Growing demand for Scandium for the production of SOFCs, spacecraft, aircraft, drones & cars, and ongoing government projects is factors to drive the demand for the global scandium market in the forecast period, 2024-2028.
According to TechSci Research report, “Global Scandium Market – By Region, Competition Forecast and Opportunities, 2018-2028”, global scandium market is projected to grow at an impressive rate in the forecast period 2024-2028. Increasing demand from the aerospace and power generation sector is the primary reason driving the market’s growth of scandium. High conductivity and anti-corrosion of an aluminum-scandium alloy than other alloys are driving the demand for scandium to m high voltage tension wires as different electrical infrastructure projects are growing worldwide.
Shortage of raw materials and disturbance in the supply chain are primary obstruct to the market growth of the scandium market. China, the Philippines, and Russia are the leading producer and miners of the global scandium market. According to The Observatory of Economic Complexity (OEC) report, the major global exporters of rare-earth alloys such as scandium and yttrium along with export value amounted to 115 million USD in Vietnam, 81.7 million USD in China, 69.8 million USD in Australia, 54.1 million USD in Thailand, and 9.06 million USD in Japan. Therefore, regional sanctions or conflict are expected to disturb the overall supply chain. As it is extracted from the residue of different metals, the growing demand for scandium can’t be due to dependence on other materials. All these led to a shortage of raw materials and impended market growth.
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Global scandium market is segmented based on alloy, industry application, region, and company. Based on industry application, the market is divided into aerospace, automotives, electronics, lighting, SOFCs, 3D printing, sporting goods, ceramics, and others. The SOFCs segment will hold the largest market share till 2028. Scandium is much more efficient than yttrium in various applications due to its electrical and thermal stabilizing properties. SOFCs have the potential to work as effective baseload power suppliers utilizing a different fuel source, such as natural gas or biogas. In these, the cost of extra components or parts in a generator can deduct, which is used in other power generation sources that operate in low temperatures. All these factors led to rising demand from transport vehicles, industries, disaster-facing areas, and remote places, making SOFCs dominate the market segment.
Major companies operating in global scandium market are:
- 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 (TOPM)
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“North America region is expected to dominate the global scandium market in the forecast period due to growing power demand and the rising electronic, automobile, and aerospace markets. Globally, increasing demand for scandium to use in solid oxide fuel cells (SOFCs), high-strength aluminum alloys, electronics, high-intensity metal halide lamps, and laser research. Ongoing R&D activities for new applications to achieve sustainable development and government projects for space tourism, fighter planes, and power generation are propelling the global scandium market demand and creating favorable conditions to drive the global scandium market growth till 2028.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“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 Company, By Region and Competition, has evaluated the future growth potential of global scandium market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global scandium market.”
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