Scandium Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Alloy (Metal, Alloy, Iodide, Carbonite, Others), By Industry Application (Aerospace, Automotives, Electronics, Lighting, SOFCs, 3D printing, Sporting goods, Ceramics, and Others), By Region, and Competition Forecast
Published Date: December - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Chemicals | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationScandium Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Alloy (Metal, Alloy, Iodide, Carbonite, Others), By Industry Application (Aerospace, Automotives, Electronics, Lighting, SOFCs, 3D printing, Sporting goods, Ceramics, and Others), By Region, and Competition Forecast
Global Scandium market is anticipated to increase at an impressive rate through 2028. Scandium is a soft, silvery metallic element that is not exceptionally rare but has comparatively low occurrence due to dispersion in the lithosphere with 100 minerals. It becomes complex to extract from its ores. Due to its atomic number of 21, it is considered the lightest transition metal and can easily alloy with other metals. It is a more abundant found at element than lead, mercury, and other valuable metals blended in the earth's crust, where it occurs at a rate of about 22 ppm. Significant Scandium deposits are found in Scandinavia, China, and Russia region.
According to the U.S. Geographical Survey report, the global supply and consumption of scandium oxide were anticipated to amount between 15 to 25 tons annually in 2022.
Growing Demand from the Automotive & Aerospace Industry
Automotive industries are considered as the biggest aluminium alloy consumers due to unexpected high-functioning product properties. Owing to its properties such as an aluminium scandium alloy, scandium ensures to provide extremely revolutionary potential advantages to the automotive sector. As an outcome, Al-Sc alloys have shown the potential to lighten vehicles by 15% to 20%. Additionally, the use of weldable structures to reduce the weight offers similar possibilities for cost savings by lowering the consumption of fuel and batteries. Besides these, aluminium-scandium alloy is used to make different parts of an automobile, such as chassis parts, electric motor housings, EV battery trays, hydrogen fuel tanks, suspension parts, engine blocks, commercial truck wheels, welding matrix material, wheel hubs, alloy wheels, crash components, fuselage components, and welding matrix for aircraft. This in turn is expected to create lucrative opportunities for the growth of global scandium market in the coming years.
Increasing demand from Various End User Industries
Scandium is considered a prominent metal for preparing aluminium-scandium alloy, which has proven its significance in end-user industries. Various aluminium alloy materials have enhanced the product properties by adding aluminium-scandium and achieving advanced properties such as increased toughness, expanded weldability, corrosion, and heat resistance. Growing demand from power supply industries to use for different purposes like making high power overhead wire and batteries. For instance, the mounting market of SOFCs from the end user for use in transport, industrial equipment, power generation, disaster relief, and remote places due to proven outstanding performance as compared to the conventional yttrium stabilized zirconia solid electrolytes. All these factors drive the demand for scandium for SOFCs manufacturing purposes. Due to high-temperature resistance, ceramics based on scandium oxide are used as advanced building and electrically insulating material and are considered a better product than conventional ceramics. Hence, owing to outstanding performance, scandium is expected to grow at an impressive rate in the forecasted period.
Space Tourism To Increase Demand for Scandium
According to the Union Bank of Switzerland report, it is anticipated that as a subsector of the space economy, the global space tourism market is expected to grow by 900 billion USD in 2030.
Recent Developments
- In June 2021, Scandium International Mining Corp. signed a letter of intent with Nevada Gold Mines for a joint technical and economic feasibility program at NGM's Phoenix Mine, Nevada. This helps them develop a program to recover critical mineral projects and form a joint venture with 5050 ownership.
Market Segmentation
Global scandium market is segmented
Market Players
GFS Chemicals Inc., Great Western Mining Corporation PLC, Metallic Minerals Corporation, MP Materials Corporation, Scandium International Mining Corporation, Uranium One, Inc., Texas Rare Earth Resources Corporation, Galileo Resources PLC, China First Metallurgical Group Co Ltd., Huizhou Top Metal Materials Co. Ltd are some of the key players operating in global scandium market.
|
Attribute |
Details |
|
Base Year |
2022 |
|
Historic Data |
2018 – 2021 |
|
Estimated Year |
2023 |
|
Forecast Period |
2024 – 2028 |
|
Quantitative Units |
Revenue in USD Million, Volume in tons and
CAGR for 2018-2022 and 2023-2028 |
|
Report coverage |
Revenue
forecast, Volume forecast, company share, competitive landscape, growth
factors, and trends |
|
Segments covered |
Alloy Industry Application |
|
Regional scope |
North America; Europe;
Asia Pacific; South America; Middle East & Africa |
|
Country scope |
United States; Canada; Mexico; Germany;
France; United Kingdom; Spain; Italy; China; India; Japan; Australia; South
Korea; Brazil; Argentina; Colombia; South Africa; UAE; Saudi Arabia. |
|
Key companies
profiled |
GFS Chemicals
Inc., Great Western Mining Corporation PLC, Metallic Minerals Corporation, MP
Materials Corporation, Scandium International Mining Corporation, Uranium
One, Inc., Texas Rare Earth Resources Corporation, Galileo Resources PLC,
China First Metallurgical Group Co Ltd., Huizhou Top Metal Materials Co., Ltd |
|
Customization scope |
10% free report customization with
purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and
purchase options |
Avail
customized purchase options to meet your exact research needs. Explore
purchase options |
|
Delivery Format |
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request) |
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