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Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

November 2023 | 138 pages | ID: S4B59BE999D6EN
IMARC Group

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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 7.75% during 2022-2028.

Scandium is a silvery-white metallic element found in association with rare earth elements. It can also be obtained from thortveitite or extracted as a by-product from uranium mill tailings. It has a high melting point and low density like aluminum and its small ion size enables it to react chemically with elements like magnesium, zirconium, and aluminum. Due to these properties, it is widely used to make bright mercury-vapor lamps that produce sunlight-like light. Apart from this, as it assists in reducing solidification cracking during the welding of high strength aluminum alloys, scandium is employed in the aerospace industry worldwide.

Scandium Market Trends:
There is a considerable rise in the demand for solid oxide fuel cells (SOFCs) for producing electricity. This represents one of the key factors strengthening the growth of the market. Scandium assists the power generation system in operating at much lower temperatures and reducing the cost of SOFCs, thereby facilitating its widespread adoption for distributed power generation worldwide. Besides this, due to a significant increase in electricity prices, there is a growing need for a sustainable power generation method. This, in turn, is positively influencing the sales of scandium around the world. Moreover, it is used as a substitute for yttria (Y2O3) as a stabilizing agent for the solid electrolyte in the fuel cell. This enables reactions to occur at lower temperatures, therefore extending the life of the components and increasing the power density of the unit. This, along with the growing adoption of aluminum-scandium alloys, is positively influencing the market. Furthermore, the rising utilization of SOFC-based fuel cells as replacements for internal combustion engines in light-duty vehicles and warehouse forklifts to increase vehicle efficiency and support the goals of reducing oil usage and emissions from the transportation sector acts as another growth-inducing factor.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global scandium market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product type, application and end use industry.

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

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:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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 and Thermo Fisher Scientific Inc.

Key Questions Answered in This Report
1. What was the size of the global scandium market in 2022?
2. What is the expected growth rate of the global scandium market during 2023-2028?
3. What are the key factors driving the global scandium market?
4. What has been the impact of COVID-19 on the global scandium market?
5. What is the breakup of the global scandium market based on the product type?
6. What is the breakup of the global scandium market based on the end use industry?
7. What are the key regions in the global scandium market?
8. Who are the key players/companies in the global scandium market?
1 PREFACE

2 SCOPE AND METHODOLOGY

2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
  2.3.1 Primary Sources
  2.3.2 Secondary Sources
2.4 Market Estimation
  2.4.1 Bottom-Up Approach
  2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 EXECUTIVE SUMMARY

4 INTRODUCTION

4.1 Overview
4.2 Key Industry Trends

5 GLOBAL SCANDIUM MARKET

5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 MARKET BREAKUP BY PRODUCT TYPE

6.1 Oxide
  6.1.1 Market Trends
  6.1.2 Market Forecast
6.2 Fluoride
  6.2.1 Market Trends
  6.2.2 Market Forecast
6.3 Chloride
  6.3.1 Market Trends
  6.3.2 Market Forecast
6.4 Nitrate
  6.4.1 Market Trends
  6.4.2 Market Forecast
6.5 Iodide
  6.5.1 Market Trends
  6.5.2 Market Forecast
6.6 Alloy
  6.6.1 Market Trends
  6.6.2 Market Forecast
6.7 Others
  6.7.1 Market Trends
  6.7.2 Market Forecast

7 MARKET BREAKUP BY APPLICATION

7.1 Aluminum-scandium Alloys
  7.1.1 Market Trends
  7.1.2 Market Forecast
7.2 High-intensity Metal Halide Lamps
  7.2.1 Market Trends
  7.2.2 Market Forecast
7.3 Lasers
  7.3.1 Market Trends
  7.3.2 Market Forecast
7.4 Solid Oxide Fuel Cells
  7.4.1 Market Trends
  7.4.2 Market Forecast

