New York, NY, Sept. 05, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Scandium Metal Market By Type (Scandium Oxide 99.99%, Scandium Oxide 99.999%, Scandium Oxide 99.9995%, And Scandium Metal Ingot), By End-User (Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, And SOFC), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Scandium Metal Market size & share in terms of revenue was valued at USD 15 billion in 2022 and it is expected to surpass around USD 18 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 8.2% during the forecast period 2023 to 2030.”
What is Scandium Metal? How big is the Scandium Metal Industry?
Report Overview:
The global scandium metal market size was evaluated at $15 billion in 2022 and is slated to hit $18 billion by the end of 2030 with a CAGR of nearly 8.2% between 2023 and 2030.
Scandium is a metal that belongs to the rare earth group. It has a colour similar to that of silver and can be found in uranium compounds as well as rare earth deposits. In addition to this, scandium metal is used in conjunction with aluminium to create an alloy. This alloy is useful in the aviation industry because it contains advantageous properties such as resistance to rust, improved anodization, superior hydro-formability, and weldability. For the record, the occurrence of scandium metal in crustal rocks is almost 22 parts per million, which means that its abundance is higher than that of lead and other precious metals such as mercury.
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Our Free Sample Report Consists of the Following:
- Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
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- About 221+ Pages Research Report (Including Recent Research)
- Provide detailed chapter-by-chapter guidance on Request
- Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
- Includes Tables and figures have been updated
- The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
- Zion Market Research research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Global Scandium Metal Market: Growth Factors
Over the period 2023-2030, the growth of the market will be significantly influenced by favourable product characteristics around the globe.
The trends of the worldwide scandium metal market will be guided by exceptional features and a decreased requirement to replace these metals. In addition to this, the size of the global market will expand due to the widespread product demand in the automobile industry. In addition to this, the widespread implementation of solid oxide fuel cells and the rising demand for aluminum-scandium alloys will both contribute to the rise of the market in every region of the world. In addition, the massive adoption of the product in key industries like as aerospace, electronics, and defence would drive the rise of the global market. It is anticipated that the requirement of transitioning to environmentally friendly ways of power generation will likely accelerate the growth of the market all over the world. In addition, in the years that are still ahead of us, the expansion of the market will be pushed in an upward direction by new breakthroughs as well as strategic collaborations.
For example, in August 2023, NioCorp Developments Limited, a key company that is developing a critical minerals venture in Southeast Nebraska, United States, for the production of titanium, scandium, and niobium metals, announced that it will use an environmentally friendly process for manufacturing scandium metal as a part of its aluminum-scandium master alloy programme. This announcement was made in light of the fact that the company plans to use scandium metal in its aluminum-scandium master alloy programme.
The Challenges Facing the Scandium Metal Market
In the next eight years, rising product prices have the potential to slow the expansion of the worldwide sector.
The rise of the worldwide scandium metal sector in the next years may be stymied to a significant extent by the enormous product costs. The expansion of the worldwide market faces a significant obstacle in the form of stringent government regulations concerning the mining of rare metals from the ground. In the next years, the easy availability of alternative items at prices that are more cost-effective would further dampen the spike that was seen in the global business.
The Opportunities Available in the Scandium Metal Market
The global market will be presented with new expansion opportunities as a result of an increase in the product's use in aviation and transportation-related activities.
The widespread application of the commodity in the construction of aircraft and transportation activities, in addition to its use in high-speed marine boats, has opened up new expansion opportunities for scandium metal market around the world. In the years to come, the market is expected to experience enormous expansion thanks to a rise in the application of products in casting components, 3D printing, lithium-ion batteries, and high voltage gearbox systems. This will pave the way for the enormous growth.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 15 billion |
| Projected Market Size in 2030 | USD 18 billion |
| CAGR Growth Rate | 8.2% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Scandium International Mining Corp., Rusal, Huizhou Top Metal Materials Co. Ltd (TOPM), Materials Corp., CODOS, Metallica Minerals, Sumitomo Metal Mining (SMM), MCC, Platina Resources Ltd., DNI Metals Inc., Hunan Oriental Scandium Co. Ltd., Rongjiayu Technology, and others. |
| Key Segment | By Type, By End-User, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Scandium Metal Market: Segmentation Analysis
The global market for scandium metal may be broken down into three categories: the kind, the application, and the area.
