospace & defense, ceramics, telecommunications, etc. Apart from that.

The increase in demand for security measurements has led the aerospace and defense sectors to invest in multiple security-related projects that propel the market growth for scandium metals in APAC regions. China is among the world’s largest manufacturers of aircraft after the US. Hence, it contributes to APAC’s major share of the scandium market. In addition, the countries like India and South Korea exhibit huge demand for scandium metals due to the increase in demand for ceramics and the rapid development of the electronics industries.

Report Scope

Key players

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

Recent developments

• On April 19, 2021, RUSAL introduced the production line containing brand-new products that created an aluminum-scandium alloy mixture. The brand was named ScAlution, under which the company has announced a wide range of products of different types like slabs, billets, wires, and powders made of scandium-aluminum alloy.
• In September 2021, Platina Resources Ltd. introduced new initiatives to enhance its product portfolio regarding producing scandium-aluminum-based materials. The aluminum-scandium project was created to produce a master alloy using scandium metals with more extensive properties than the metal itself. The company adopted a cost-effective production process along with the increased value.

Market segments covered in the report

By Type

• Oxide
• Fluoride
• Chloride
• Nitrate
• Iodide
• Alloy
• Carbonate
• Others

By End-Use

• Aerospace & Defence
• Solid Oxide & Fuel Cells
• Electronics, Ceramics
• Lighting
• Phosphorous CRT (displays)
• 3D Printing
• Others

On the basis of Geography

North America

• The U.S.
• Canada
• Mexico

Europe

• France
• The UK
• Spain
• Germany
• Italy
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia Pacific

The Middle East & Africa

• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of the Middle East & Africa

Latin America

• Brazil
• Argentina
• Rest of Latin America