Product Code: TIPRE00005876
The scandium market size was valued at US$ 230.26 million in 2023 and is projected to reach US$ 1,660.13 million by 2031; it is estimated to register a CAGR of 28.0% from 2023 to 2031.
Scandium is known for its ability to confer high strength, lightweight, and corrosion resistance in end products, which makes it a valuable alloying agent. These unique properties primarily drive the demand for scandium as an alloying agent. The aerospace and automotive industries are major consumers, wherein aluminum alloys reinforced with scandium offer a combination of strength, lightness, and corrosion resistance. In aerospace, scandium-aluminum alloys contribute to fuel efficiency and emissions reduction in aircraft, while in automotive applications, they improve performance and fuel efficiency by reducing weight. Additionally, scandium finds use in solid oxide fuel cells (SOFCs) and high-intensity discharge lamps. However, scandium's limited availability poses challenges to its supply chain. Most scandium is obtained as a byproduct of other mining activities, with Australia and China being major producers. The market experiences volatility in prices due to fluctuations in supply and demand dynamics. Efforts to increase primary production and develop more efficient extraction methods are underway to meet growing demand, which is likely to favor the expansion of the scandium market size by 2030. The rising demand from the 3D printing industry contributes significantly to the scandium market growth. Scandium-containing metal alloys exhibit improved mechanical properties, corrosion resistance, and heat resistance, which make them an attractive choice for producing high-performance components using 3D printers. In additive manufacturing, scandium-aluminum alloys are gaining attention for their superior strength-to-weight ratio and enhanced mechanical properties compared to traditional metals and metal alloys.
Based on derivative, the market is segmented into oxide, iodide, alloy, zirconia, and others. The zirconia segment accounts for a significant scandium market share. Scandium-stabilized zirconia (ScSZ) represents a class of advanced ceramic materials. This material is primarily composed of zirconium dioxide (ZrO2), which is added with scandium oxide to stabilize its crystal structure. The incorporation of scandium ions into the zirconia lattice alters its properties, resulting in enhanced thermal stability, mechanical strength, and ionic conductivity. In terms of thermal stability, ScSZ exhibits remarkable resistance to phase transformation even at high temperatures, which is a critical attribute for applications in extreme thermal environments. Thus, the ability to withstand high temperatures renders zirconia an ideal candidate for use in thermal barrier coatings (TBCs) for gas turbine engine components; the material provides insulation and protection against heat, extending component lifetimes and enhancing efficiency. Further, the stabilized crystal structure of ScSZ contributes to its superior mechanical properties, including high fracture toughness and strength.
In 2023, Asia Pacific held a significant share of the scandium market. Rapid economic progress and industrialization in Asia Pacific bolster the demand for high-performance materials to support infrastructure development and urbanization. Asia Pacific is home to some of the world's largest and fastest-growing aerospace and automotive industries, which are major consumers of lightweight and high-strength scandium-containing alloys. These alloys are particularly valuable in aircraft components, automotive parts, and structural materials, among other applications, wherein reducing weight while maintaining performance is crucial for enhancing the final products' fuel efficiency, range, and safety standards.
Scandium International Mining Corporation, American Elements Inc, NioCorp Development Ltd, Strategic Metal Investments Ltd, Rio Tinto, US Research Nanomaterials Inc, Otto Chemie Pvt Ltd, Stanford Advanced Materials, Heeger Materials Inc, and Hunan Oriental Scandium Co Ltd. are among the prominent players profiled in the scandium market report. In addition, several other players have been studied and analyzed during the study to get a holistic view of the market and its ecosystem. The scandium market report also includes company positioning and concentration to evaluate the performance of competitors/players in the market.
The overall global scandium market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the scandium market.
Table Of Contents
1. Introduction
- 1.1 The Insight Partners Research Report Guidance
- 1.2 Market Segmentation
2. Executive Summary
- 2.1 Key Insights
- 2.2 Market Attractiveness
3. Research Methodology
- 3.1 Coverage
- 3.2 Secondary Research
- 3.3 Primary Research
4. Scandium Market Landscape
- 4.1 Overview
- 4.2 PORTER's Five Forces Analysis
- 4.2.1 Bargaining Power of Buyers
- 4.2.2 Bargaining Power of Suppliers
- 4.2.3 Threat of New Entrants
- 4.2.4 Threat of Substitutes
- 4.2.5 Intensity of Competitive Rivalry
- 4.3 Ecosystem Analysis
- 4.3.1 Mining
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 4.3.5 List of Vendors in the Value Chain
5. Scandium Market - Key Market Dynamics
- 5.1 Scandium Market - Key Market Dynamics
- 5.2 Market Drivers
- 5.2.1 Increasing Adoption of Solid Oxide Fuel Cells
- 5.2.2 Burgeoning Demand for Aluminum-Scandium Alloys in Aerospace & Defense Sector
- 5.2.3 Rising Demand from 3D Printing Industry
- 5.3 Market Restraints
- 5.4 Market Opportunities
- 5.4.1 Advancements in Extraction and Processing Methods
- 5.5 Future Trends
- 5.5.1 Surging Popularity of Electric Vehicles
- 5.6 Impact of Drivers and Restraints:
6. Scandium Market - Global Market Analysis
- 6.1 Scandium Market Volume (Tons), 2023-2031
- 6.2 Scandium Market Volume Forecast and Analysis (Tons)
- 6.3 Scandium Market Revenue (US$ Million), 2023-2031
- 6.4 Scandium Market Revenue Forecast and Analysis (U$ Million)
7. Scandium Market Volume and Revenue Analysis - by Derivative
- 7.1 Oxide
- 7.1.1 Overview
- 7.1.2 Oxide: Scandium Market - Volume and Forecast to 2031 (Tons)
- 7.1.3 Oxide: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 7.2 Iodide
- 7.2.1 Overview
- 7.2.2 Iodide: Scandium Market - Volume and Forecast to 2031 (Tons)
- 7.2.3 Iodide: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 7.3 Alloy
- 7.3.1 Overview
- 7.3.2 Alloy: Scandium Market - Volume and Forecast to 2031 (Tons)
- 7.3.3 Alloy: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 7.4 Zirconia
- 7.4.1 Overview
- 7.4.2 Zirconia: Scandium Market - Volume and Forecast to 2031 (Tons)
- 7.4.3 Zirconia: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Scandium Market - Volume and Forecast to 2031 (Tons)
- 7.5.3 Others: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
8. Scandium Market Revenue Analysis - by Application
- 8.1 Aerospace and Defense
- 8.1.1 Overview
- 8.1.2 Aerospace and Defense: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.2 Solid Oxide Fuel Cells
- 8.2.1 Overview
- 8.2.2 Solid Oxide Fuel Cells: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.3 Electronics
- 8.3.1 Overview
- 8.3.2 Electronics: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.4 Ceramics
- 8.4.1 Overview
- 8.4.2 Ceramics: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.5 Lighting
- 8.5.1 Overview
- 8.5.2 Lighting: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.6 Nuclear Applications
- 8.6.1 Overview
- 8.6.2 Nuclear Applications: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.7 3D Printing
- 8.7.1 Overview
- 8.7.2 3D Printing: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 8.8 Others
- 8.8.1 Overview
- 8.8.2 Others: Scandium Market - Revenue and Forecast to 2031 (US$ Million)
9. Scandium Market - Geographical Analysis
- 9.1 Overview
- 9.2 North America
- 9.2.1 North America Scandium Market Overview
- 9.2.2 North America Scandium Market - Volume and Forecast to 2031 (Tons)
- 9.2.3 North America Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.2.4 North America Scandium Market Breakdown by Derivative
- 9.2.4.1 North America Scandium Market Volume and Forecast and Analysis - by Derivative
- 9.2.4.2 North America Scandium Market Revenue and Forecast and Analysis -by Derivative
- 9.2.5 North America Scandium Market Breakdown by Application
- 9.2.5.1 North America Scandium Market Revenue and Forecast and Analysis -by Application
- 9.2.6 North America Scandium Market Revenue and Forecast and Analysis - by Country