The global market for scandium metal can be broken down into four distinct sectors based on the percentage of scandium oxide they contain: scandium oxide 99.99%, scandium oxide 99.999%, scandium oxide 99.9995%, and scandium metal ingot. In addition, the segment of the market for scandium oxide with a purity of 99.9995%, which held a share of around 53% of the overall market in 2022, is anticipated to exhibit the highest CAGR in the years to come. Because of its resistance to thermal shock and high temperatures, this product is increasingly being used in high-temperature systems, electronic ceramics, and glass composition, all of which are expected to contribute to the market segment's expansion in the years to come.
The global market for scandium metal can be segmented into high-intensity metal halide lamps, aluminum-scandium alloys, lasers, and solid oxide fuel cells (SOFC), according to the applications for the product. In addition, the SOFCs segment, which was already responsible for a sizeable share of the global industry's revenue in 2022, is expected to take the lead in the global industry over the course of the anticipated timeline. Because of their low impact on the environment, solid oxide fuel cells (SOFCs) have the potential to see widespread application in the next decades, particularly in the areas of power production, transportation, and industrial equipment.
The global Scandium Metal market is segmented as follows:
By Type
- Scandium Oxide 99.99%
- Scandium Oxide 99.999%
- Scandium Oxide 99.9995%
- Scandium Metal Ingot
By End-User
- Aluminum-Scandium Alloys
- High-Intensity Metal Halide Lamps
- Lasers
- SOFC
Browse the full “Scandium Metal Market By Type (Scandium Oxide 99.99%, Scandium Oxide 99.999%, Scandium Oxide 99.9995%, And Scandium Metal Ingot), By End-User (Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, And SOFC), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At https://www.zionmarketresearch.com/report/scandium-metal-market
Competitive Landscape
Some of the main competitors dominating the global Scandium Metal market include -
- Scandium International Mining Corp.
- Rusal
- Huizhou Top Metal Materials Co. Ltd (TOPM)
- Materials Corp.
- CODOS
- Metallica Minerals
- Sumitomo Metal Mining (SMM)
- MCC
- Platina Resources Ltd.
- DNI Metals Inc.
- Hunan Oriental Scandium Co. Ltd.
- Rongjiayu Technology
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Scandium Metal market is likely to expand at a CAGR of around 8.2% during the forecast period (2023-2030).
- In terms of revenue, the Scandium Metal market size was valued at around US$ 15 billion in 2022 and is projected to reach US$ 18 billion by 2030.
- The global scandium metal market is anticipated to record a humungous surge over 2023-2030 owing to its exceptional features and lesser need to replace these metals.
- In terms of type, the scandium oxide 99.9995% segment is slated to register the highest CAGR over the analysis period.
- Based on the end-user, the SOFC segment is anticipated to dominate the segment over the projected period.
- Region-wise, the Asia-Pacific scandium metal industry is projected to register the fastest CAGR during the assessment timeline.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Scandium Metal industry?
- What are the main driving factors propelling the Scandium Metal Market forward?
- What are the leading companies in the Scandium Metal Industry?
- What segments does the Scandium Metal Market cover?
- How can I receive a free copy of the Scandium Metal Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By End-User, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America is slated to maintain its global market position over the assessment timeline
North America, which accumulated nearly 67% of the global scandium metal market revenue in 2022, will be the dominating region over the assessment timeline. Moreover, the regional market growth can be credited to the massive use of SOFCs in the automotive sector of the U.S. Apart from this, the large-scale use of aluminum-scandium alloy in the aerospace sector will contribute significantly to the regional market trends. Furthermore, growing product penetration in the airframe, welded gas tanks, and dashboard panel structure construction projects will steer the growth of the market in the region.
The Asia-Pacific scandium metal industry is set to register the fastest CAGR in the next couple of years subject to the presence of key manufacturers in countries such as China, India, and Japan. Apart from this, the growing focus of firms across various end-user sectors on making use of green products as a part of corporate social responsibility of reducing environmental pollution will prompt the regional industry size.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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