According to Custom Market Insights (CMI), The Global Scandium Metal Size was valued at USD 510 million in 2021 and is estimated to reach USD 803 million by the end of 2030 at a CAGR of approximately 7.6% during the forecast period 2022-2030.
Scandium is a soft rare-earth metal that is heavier than water. Apart from being part of the rare-earth element, it is also extracted from the thortveitite or as a by-product of uranium.
The scandium metal has a silvery-white appearance and is the 22nd element on the periodic table. It has a high melting point and low density, similar to aluminum. Scandium is used to form an alloy or mixture with aluminum, which is widely used across different industries, especially in the aerospace and defense industry.
Scandium has a few characteristic features that enhance the aluminum metal’s respective properties. In nature, the scandium is found in the concentrated crystal rock form or as an oxide that changes to pink or yellow. The scandium metal has small-sized ions which can easily react with metals like magnesium, zirconium, and aluminum, which form alloys with the metal.
The rapid development and usage of solid oxide fuel cells will likely boost market growth over the coming years.
The solid fuel cells exhibit properties, increased cell life, and reduced component cost, expected to drive the market growth for scandium metals. These oxide fuel cell electrolytes are made of scandium metals and are used to conduct electricity using an anode and cathode.
The construction of an airport and the demand for aircraft drive the market growth for scandium metal.
Due to its extensive properties, scandium metal is used for constructing different parts of airports. Along with that, scandal is one of the crucial parts used for manufacturing aircraft parts, which is expected to propel the market growth for scandal.
The lack of replacement of the scandium metal and the rise in demand propel the market growth.
The scandium metal is in high demand across various industries due to its extensive properties, and it is irreplaceable. The increased demand for scandium is expected to propel the market growth for scandium metal over the coming years.
The increased popularity of scandium across automotive industries drives the market growth.
The scandium market is expected to witness a positive impact during the assessment period due to its huge demand in the automotive industry. The scandium mixed with other metals is used to construct different automobile parts to enhance the features like toughness and heat resistance.
The increase in nuclear power construction activities and government regulations drive market growth.
The increase in nuclear power plant activities, along with the restrictions implemented by the government, is likely to increase the market value for scandium metal over the upcoming years. Scandium metal is extensively used in different places due to its unique properties.
Scandium Metal Market Segmentation
The scandium metal market is segmented based on type, end-user, and region.
Market segmentation based on Type
Based on type, the scandium metal market is segmented into oxide, fluoride, chloride, nitrate, iodide, alloy, carbonate, and others. The alloy segment has dominated the scandium market in 2021 and is expected to grow further with a significant CAGR during the forecast period. The market growth for this segment can be attributed to the wide preference for mixed metal alloys based on their purposes.
The increase in demand for more reliable metals across different industries also drives the market growth for the alloy segment. Alloy is created by mixing two or more metals to increase their property which can be used for various purposes. The scandium is mostly mixed with aluminum to form an alloy. Apart from aluminum, scandium is also mixed with metals like yttrium and lithium. The scandium aluminum alloy is widely used in the aerospace industry. Scandium is a rare earth metal. Aluminum has extensive properties, including lightweight, reliability, etc. When scandium is mixed with aluminum to form an alloy, aluminum’s efficiency gradually increases, which is widely used in the aerospace industry.
Market segmentation based on End-Use
Based on an end-user analysis, the market is segmented into aerospace & defense, solid oxide & fuel cells, electronics, ceramics, lighting, phosphorous CRT (displays), 3D printing, and others. The Aerospace and defense segment has held the largest market share in 2021 and is projected to dominate the market during the forecast period. One of the major uses of scandium is in the form of alloy mixed with aluminum and used to manufacture aircraft and defense equipment.
