The latest report by IMARC Group, titled “Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global scandium market size reached US$ 548.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 859.0 Million by 2028, exhibiting a growth rate (CAGR) of 7.45% during 2023-2028.
Scandium, a metallic element with a silvery-white appearance, is often associated with rare earth elements. It can be extracted from thortveitite or obtained as a by-product from uranium mill tailings. Scandium has a high melting point despite its low density like aluminum. Its small size makes it chemically reactive with elements such as magnesium, zirconium, and aluminum. As a result of these characteristics, scandium is widely used as a preferred material for manufacturing bright mercury-vapor lamps that emit light resembling sunlight. At present, scandium also finds extensive applications in the aerospace industry across the globe as it reduces solidification cracking during the welding process of high-strength aluminum alloys.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/scandium-market/requestsample
Scandium Market Trends and Drivers:
The global scandium market is primarily driven by the rapid expansion in the aerospace and defense sectors. Moreover, the increasing demand for materials that improve toughness and heat resistance, expand weldability and weld strength, enhance aluminum capacity, and reduce aircraft weight is positively influencing the market growth. Additionally, the rising use of scandium in solid electrolytes to lower operating temperatures, cut costs, and make solid oxide fuel cells (SOFCs) more accessible for distributed power generation has catalyzed market growth. Furthermore, the surging adoption of SOFC-based fuel cells in place of internal combustion engines in light-duty vehicles and warehouse forklifts, which enhances vehicle efficiency and minimizes oil usage and emissions, is contributing to the market growth. Other factors, including the escalating demand for SOFCs for generating electricity, increasing environmental awareness among the masses, and rising electricity prices, are also anticipated to drive the market further.
Report Segmentation:
The report has segmented the market into the following categories:
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
Market 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
Competitive Landscape with Key Player:
- 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
- Thermo Fisher Scientific Inc.
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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