Dublin, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The "Global Scandium Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global scandium market size reached US$ 548.9 Million in 2022 and is forecast to reach US$ 859 Million by 2028, exhibiting a growth rate (CAGR) of 7.75% during 2022-2028. 
Scandium Market Trends
There is a considerable rise in the demand for solid oxide fuel cells (SOFCs) for producing electricity. This represents one of the key factors strengthening the growth of the market. Scandium assists the power generation system in operating at much lower temperatures and reducing the cost of SOFCs, thereby facilitating its widespread adoption for distributed power generation worldwide. Besides this, due to a significant increase in electricity prices, there is a growing need for a sustainable power generation method.
This, in turn, is positively influencing the sales of scandium around the world. Moreover, it is used as a substitute for yttria (Y2O3) as a stabilizing agent for the solid electrolyte in the fuel cell. This enables reactions to occur at lower temperatures, therefore extending the life of the components and increasing the power density of the unit. This, along with the growing adoption of aluminum-scandium alloys, is positively influencing the market. Furthermore, the rising utilization of SOFC-based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to increase vehicle efficiency and support the goals of reducing oil usage and emissions from the transportation sector acts as another growth-inducing factor.
Key Market Segmentation
This research provides an analysis of the key trends in each sub-segment of the global scandium market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on product type, application and end use industry.
Breakup by Product Type:
- Oxide
- Fluoride
- Chloride
- Nitrate
- Iodide
- Alloy
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
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the following key players
- Australian Mines
- Galileo Resources
- GFS Chemicals.
- Hunan Oriental Scandium
- Lenntech
- Materion
- Merck
- Niocorp Developments
- Platina Resources
- Scandium International Mining
- Sumitomo Metal Mining
- Thermo Fisher Scientific
Key Questions Answered in This Report
1. What was the size of the global scandium market in 2022?
2. What is the expected growth rate of the global scandium market during 2023-2028?
3. What are the key factors driving the global scandium market?
4. What has been the impact of COVID-19 on the global scandium market?
5. What is the breakup of the global scandium market based on the product type?
6. What is the breakup of the global scandium market based on the end use industry?
7. What are the key regions in the global scandium market?
8. Who are the key players/companies in the global scandium market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 138 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $548.9 Million |
| Forecasted Market Value (USD) by 2028 | $859 Million |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
Key Topics Covered:
1 Preface
2 Scope and Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Scandium Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Product Type
6.1 Oxide
6.2 Fluoride
6.3 Chloride
6.4 Nitrate
6.5 Iodide
6.6 Alloy
7 Market Breakup by Application
7.1 Aluminum-scandium Alloys
7.2 High-intensity Metal Halide Lamps
7.3 Lasers
7.4 Solid Oxide Fuel Cells
8 Market Breakup by End Use Industry
8.1 Aerospace and Defense
8.2 Ceramics
8.3 Lighting
8.4 Electronics
8.5 3D Printing
8.6 Sporting Goods
8.7 Others
9 Market Breakup by Region
10 SWOT Analysis
11 Value Chain Analysis
12 Porters Five Forces Analysis
13 Price Analysis
14 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/inv05r
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