The mixture of aluminum and scandium exhibits additional qualities like heat resistance, toughness, and reliability. As per the aircraft manufacturers, even a trace amount of scandium mixed with aluminum can enhance its capacity and a normal property. It helps to reduce the weight of aircraft by 15%. Due to the security concern, the increase in demand for aircraft across the globe has led to a huge demand for scandium metal which propels the market growth. The aluminum-scandium alloy is also used in metal halide lamps, lasers, SOFCs, etc. SOFC is a solid oxide fuel cell, an electrochemical device used to produce electricity across the oxide electrolyte.
|Feature of the Report||Details|
|Market Size in 2021||USD 510 Million|
|Projected Market Size in 2030||USD 803 Million|
|CAGR Growth Rate||7.6% CAGR|
|Prominent Players||Rusal, Stanford Materials Corp., Metallica Minerals, Platina Resources Ltd., Scandium International Mining Corp., DNI Metals Inc., Sumitomo Metal Mining (SMM), MCC, CODOS, Hunan Oriental Scandium Co. Ltd., Huizhou Top Metal Materials Co. Ltd (TOPM), Rongjiayu Technology, and Others|
|Key Segment||By Type, End-Use, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors, and Recent Trends|
|Regional Scope||North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America|
|Buying Options||Request tailored purchasing options to fulfill your requirements for research.|
The Scandium market is distributed across North America, Europe, Asia-Pacific, and LAMEA. The APAC region dominated the scandium market in 2021, with a market share coverage of 38%. The market is expected to expand with a significant CAGR during the forecast period. This can be attributed to the rapid production and development of the end-user industries across such regions.
The major industries include aerospace & defense, ceramics, telecommunications, etc., which propels the market growth for scandium metals. The increased security concerns across Asia-Pacific regions have led to rapid investment in aerospace and defense sectors to develop defense equipment. The scandium-based alloy is widely used for the manufacturing of defense equipment.
China is the largest aircraft manufacturer in APAC and is just behind the US worldwide. In addition, countries like India and South Korea have high scandium production rates along with the rise in defense-based technology and huge demand for ceramic, which drives the market growth for scandium across such regions. Countries like South Korea and India have witnessed significant growth in the scandium market due to the demand for scandium metals across electronics industries and defense organizations. Apart from that, the government policies for promoting local manufacturing and production activities associated with scandium metals have propelled market growth across Asia-Pacific regions.
- Stanford Materials Corp.
- Metallica Minerals
- Platina Resources Ltd.
- Scandium International Mining Corp.
- DNI Metals Inc.
- Sumitomo Metal Mining (SMM)
- Hunan Oriental Scandium Co. Ltd.
- Huizhou Top Metal Materials Co. Ltd (TOPM)
- Rongjiayu Technology
Covid-19 Impact on the scandium metal market
The pandemic’s arrival has widely affected the scandium market across the globe. The decline in economic value, along with the increase in a health crisis, had led to the implementation of lockdowns across different parts of the world, due to which the movement was prohibited, and the manufacture and supply of scandium-based products also halted during the pandemic crisis. This negatively impacted the market during the pandemic.
- The aerospace and defense applications are the largest segment in 2021 and are expected to grow with a significant CAGR during the forecast period.
- The alloy-type segment has dominated the market in 2021 and is projected to grow significantly during the assessment period.
The Asia-Pacific has held the largest market share, which acquires 38% of the total revenue, and is expected to continue its expansion during the forecast period.
Recent Developments in the scandium metal market
- April 19, 2021, RUSAL, one of the leading aluminum producers in Moscow, announced the manufacture and production of brand-new products from the alloy mixture of aluminum and scandium. The new brand was named as ScAlution. Under this brand name, the company is expected to produce different products like slabs, billets, wires, and powders made of scandium-aluminum alloy.
- In September 2021, Platina Resources Ltd. announced implementing new initiatives to enhance their production rate involving scandium metal. The aluminum-scandium project is implemented to develop a master alloy using scandium metal for large-scale production along with increased value, higher margins, and cost-effective production.
Market segments covered in the report
- Aerospace & Defence
- Solid Oxide & Fuel Cells
- Electronics, Ceramics
- Phosphorous CRT (displays)
- 3D Printing
On the basis of Geography
- The U.S.
- The UK
- Rest of Europe
- South Korea
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Rest of Latin America