Scandium Market Report 2027: Industry Trends, Size, Share, Growth and Opportunities

According to the latest report by IMARC Group, titled "Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," The global scandium market size reached around US$ 509 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 802 Million by 2027, exhibiting at a CAGR of 7.6% during 2022-2027.

Report Metric

Historical: 2016-2021

Base Year: 2021

Forecast Year: 2022-2027

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Scandium Market Industry Definition and Application:

Scandium refers to a silvery-white metallic compound found in association with rare earth elements. It can also be extracted from uranium mill tailings or obtained from thortveitite. Scandium has a low density and high melting point, like aluminum, and its small ion size allows it to react chemically with various elements, such as zirconium, magnesium, and aluminum. Owing to these properties, it is extensively used to make luminous mercury-vapor lamps that produce sunlight-like light. In addition, as it assists in minimizing solidification cracking during the welding of high-strength aluminum alloys, scandium finds widespread applications in the aerospace industry across the globe.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Scandium Market Trends and Drivers:

The escalating need for solid oxide fuel cells (SOFCs) in producing electricity is among the primary factors driving the scandium market. Besides this, the elevating demand for a sustainable and cost-effective power generation method, on account of the rising electricity prices, is further augmenting the market growth. Moreover, scandium is utilized as a substitute for yttria (Y2O3), a stabilizing agent for the solid electrolyte in fuel cells that enables reactions to occur at lower temperatures, extends the life of the components, and increases the power density of the unit, which is also catalyzing the global market. Apart from this, the inflating requirement for alloys made from this element is acting as another significant growth-inducing factor. Furthermore, the growing popularity of SOFC-based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to improve vehicle efficiency and support the goals of reducing oil usage and emissions from the transportation sector is anticipated to propel the scandium market over the forecasted period.

Browse full report with TOC: https://www.imarcgroup.com/scandium-market

Scandium Market 2022-2027 Analysis and Segmentation:

Competitive Landscape:

The report has segmented the market on the basis on region, product type, application, end use industry.

Breakup by Product Type:

Oxide
Fluoride
Chloride
Nitrate
Iodide
Alloy
Others

Breakup by Application:

Aluminum-scandium Alloys
High-intensity Metal Halide Lamps
Lasers
Solid Oxide Fuel Cells

Breakup by End Use Industry:

Aerospace and Defense
Ceramics
Lighting
Electronics
3D Printing
Sporting Goods
Others

Breakup by Region:

North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa

Who are the Major Scandium Market Key players?

The report provides a detailed analysis of the market leaders, including.

Australian Mines Limited, Galileo Resources PLC, GFS Chemicals Inc., Hunan Oriental Scandium Co. Ltd., Lenntech B.V., Materion Corporation, Merck KGaA, Niocorp Developments Ltd., Platina Resources Limited, Scandium International Mining Corporation, Sumitomo Metal Mining Co. Ltd and Thermo Fisher Scientific Inc.

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