- 9.2.6.1 North America Scandium Market Volume and Forecast and Analysis - by Country
- 9.2.6.2 North America Scandium Market Revenue and Forecast and Analysis -by Country
- 9.2.6.3 United States Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.2.6.3.1 United States Scandium Market Breakdown by Derivative
- 9.2.6.4 Canada Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.2.6.4.1 Canada Scandium Market Breakdown by Derivative
- 9.2.6.5 Mexico Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.2.6.5.1 Mexico Scandium Market Breakdown by Derivative
- 9.3 Europe
- 9.3.1 Europe Scandium Market Overview
- 9.3.2 Europe Scandium Market - Volume and Forecast to 2031 (Tons)
- 9.3.3 Europe Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.4 Europe Scandium Market Breakdown by Derivative
- 9.3.4.1 Europe Scandium Market Volume and Forecast and Analysis - by Derivative
- 9.3.4.2 Europe Scandium Market Revenue and Forecast and Analysis -by Derivative
- 9.3.5 Europe Scandium Market Breakdown by Application
- 9.3.5.1 Europe Scandium Market Revenue and Forecast and Analysis -by Application
- 9.3.6 Europe Scandium Market Revenue and Forecast and Analysis - by Country
- 9.3.6.1 Europe Scandium Market Volume and Forecast and Analysis - by Country
- 9.3.6.2 Europe Scandium Market Revenue and Forecast and Analysis -by Country
- 9.3.6.3 Germany Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.6.3.1 Germany Scandium Market Breakdown by Derivative
- 9.3.6.4 France Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.6.4.1 France Scandium Market Breakdown by Derivative
- 9.3.6.5 Italy Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.6.5.1 Italy Scandium Market Breakdown by Derivative
- 9.3.6.6 United Kingdom Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.6.6.1 United Kingdom Scandium Market Breakdown by Derivative
- 9.3.6.7 Russia Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.6.7.1 Russia Scandium Market Breakdown by Derivative
- 9.3.6.8 Rest of Europe Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.3.6.8.1 Rest of Europe Scandium Market Breakdown by Derivative
- 9.4 Asia Pacific
- 9.4.1 Asia Pacific Scandium Market Overview
- 9.4.2 Asia Pacific Scandium Market - Volume and Forecast to 2031 (Tons)
- 9.4.3 Asia Pacific Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.4 Asia Pacific Scandium Market Breakdown by Derivative
- 9.4.4.1 Asia Pacific Scandium Market Volume and Forecast and Analysis - by Derivative
- 9.4.4.2 Asia Pacific Scandium Market Revenue and Forecast and Analysis -by Derivative
- 9.4.5 Asia Pacific Scandium Market Breakdown by Application
- 9.4.5.1 Asia Pacific Scandium Market Revenue and Forecast and Analysis -by Application
- 9.4.6 Asia Pacific Scandium Market Revenue and Forecast and Analysis - by Country
- 9.4.6.1 Asia Pacific Scandium Market Volume and Forecast and Analysis - by Country
- 9.4.6.2 Asia Pacific Scandium Market Revenue and Forecast and Analysis -by Country
- 9.4.6.3 Australia Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.6.3.1 Australia Scandium Market Breakdown by Derivative
- 9.4.6.4 China Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.6.4.1 China Scandium Market Breakdown by Derivative
- 9.4.6.5 India Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.6.5.1 India Scandium Market Breakdown by Derivative
- 9.4.6.6 Japan Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.6.6.1 Japan Scandium Market Breakdown by Derivative
- 9.4.6.7 South Korea Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.6.7.1 South Korea Scandium Market Breakdown by Derivative
- 9.4.6.8 Rest of APAC Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.4.6.8.1 Rest of APAC Scandium Market Breakdown by Derivative
- 9.5 Middle East and Africa
- 9.5.1 Middle East and Africa Scandium Market Overview
- 9.5.2 Middle East and Africa Scandium Market - Volume and Forecast to 2031 (Tons)
