Scandium Metal Market Size, Share, Trends, Growth and Forecast 2030

Scandium Metal Industry Prospective:

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.

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Scandium Metal Market: Overview

Scandium is a rare earth metal that is silvery-white in color and is available in rare earth deposits and uranium compounds. Apart from this, scandium metal is used in integration with aluminum and the alloy proves to be useful in the aviation sector as it possesses beneficial features such as rust resistance, better anodization, outstanding hydro-formability, and weldability. For the record, the occurrence of scandium metal in crustal rocks is nearly 22 ppm, thereby increasing its abundance than lead and other precious metals such as mercury.

Key Insights

• As per the analysis shared by our research analyst, the global scandium metal market is projected to expand annually at the annual growth rate of around 8.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global scandium metal market size was evaluated at nearly $15 billion in 2022 and is expected to reach $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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Scandium Metal Market: Growth Factors

Beneficial product features will contribute majorly towards the market growth across the globe over 2023-2030

Exceptional features and less need to replace these metals will steer the global scandium metal market trends. Apart from this, large-scale product demand in the automotive sector will proliferate the size of the global market. In addition to this, the large-scale use of solid oxide fuel cells along with escalating demand for aluminum-scandium alloys will embellish the expansion of the market across the globe. Furthermore, humungous penetration of the product in the aerospace, electronics, and defense sectors will steer the expansion of the global market. The necessity of shifting to eco-friendly power-generating methods is likely to accentuate the expansion of the market across the globe. Moreover, product innovations and strategic collaborations will push the growth of the market in an upward direction in the years ahead. For instance, in August 2023, NioCorp Developments Limited, a key firm developing a critical minerals venture in Southeast Nebraska, the U.S., for producing titanium, scandium, and niobium metals, declared that it will make use of an eco-friendly process for manufacturing scandium metal as a part of its aluminum-scandium master alloy program.

Scandium Metal Market: Restraints

Escalating product prices can alleviate the global industry expansion in the next eight years

Huge product costs can decimate the expansion of the global scandium metal industry in the upcoming years. Strict government laws on the extraction of rare metals from the earth have posed a huge threat to the growth of the global market. Easy availability of substitute products at cost-effective rates will further diminish the global industry surge in the upcoming years.

Scandium Metal Market: Opportunities

Rise in the product application in aviation & transport activities will open new growth opportunities for the global market

Massive use of the product in aircraft production and transportation activities along with its use in high-speed marine craft has created new growth avenues for the global scandium metal market. A surge in the application of products in casting components, 3D printing, lithium-ion batteries, and high voltage transmission systems will pave the way for humungous growth of the market in the upcoming years.

Scandium Metal Market: Challenges

An increase in the production & use of duplicate products owing to its cost-effectiveness can pose a strong challenge to the global industry expansion

Easy access to counterfeit products can prove to be a huge challenge for the global scandium metal industry. Changes in government laws regarding the use of rare metals can further create a big hurdle in global industry growth in the ensuing years.

Scandium Metal Market: Segmentation

The global scandium metal market is sectored into type, application, and region.    

In type terms, the global scandium metal market is segregated into scandium oxide 99.99%, scandium oxide 99.999%, scandium oxide 99.9995%, and scandium metal ingot segments. Furthermore, the scandium oxide 99.9995% segment, which garnered nearly 53% of the global market share in 2022, is predicted to record the fastest CAGR in the upcoming years. The growth of the segment in the ensuing years can be due to the application of the product in high-temperature systems, electronic ceramics, and glass composition owing to its thermal shock and heat-resisting features.

Based on application, the global scandium metal industry is bifurcated into high-intensity metal halide lamps, aluminum-scandium alloys, lasers, and SOFC segments. Moreover, the SOFCs segment, which accounted sizably for the global industry revenue in 2022, is set to dominate the global industry over the forecast timeline. The segmental expansion over the estimated timeframe can be subject to massive use of SOFC in power generation, transport, and industrial devices owing to its eco-friendly features.

Scandium Metal Market: Report Scope

Scandium Metal Market: Regional Insights

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.

Scandium Metal Market: Competitive Space

The global scandium metal market profiles key players such as:

• 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

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

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa