Scandium Metal Market Expected To Be Hit The Value Of UЅD $102 Мn by 2030

Scandium is a chemical element with the symbolic Sc and atomic number 21. A silvery-white metallic d-block, it has historically been classified as a rare-earth element, together with yttrium and lanthanides. Scandium is mainly used to create high-intensity lighting and mercury vapor lamps, as it has been found to produce light that is very similar to natural sunlight.

The Global Scandium Metal Market was valued at UЅD $74.1 Мn in 2020, and is projected to achieve a valuation of UЅD $102 Мn by 2030, at a САGR of 3.9%. The 5-year (2020–2025) cumulative revenue of this sector is projected to be over $88.1 Mn, and is estimated to increase moderately over the latter part of the forecast period.

Scandium-aluminum alloys are increasingly being used for the manufacture of various aviation components due to the numerous favorable properties they exhibit, such as exceptional heat-working temperature and hydro-formability, improved corrosion resistance, improved anodization, as well as easier weldability. Moreover, the subsequent expansion of the global aviation sector is anticipated to translate to an increase in the demand for the aforementioned components. These are some of the primary factors that are slated to have a profound influence on the revenue growth of the Global Scandium Metal Market in the foreseeable future. The limited availability of Scandium and the high costs associated with this raw material are factors that may restrain the market growth of the global scandium metal industry in the years to come. However, the surging demand for high voltage wires meant for the transmission of energy, as well as in the manufacture of various automotive parts, of which scandium is a crucial production raw material, are also some of the other major factors that are expected to increase demand, leading to further augmentation of this global sector’s footprint in the years to come.

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However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global scandium metal market is no different, and this factor is anticipated to have a significantly negative impact on the revenue growth of this industry. Furthermore, the high costs associated with scandium, as well as the limited supply of this metal are also some of the other factors that may restrain the revenue growth of the global scandium metal market in the near future.

Nonetheless, the growing demand for high voltage wires essential for the transmission of energy, as well as the surging demand for scandium from the automotive sector where it is increasingly being used to manufacture various automotive parts, are some of the other major factors that are anticipated to have a profound influence on the revenue growth of the global scandium metal market over the next 10 years.

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Segmentation of the Global Scandium Metal Market is as follows:

In terms of product type, the scandium metal ingot segment accounted for the maximum number of revenue shares of the global scandium metal market in 2020, and this segment is expected to continue doing so over the forecast period. The scandium oxide 99.99% segment is also anticipated to index a high CAGR over the next 10 years.

On the basis of application, the SOFCs segment accounted for the maximum number of revenue shares of the global scandium metal market in 2020, and this segment is slated to continue to do so over the next 10 years. However, the aluminum-scandium alloys segment is expected to register the highest CAGR over the forecast period.

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Key Players: Rusal, Platina Resources Ltd., Metallica Minerals Limited, DNI Metals Inc., Scandium International Mining Corp., Stanford Materials Corporation, Huizhou Top Metal Materials Co. Ltd. (TOPM), Hunan Oriental Scandium Co. Ltd., Ganzhou Kemingrui Non-ferrous Materials Co. Ltd., Bloom Energy Corporation

Regional Segmentation and Analysis:

The markets in China accounted for the maximum number of revenue shares of the global scandium metal market in 2020, and is indicative of retaining its respective market position over the next decade. The markets in the United States of America are also anticipated to index a high CAGR over the course of the forecast period.