Scandium Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product (Metal, Alloy, Iodide, Carbonate, Others), By Application (Aerospace, Electronics, Lighting, Solid Oxide Fuel Cells (SOFCs), Ceramics), And By Geography - Forecasts From 2021 To 2026
- Published : Sep 2021
- Report Code : KSI061610425
- Pages : 110
The scandium market is projected to grow at a CAGR of 14.27% to reach US$299.791 million in 2026. Scandium is a chemical component, which is silvery-white metallic and has been categorized in the past as a rare earth source. Scandium-oxide, the main ore and the prime source of scandium metal, its other composites and alloys are produced in small quantities in limited regions across the world. The best part of the aforementioned oxide is that it is mined and extracted from the rarest of earth and uranium compounds from the mining process and the following purification. Scandium has attractive electrical conductivity, is a heat stabilizer and has a creep-resistant description, and is lightweight, owing to which it is actively becoming an integral part of different profitable and industrial sectors.
The market is driven by various factors, such as the growing usage of Solid Oxide Fuel Cells (SOFCs), increasing demand in aerospace, and increasing usage in the automotive industry. The rising demand for clean energy due to environmental concerns about energy generation from conventional sources, such as coal and natural gas, is projected to fuel the demand for SOFCs, which in turn will propel the market growth for the scandium market during the forecast period. Scandium is also used in making alloys, which are used for the manufacturing of bicycles and other sports equipment. Growing international trade has depicted to the world that the place of manufacturing has largely been shifted from where products are utilized. Many countries such as Ukraine, Kazakhstan, China, and Russia are dominating the market in the production of scandium. In addition, several small mining companies in Australia are working to develop scandium deposits in New South Wales owing to which Australia is expected to emerge as the new growth hub.
Many other companies are looking at the prospect of producing scandium as a by-product. With the shifting scope in the aerospace and aircraft manufacturing industry, the global demand for Scandium could rise to an enormous level in a relatively short time. As well as new scope in the chemical refining industry seems to be a good opportunity for the scandium makers to capture during the forecast period.
By product, the metal and alloy segments are estimated to hold a dominant market share owing to their increasing usage across various industries such as manufacturing, aerospace, SOFCs, etc. By industry application, the SOFCs segment is expected to hold a significant market share owing to its usage in various industries such as transport, industrial equipment, power generation, cooling, disaster relief, etc.
The aerospace industry is projected to hold a notable market share as scandium is used in the preparation of aluminium-scandium alloy, used in the aerospace industry while manufacturing an aircraft. When scandium is added in trace amounts (about 0.1% to 0.5%) to aluminium, the strength of aluminium increases while reducing weight by 15% - 20%. Thus, the use of scandium in the aerospace industry is further estimated to grow during the forecast period. Geographically, the Asia Pacific region is estimated to hold the majority market share as China accounts for having one of the highest reserves of scandium in the world. Several government policies restricting trade exports are further expected to increase the market share of China.
The North American region, especially the United States is projected to hold a noteworthy share as the US is the largest aerospace industry in the world. According to the Federal Aviation Administration (FAA), the total active general aviation fleet is expected to increase from 212,885 in 2018 to 211,575 aircraft by 2039, owing to the growth in air cargo. This is likely to increase the usage of scandium in the country. Furthermore, the US electronics market is huge in terms of size. It is estimated to remain the leading market over the forecast period, owing to the usage of advanced technology, growing research and development centres, and the increasing demand from consumers, which in turn will accelerate the market growth for the scandium market during the forecast period.
- Increasing development in SOFCs
The accelerated development of SOFCs for high energy saving is expected to propel the market growth as), aluminium-scandium alloys have electrical conductivity and heat stabilization qualities. These alloys are largely used in the aerospace and other high-performance applications industries. The SOFCs operate at low temperatures and reduce component costs, and extend fuel cell life which makes them a competitive and cheaper source of electricity. Thus, the increasing usage and development of SOFCs are bound to spur market growth during the forecast period.