- 9.5.3 Middle East and Africa Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5.4 Middle East and Africa Scandium Market Breakdown by Derivative
- 9.5.4.1 Middle East and Africa Scandium Market Volume and Forecast and Analysis - by Derivative
- 9.5.4.2 Middle East and Africa Scandium Market Revenue and Forecast and Analysis -by Derivative
- 9.5.5 Middle East and Africa Scandium Market Breakdown by Application
- 9.5.5.1 Middle East and Africa Scandium Market Revenue and Forecast and Analysis -by Application
- 9.5.6 Middle East and Africa Scandium Market Revenue and Forecast and Analysis - by Country
- 9.5.6.1 Middle East and Africa Scandium Market Volume and Forecast and Analysis - by Country
- 9.5.6.2 Middle East and Africa Scandium Market Revenue and Forecast and Analysis -by Country
- 9.5.6.3 South Africa Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5.6.3.1 South Africa Scandium Market Breakdown by Derivative
- 9.5.6.4 Saudi Arabia Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5.6.4.1 Saudi Arabia Scandium Market Breakdown by Derivative
- 9.5.6.5 United Arab Emirates Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5.6.5.1 United Arab Emirates Scandium Market Breakdown by Derivative
- 9.5.6.6 Rest of Middle East and Africa Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.5.6.6.1 Rest of Middle East and Africa Scandium Market Breakdown by Derivative
- 9.6 South and Central America
- 9.6.1 South and Central America Scandium Market Overview
- 9.6.2 South and Central America Scandium Market - Volume and Forecast to 2031 (Tons)
- 9.6.3 South and Central America Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.6.4 South and Central America Scandium Market Breakdown by Derivative
- 9.6.4.1 South and Central America Scandium Market Volume and Forecast and Analysis - by Derivative
- 9.6.4.2 South and Central America Scandium Market Revenue and Forecast and Analysis -by Derivative
- 9.6.5 South and Central America Scandium Market Breakdown by Application
- 9.6.5.1 South and Central America Scandium Market Revenue and Forecast and Analysis -by Application
- 9.6.6 South and Central America Scandium Market Revenue and Forecast and Analysis - by Country
- 9.6.6.1 South and Central America Scandium Market Volume and Forecast and Analysis - by Country
- 9.6.6.2 South and Central America Scandium Market Revenue and Forecast and Analysis -by Country
- 9.6.6.3 Brazil Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.6.6.3.1 Brazil Scandium Market Breakdown by Derivative
- 9.6.6.4 Argentina Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.6.6.4.1 Argentina Scandium Market Breakdown by Derivative
- 9.6.6.5 Rest of South and Central America Scandium Market - Revenue and Forecast to 2031 (US$ Million)
- 9.6.6.5.1 Rest of South and Central America Scandium Market Breakdown by Derivative
10. Competitive Landscape
- 10.1 Heat Map Analysis by Key Players
- 10.2 Company Positioning & Concentration
11. Industry Landscape
- 11.1 Overview
- 11.2 Partnership and Collaboration
12. Company Profiles
- 12.1 American Elements Inc
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
- 12.2 Niocorp Development Ltd
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
- 12.3 Strategic Metal Investments Ltd
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
- 12.4 Rio Tinto Ltd
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
- 12.5 Scandium International Mining Corporation
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
- 12.6 Otto Chemie Pvt. Ltd.
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
- 12.7 Stanford Advanced Materials
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
- 12.8 US Research Nanomaterials, Inc.
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
- 12.9 Heeger Materials Inc
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
- 12.10 Hunan Oriental Scandium Co Ltd
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments
13. Appendix
- 13.1 About The Insight Partners