8 MARKET BREAKUP BY END USE INDUSTRY

8.1 Aerospace and Defense
  8.1.1 Market Trends
  8.1.2 Market Forecast
8.2 Ceramics
  8.2.1 Market Trends
  8.2.2 Market Forecast
8.3 Lighting
  8.3.1 Market Trends
  8.3.2 Market Forecast
8.4 Electronics
  8.4.1 Market Trends
  8.4.2 Market Forecast
8.5 3D Printing
  8.5.1 Market Trends
  8.5.2 Market Forecast
8.6 Sporting Goods
  8.6.1 Market Trends
  8.6.2 Market Forecast
8.7 Others
  8.7.1 Market Trends
  8.7.2 Market Forecast

9 MARKET BREAKUP BY REGION

9.1 North America
  9.1.1 United States
    9.1.1.1 Market Trends
    9.1.1.2 Market Forecast
  9.1.2 Canada
    9.1.2.1 Market Trends
    9.1.2.2 Market Forecast
9.2 Asia-Pacific
  9.2.1 China
    9.2.1.1 Market Trends
    9.2.1.2 Market Forecast
  9.2.2 Japan
    9.2.2.1 Market Trends
    9.2.2.2 Market Forecast
  9.2.3 India
    9.2.3.1 Market Trends
    9.2.3.2 Market Forecast
  9.2.4 South Korea
    9.2.4.1 Market Trends
    9.2.4.2 Market Forecast
  9.2.5 Australia
    9.2.5.1 Market Trends
    9.2.5.2 Market Forecast
  9.2.6 Indonesia
    9.2.6.1 Market Trends
    9.2.6.2 Market Forecast
  9.2.7 Others
    9.2.7.1 Market Trends
    9.2.7.2 Market Forecast
9.3 Europe
  9.3.1 Germany
    9.3.1.1 Market Trends
    9.3.1.2 Market Forecast
  9.3.2 France
    9.3.2.1 Market Trends
    9.3.2.2 Market Forecast
  9.3.3 United Kingdom
    9.3.3.1 Market Trends
    9.3.3.2 Market Forecast
  9.3.4 Italy
    9.3.4.1 Market Trends
    9.3.4.2 Market Forecast
  9.3.5 Spain
    9.3.5.1 Market Trends
    9.3.5.2 Market Forecast
  9.3.6 Russia
    9.3.6.1 Market Trends
    9.3.6.2 Market Forecast
  9.3.7 Others
    9.3.7.1 Market Trends
    9.3.7.2 Market Forecast
9.4 Latin America
  9.4.1 Brazil
    9.4.1.1 Market Trends
    9.4.1.2 Market Forecast
  9.4.2 Mexico
    9.4.2.1 Market Trends
    9.4.2.2 Market Forecast
  9.4.3 Others
    9.4.3.1 Market Trends
    9.4.3.2 Market Forecast
9.5 Middle East and Africa
  9.5.1 Market Trends
  9.5.2 Market Breakup by Country
  9.5.3 Market Forecast

10 SWOT ANALYSIS

10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 VALUE CHAIN ANALYSIS

12 PORTERS FIVE FORCES ANALYSIS

12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 PRICE ANALYSIS

14 COMPETITIVE LANDSCAPE

14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
  14.3.1 Australian Mines Limited
    14.3.1.1 Company Overview
    14.3.1.2 Product Portfolio
    14.3.1.3 Financials
  14.3.2 Galileo Resources PLC
    14.3.2.1 Company Overview
    14.3.2.2 Product Portfolio
    14.3.2.3 Financials
  14.3.3 GFS Chemicals Inc.
    14.3.3.1 Company Overview
    14.3.3.2 Product Portfolio
  14.3.4 Hunan Oriental Scandium Co. Ltd.
    14.3.4.1 Company Overview
    14.3.4.2 Product Portfolio
  14.3.5 Lenntech B.V.
    14.3.5.1 Company Overview
    14.3.5.2 Product Portfolio
  14.3.6 Materion Corporation
    14.3.6.1 Company Overview
    14.3.6.2 Product Portfolio
    14.3.6.3 Financials
    14.3.6.4 SWOT Analysis
  14.3.7 Merck KGaA
    14.3.7.1 Company Overview
    14.3.7.2 Product Portfolio
    14.3.7.3 Financials
    14.3.7.4 SWOT Analysis
  14.3.8 Niocorp Developments Ltd.
    14.3.8.1 Company Overview
    14.3.8.2 Product Portfolio
    14.3.8.3 Financials
  14.3.9 Platina Resources Limited
    14.3.9.1 Company Overview
    14.3.9.2 Product Portfolio
    14.3.9.3 Financials
  14.3.10 Scandium International Mining Corporation
    14.3.10.1 Company Overview
    14.3.10.2 Product Portfolio
    14.3.10.3 Financials
  14.3.11 Sumitomo Metal Mining Co. Ltd
    14.3.11.1 Company Overview
    14.3.11.2 Product Portfolio
    14.3.11.3 Financials
    14.3.11.4 SWOT Analysis
  14.3.12 Thermo Fisher Scientific Inc.
    14.3.12.1 Company Overview
    14.3.12.2 Product Portfolio
    14.3.12.3 Financials
    14.3.12.4 SWOT Analysis

