Scandium Market - Forecast(2023 - 2028)

Overview

Scandium Market size is valued at $69.7 million in 2019 growing at a CAGR over 10% to reach the market size of $104 million in 2025. Growing use in solid oxide fuel cells (SOFCs) and rising demand for aluminum-scandium alloys are the major factors driving the scandium industry. Nonetheless, lack of awareness, high cost, and erratic supply limit market growth.

In lamps used in film and photography, scandium iodide is used as it helps in generate light that is similar in tone to sunlight. It is also used for the same reason in metal-halide lamps, which due to their higher efficiency are increasingly being used instead of mercury-vapor lamps. Scandium is a pure, slightly soft, silvery metal. It is relatively stable in air, but due to surface formation it will slowly change its color from silvery white to a yellowish appearance. The metal dissolves gradually in diluted acids – except for hydrofluoric acid (HF), in which a protective layer of trifluoride prevents further reaction.

Report Coverage

The report: “Scandium Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Scandium Industry.

Key Takeaways

During the forecast period, the shifting focus to use in the automotive industry and the rise of Australia as a new growth center are expected to provide prospects for the market being studied.

The industry was dominated by the aerospace and defense segment. During the forecast period, it is likely to grow, with rising aircraft production worldwide.

By End Use Industries - Segment Analysis

Aerospace and Defense Segment to Dominate the Market. One of scandium's most important uses is the preparation of aluminum-scandium alloy, which is used in aircraft manufacture in the aerospace industry. Adding aluminum scandium helps to increase toughness, heat resistance, expand weldability and weld strength to a variety of aluminum alloy materials. According to the aircraft manufacturers, roughly 0.1-0.5 percent trace amount of aluminum added scandium will help not only improve aluminum capacity, but also help to reduce aircraft weight by 15 percent. With rising security concerns and increasing commercial use of aircraft as a means of transportation, worldwide demand for aircraft has increased. As a result, different aircraft production orders are planned for expected delivery in the coming years to deliver orders from the aerospace and defense industries.

Geography - Segment Analysis

In 2019, the APAC region is dominated the global market with a share of 37%. The rising development and production in end-user industries such as aerospace & defense, telecommunications, ceramics, etc. is driving the region's demand for scandium. In terms of defense spending, the Asia-Pacific region consists of four of the top ten countries. With the rise in violence and rising security concerns in the region, investment has increased in recent years. In defense spending, China is just behind the U.S. China is the region's largest aircraft manufacturer and invests heavily in aerospace & defense research, growth & technology. In addition, countries such as India and South Korea are also seeing a significant increase in scandium production. The market for scandium is driven by growing investment & development in the electronics industry in India and South Korea, increased defense spending, and raising ceramic demand & output. All of these factors are expected to drive the region's demand for the scandium market.

Drivers – Scandium Market

The growing development in solid oxide fuel cell for high energy saving leads the market growth.

The growing demand for energy diversification and the employment of alternative energy sources, propel the market growth rapidly. In a world of post-climate change where the risks of increasing carbon emissions, extreme weather events, and a fragile infrastructure are more urgent than ever before, companies and societies need three things: more sustainable electricity, more efficient resources, and cleaner energy. To fill this need, fuel cells are located in a unique position. The increasing production of electricity and the rising technology to store that energy up to high level have increased the growth opportunity of scandium industry.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Scandium market. In 2019, the market of Scandium has been consolidated by the top five players accounting for xx% of the market share. Scandium Market top 10 companies are Scandium International Mining Corp, Platina Resources Ltd, CleanTeq, Australian Mines Ltd, and Alfa Aesar, among others.