The scope of our recent study on the "Scandium Market Forecast to 2031 -Global Analysis - by Derivative Application, and Geography" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The scandium market size was valued at US$ 230.26 million in 2023 and is projected to reach US$ 1,660.13 million by 2031; it is estimated to register a CAGR of 28.0% from 2023 to 2031. Scandium, a rare earth element, was included in the list of Critical Raw Materials (CRM) in 2017 by the European Commission (EC). It is a transition metal used in the production of solid oxide fuel cells and high-strength alloys that are used in aerospace and 3D printing applications, respectively. Scandium is found in less quantities in monazite. It is economical to extract scandium from uranium tailings, thortveitite, euxenite, and gadolinite. Scandium also coexists in minute quantities in iron, molybdenum, aluminum, cobalt, nickel, titanium, tungsten, zinc, and zirconium ores. The global scandium market size is likely to upsurge by 2030 owing to the advancements in extraction and processing methods.
The increasing adoption of solid oxide fuel cells propels the scandium market growth. Solid oxide fuel cells (SOFCs), known for their high efficiency and low emissions, are gaining traction as a promising alternative to conventional power generation technologies in various sectors, including stationary power generation, transportation, and portable electronics. Scandium plays a pivotal role in SOFC technology, particularly in the form of scandium-stabilized zirconia (ScSZ). Used as an electrolyte in these cells, ScSZ improves ionic conductivity at elevated temperatures, enabling efficient ion transport across the cell and enhancing overall performance. This results in higher energy conversion efficiencies and enhanced durability, making SOFCs more attractive for widespread commercial and industrial applications. The surging demand for clean energy owing to environmental concerns and regulatory pressure to reduce greenhouse gas emissions is fueling the adoption of SOFCs worldwide. SOFCs, when operated with a hydrocarbon fuel source, generate CO2, but they carry out much cleaner processing of fuels than combustion-based systems, positioning themselves in low-emission devices. In 2000, the US Department of Energy initiated the SOFC Program to develop low-cost, highly efficient, environmentally friendly SOFC technology for smaller, modular-scale, large-scale power generation from natural gas or coal-derived synthesis. Thus, the increasing adoption of solid oxide fuel cells contributes to the growing scandium market size.
Scandium International Mining Corporation, American Elements Inc, NioCorp Development Ltd, Strategic Metal Investments Ltd, Rio Tinto, US Research Nanomaterials Inc, Otto Chemie Pvt Ltd, Stanford Advanced Materials, Heeger Materials Inc, and Hunan Oriental Scandium Co Ltd. are among the prominent players profiled in the scandium market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The scandium market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.
The surging popularity of electric vehicles is likely to bring new scandium market trends in the coming years. Lightweight and high-performance materials help improve the efficiency and range of electric vehicles (EVs). As the automotive industry experiences a transformative shift toward electric vehicles, scandium's role becomes even more pronounced. The strength of scandium-aluminum alloys makes it an attractive choice for EV manufacturing. In the automotive sector, wherein reducing weight is paramount for optimizing energy efficiency and extending battery performance, scandium-aluminum alloys are used in vehicle components such as body panels, chassis, and battery enclosures; this allows automakers to achieve significant weight reductions without compromising structural integrity. This results in lighter and more energy-efficient EVs that can travel longer distances with a single charge, thus addressing key consumer concerns. Scandium-containing materials, such as scandium-doped aluminum electrodes, have shown promise in improving battery conductivity and stability, leading to faster charging times, higher energy density, and increased longevity.
The global scandium market is segmented into five main regions-North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the global scandium market in 2022. The major factor driving the scandium market in North America is the growing demand of semiconductors.
Global Scandium Market Breakdown - by Region
The report includes the segmentation of the global scandium market as follows:
The market is segmented on the basis of derivative, and application. The market is segmented on the basis of derivative and application. Based on derivative, the market is segmented into oxide, iodide, alloy, zirconia, and others. The oxide segment accounts for the largest scandium market share. Scandium oxide (Sc2O3) appears in the form of a cubic crystal lattice, providing it with remarkable thermal stability and mechanical strength. Scandium oxide finds extensive application in the production of advanced ceramics and refractory materials. When added to ceramic formulations, it enhances mechanical properties such as strength and toughness, and thermal shock resistance. These properties also make scandium oxide the material of choice in industries such as aerospace, wherein components and devices must withstand extreme conditions. Due to their large surface area and unique surface chemistry, scandium oxide nanoparticles have emerged as crucial components in catalysis. They are used as effective catalysts in various chemical reactions, including organic synthesis and environmental remediation processes. Further, the optical properties of scandium oxide make it useful in optics and electronics. As a dopant in glass and semiconductor materials, it modifies their electronic band structure and optical properties, enabling applications in laser technology, phosphors, and high-performance electronics.
Based on application, the scandium market is segmented into aerospace and defense, solid oxide fuel cells, electronics, ceramics, lighting, nuclear applications, 3D printing, and others. The aerospace and defense segment accounts for the largest scandium market share. In the aerospace industry, the most common form of scandium used is scandium-aluminum alloys. These alloys offer a remarkable combination of strength, stiffness, and corrosion resistance while remaining lightweight, rendering them a material choice in the production of aerospace components such as aircraft frames, wings, and engine parts. The addition of scandium enhances the mechanical properties of aluminum alloys, allowing for the design of lighter and more fuel-efficient aircraft without compromising structural integrity. In the defense industry, scandium alloys are utilized in the production of lightweight armor and ballistic protection systems. By incorporating scandium into armor materials, manufacturers can produce protective gear that offers superior protection against ballistic threats while minimizing weight and bulkiness.
By geography, the global scandium market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American scandium market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific scandium market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The Middle East & Africa market is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of the Middle East & Africa. The South & Central America scandium market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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