LIST OF TABLES

Table 1: Global: Scandium Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Scandium Market Forecast: Breakup by Product Type (in Million US$), 2023-2028
Table 3: Global: Scandium Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Scandium Market Forecast: Breakup by End Use Industry (in Million US$), 2023-2028
Table 5: Global: Scandium Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Scandium Market: Competitive Structure
Table 7: Global: Scandium Market: Key Players

LIST OF FIGURES

Figure 1: Global: Scandium Market: Major Drivers and Challenges
Figure 2: Global: Scandium Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 4: Global: Scandium Market: Breakup by Product Type (in %), 2022
Figure 5: Global: Scandium Market: Breakup by Application (in %), 2022
Figure 6: Global: Scandium Market: Breakup by End Use Industry (in %), 2022
Figure 7: Global: Scandium Market: Breakup by Region (in %), 2022
Figure 8: Global: Scandium (Oxide) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Scandium (Oxide) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Scandium (Fluoride) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Scandium (Fluoride) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Scandium (Chloride) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Scandium (Chloride) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Scandium (Nitrate) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Scandium (Nitrate) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Scandium (Iodide) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Scandium (Iodide) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Scandium (Alloy) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Scandium (Alloy) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Scandium (Other Product Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Scandium (Other Product Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Scandium (Aluminum-scandium Alloys) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Scandium (Aluminum-scandium Alloys) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Scandium (High-intensity Metal Halide Lamps) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Scandium (High-intensity Metal Halide Lamps) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Scandium (Lasers) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Scandium (Lasers) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Scandium (Solid Oxide Fuel Cells) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Scandium (Solid Oxide Fuel Cells) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Scandium (Aerospace and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Scandium (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Scandium (Ceramics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Scandium (Ceramics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Scandium (Lighting) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Scandium (Lighting) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Scandium (Electronics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Scandium (Electronics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Scandium (3D Printing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Scandium (3D Printing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Scandium (Sporting Goods) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Scandium (Sporting Goods) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Global: Scandium (Other End Use Industries) Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Global: Scandium (Other End Use Industries) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: North America: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: North America: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: United States: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: United States: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Canada: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Canada: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Asia-Pacific: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Asia-Pacific: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: China: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: China: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Japan: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Japan: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: India: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: India: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: South Korea: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: South Korea: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Australia: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Australia: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Indonesia: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Indonesia: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Others: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Others: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Europe: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Europe: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Germany: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Germany: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: France: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: France: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: United Kingdom: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: United Kingdom: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Italy: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Italy: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Spain: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Spain: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Russia: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Russia: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Others: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Others: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Latin America: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Latin America: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Brazil: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Brazil: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 86: Mexico: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 87: Mexico: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 88: Others: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 89: Others: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 90: Middle East and Africa: Scandium Market: Sales Value (in Million US$), 2017 & 2022
Figure 91: Middle East and Africa: Scandium Market: Breakup by Country (in %), 2022
Figure 92: Middle East and Africa: Scandium Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 93: Global: Scandium Industry: SWOT Analysis
Figure 94: Global: Scandium Industry: Value Chain Analysis
Figure 95: Global: Scandium Industry: Porter's Five Forces Analysis


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