Scandium Metal Market Trends and Research Insights by 2025
According to trusted estimates, global scandium metal market is projected to expand with a CAGR of 3.4% during 2020-2025 to accrue USD 78 million by the end of study period. Growing use of scandium in solid oxide fuel cells, metallurgy, ceramics, electronics, lighting, and displays is the major determinant propelling the market growth.
Scandium metal is widely used in the form of aluminum alloy. Several benefits such as easy weldability, improved extrusion property, enhanced hydro-formability, resistance to salt, corrosion resistance, and optimal operation under high temperature conditions are favoring its adoption for the manufacturing of aviation components and sports equipment. Scandium alloys are eco-friendly and completely recyclable, thereby positively impacting the market outlook. In addition, shifting focus among aircraft manufacturers towards using scandium alloys for designing various aviation components in an effort to reduce the overall weight and improve fuel efficiency will foster the market growth in the coming years.
Based on the type landscape, scandium metal industry is segmented into scandium metal ingot, scandium oxide 99.9995%, scandium oxide 99.999%, and scandium oxide 99.99%. The demand for 99.99% pure scandium oxides is expected to escalate over 2020-2025, as the product is used as optical coatings, catalyst, laser, and in electronic ceramics industry. It is also employed in the manufacturing of high-intensity discharge lamps. These factors coupled with its suitability for vacuum deposition applications is fueling the demand for scandium oxide 99.99%.
Speaking of the application spectrum, SOFCs (solid oxide fuel cell) segment is anticipated to account for a significant share of global scandium metal industry in the forthcoming years. The growth can be credited to rising preference for sustainable energy sources with a key focus on lowering the carbon footprint across various end-user industries. Favorable government initiatives such as subsidies and fuel cell programs are further enhancing the market outlook. Several benefits such as heat stabilization, high power output, and longer lifespan are boosting the adoption of scandium alloys as a replacement for yttrium metals in solid oxide fuel cells.
Considering the geographical terrain, US, Mexico, Canada, Germany, United Kingdom, France, Russia, Italy, China, Korea, Japan, India, Southeast Asia, Australia, Brazil, Argentina, Egypt, Turkey, Saudi Arabia, and South Africa are the key revenue generators for global scandium metal market.
Meanwhile, scandium metal market in Asia Pacific is predicted to witness considerable growth through 2025, owing to the discovery of lateritic clay reserves in various parts of Asia and Australia. These reserves are reckoned to produce high volumes of scandium at comparatively lower cost. Increasing investment in the mining sector, in tandem with extensive utilization of scandium oxide across various end-user industries, such as aerospace & defense and ceramics is further providing an impetus to APAC scandium metal industry share.
Major players operating in global scandium metal market are Intermix Met, Rusal, Platina Resources Ltd., Great Western Minerals Group, Stanford Materials Corp., Metallica Minerals, DNI Metals Inc., Hunan Oriental Scandium Co. Ltd, Scandium International Mining Corp., Huizhou Top Metal Materials Co. Ltd (TOPM), CODOS, CNMC Pgma (Guangxi), and Ganzhou Kemingrui.