Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Description
Scandium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
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?
Table of Contents
138 Pages
- 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
Pricing
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