- Increasing construction of airports and growing demand for aircraft
Scandium is largely used in the manufacturing of aircraft. Due to the rapidly increasing population, the shift towards urbanization, rising disposable income of the people, and changes in the lifestyle of the people are encouraging the development of more aircraft and airports, especially in developing countries, which will subsequently surge the market growth of scandium market during the forecast period.
- Inconsistent supply of raw materials
Scandium is a rare earth source. Scandium is obtained from minerals such as thortveitite, bazzite, and wiikite, or as the byproduct of refining uranium. The increasing demand for scandium across various industries is causing a shortage in the supply of scandium in the market. There is no consistent source of supply for scandium which results in shortage and inconsistent supply. This may hamper the market growth during the forecast period as if scandium is not available to meet the increasing demand, the industries will be forced to use an alternative.
Impact of COVID–19.
The Covid-19 pandemic adversely impacted the scandium market as the aerospace industry, which is one of the largest users of scandium was one of the worst-hit industries due to the restrictions on travel and lockdown across the world. The flying operations were put to a halt for months due to which the aerospace industry suffered huge losses. Countries such as China, and the United States, which are mass users of scandium were the worst-hit countries that further hampered the market growth. However, the electronics industry grew considerably during this period due to the increasing demand for consumer electronics, which balanced the scandium market. The scandium market is expected to rebound during the forecast period as the travel and lockdown restrictions have been lifted.
Prominent/major key market players in the Scandium Market include GFS Chemicals Inc., Great Western Mining Corporation PLC, Metallic Minerals Corporation, MP Materials Corporation, Scandium International Mining Corporation, Uranium One, Inc., and Texas Rare Earth Resources Corporation. The players in the Scandium Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in 2020, MP Materials Corporation, a rare-earth materials company, acquired Molycorp Inc., a mining corporation as the latter had filed for bankruptcy, to become the market leader. Also, in 2019, Metallic Minerals Corporation, announced the strategic investment of $2.75 million by Mr Eric Sprott for their flagship Keno silver project and La Plata silver-gold-copper project. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Scandium Market.
Scandium Market Scope:
|Market size value in 2026||US$299.791 million|
|Growth Rate||CAGR of 14.27% from 2020 to 2026|
|Forecast Unit (Value)||USD Million|
|Segments covered||Product, Industry Application, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||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|
- By Product
- By Industry Application
- By Geography
- Europe Middle East and Africa
- Asia Pacific
- South Korea
Frequently Asked Questions (FAQs)
Q1. What are the growth prospects for the scandium market?
A1. The global scandium market is projected to grow at a CAGR of 14.27% during the forecast period.
Q2. Who are the major players in the scandium market?
A2. Prominent/major key market players in the Scandium Market include GFS Chemicals Inc., Great Western Mining Corporation PLC, Metallic Minerals Corporation, MP Materials Corporation, Scandium International Mining Corporation, among others.
Q3. What will be the scandium market size by 2026?
A3. The scandium market is projected to reach a market size of US$299.791 million by 2026.
Q4. What factors are anticipated to drive the scandium market growth?
A4. The scandium market is driven by various factors, such as the growing usage of Solid Oxide Fuel Cells (SOFCs), increasing demand in aerospace, and increasing usage in the automotive industry.
Q5. Which region holds the maximum market share of the scandium market?
A5. Geographically, the Asia Pacific region is estimated to hold the majority market share as China accounts for having one of the highest reserves of scandium in the world.
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Scandium Market Analysis, By Product
6. Scandium Market Analysis, By Industry Application
7. Scandium Market Analysis, By Geography
7.2.1. United States
7.3. Europe Middle East and Africa
7.3.1. United Kingdom
7.4. Asia Pacific
7.4.3. South Korea
8. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
9. Company Profiles
9.1. GFS Chemicals, Inc.
9.2. Great Western Mining Corporation PLC
9.3. Metallic Minerals Corporation
9.4. MP Materials Corporation
9.5. Scandium International Mining Corporation
9.6. Uranium One, Inc.
9.7. Texas Rare Earth Resources Corporation
GFS Chemicals Inc.
Great Western Mining Corporation PLC
Metallic Minerals Corporation
MP Materials Corporation
Scandium International Mining Corporation
Texas Rare Earth Resources Corporation
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