The global demand for Scandium Metal Market is presumed to reach the market size of nearly USD 94.7 MN by 2028 from USD 67.3 MN in 2021 with a CAGR of 5% under the study period 2022 - 2028.
Scandium is a soft metal with a density three times that of water. Scandium is the periodic table's 21st chemical element. Its symbol is Sc. Scandium is a metal that belongs to the transition metals family. It's also a rare earth metal. Scandium isn't abundant in the earth's crust. As a result, pure Sc metal can be pretty costly. The pure scandium metal is highly reactive and readily reacts with oxygen. Scandium is a delicate, silvery-white metallic element that resembles rare-earth metals in appearance (lanthanides). Scandium is found in crustal rocks in a concentration of roughly 22 parts per million, making it more abundant than lead, mercury, and precious metals and around the same as cobalt. Scandium is found in nature as an oxide that tarnishes to pink or yellow. Reducing it to its pure elemental condition is exceptionally challenging. Scandium in solid electrolytes allows the system to function at far lower temperatures than traditional SOFCs. As a result, the use of scandium has lowered the cost of SOFCs, making them more widely adopted for distributed power generation.
Market Dynamics
Scandium Metal will see an increase in demand in the coming years due to its unique features and lack of replacements. The scandium metal market is projected to benefit from a shift toward utilization in the automotive industry and a new growth hub during the projection period. The increasing use of solid oxide fuel cells (SOFCs) and the rising demand for aluminum-scandium alloys are the key drivers of the scandium metal market. The need for scandium metal increases due to increased demand from the automotive industry and increased demand from the aerospace, defense, and electronic industries. With rising electricity rates, the need to switch to more environmentally friendly power generating methods is predicted to open up the substantial market potential for SOFCs, boosting scandium's market demand. Nevertheless, the high costs of scandium metal might restrict the market growth.
The research report covers Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain analysis. These tools help to get a clear picture of the industry's structure and evaluate the competition attractiveness at a global level. Additionally, these tools also give an inclusive assessment of each segment in the global market of scandium metal. The growth and trends of scandium metal industry provide a holistic approach to this study.
Market Segmentation
This section of the scandium metal market report provides detailed data on the segments at country and regional level, thereby assisting the strategist in identifying the target demographics for the respective product or services with the upcoming opportunities.
By Type
- Scandium Oxide 99.99%
- Scandium Oxide 99.999%
- Scandium Oxide 99.9995%
- Scandium Metal Ingot
By Application
- Aluminum-Scandium Alloys
- High-Intensity Metal Halide Lamps
- Lasers
- Sofcs
Regional Analysis
This section covers the regional outlook, which accentuates current and future demand for the Scandium Metal market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand, estimation, and forecast for individual application segments across all the prominent regions.
Global Scandium Metal Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the scandium metal market include Rusal, Stanford Materials Corp., Metallica Minerals, Platina Resources Ltd., Scandium International Mining Corp., DNI Metals Inc., Sumitomo Metal Mining (SMM), MCC, CODOS, Hunan Oriental Scandium Co. Ltd., Huizhou Top Metal Materials Co., Ltd (TOPM), Rongjiayu Technology. This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
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