Scandium Metal Market By Product Type (99.99%, 99.999%, 99.9995%), By Application (Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, Solid Oxide Fuel Cells), and Region - Global Forecast to 2029
18th July 2019
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- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global scandium metal market is expected to register a CAGR of 3.6% and is projected to reach a value of over US$ 0.1 Bn in 2029. The global scandium metal market report has been segmented on the basis of material type, end-use, and region/ country.
Scandium metal is a silvery, soft, light transition element. The atomic number of this metal is 21 which makes it lightest in weight as compared to other transition metals. Occurrence of scandium is in crustal rocks and is 22 around ppm, which makes it rare. Nonetheless, it is available abundantly in several regions, however its extraction causes challenges in the mining and supply. Scandium rarely concentrates in nature, as it does not combine with some common ore-forming anions, as a result, time and geologic forces can form scandium concentrations around 100 ppm only.
Scandium has its existence in nature in its oxide form, which is also known as scandium oxide or Scandia, with a chemical formula of Sc2O3. Earlier, it was very difficult to reduce its oxide form to its pure elemental form. In 1937, it was first isolated in its pure form, and the first round of the pure and elemental form of scandium was produced in 1960. Processed scandium oxide is available in white powder form, is stable at ambient temperature and is the standard scandium form for trade and commerce.
Dynamics: Global scandium metal market
Various beneficial properties of scandium metal, when alloyed with aluminum, are helping in increasing the adoption rate of scandium in numerous applications. Some properties include easy weld-ability better extrusion property, resistance to salt and corrosion, good hydro-formability, better anodization, and heat working temperature. Owing to these properties, this metal is preferred for the manufacturing of aviation components, sports equipment, etc., which in turn is driving growth of the global scandium market.
Strength is certainly the most important factor in the selection of alloy for manufacturing any part or application. Other metal alloys become brittle and may degrade its other properties, unlike scandium alloy, which can provide high strength without degrading its other properties. In addition, scandium alloys are eco-friendly, fully recyclable, and cannot pollute recycle streams, even after combining with other alloys. The aforesaid factor is fueling the global market growth throughout the forecast period.
A recent trend that is observed in the scandium industry is the rising use of scandium as an alloy with aluminum in aerospace applications. Many major manufacturers of aircraft are now focusing on the use of scandium alloyed aluminum materials for the manufacturing of aircraft parts. These manufacturers believe that use of these alloys can reduce 15%-20% of the overall weight of aircraft. In addition, weld-able, higher strength, corrosion-resistant, and heat tolerable properties of scandium promise cost reduction potential.
Another trend of the global scandium market is incorporation of scandium alloy in Solid Oxide Fuel Cells (SOFCs) as a substitute for yttrium metal. It is used in the fuel cell as a stabilizing agent for the solid electrolyte (usually zirconia). An alloy of scandium exhibits certain heat stabilizing and electrical qualities that make the metal considerably more effective and strong than yttrium in various applications. Scandia-stabilized zirconia (SSZ) has enormously high oxygen-ion conductivity, that is required for an electrolyte of SOFC. In addition, scandium also works as a heat stabilizer in the cell which enables the reactions at a comparatively lower temperature, which in turns, produces higher power outputs, and increases commercial life and the performance of the cell unit. These trends are likely to gain significant traction in the coming years, thus further fueling the target market growth.
Segment Analysis: Global Scandium Metal Market
Analysis, by Product Type:
The scandium metal ingot segment is projected to record highest revenue share in the global market over the 10-year forecast period. The scandium oxide 99.99% segment is expected to register highest CAGR of more than 3.9%, followed by the scandium metal ingot segment in terms of CAGR or growth rate.
Analysis, by Application:
The Solid Oxide Fuel Cells (SOFCs) segment is estimated to account for higher revenue share in the target market as compared to that of the other application segments in the global scandium metal market. The aluminum-scandium alloys segment is projected to witness highest growth and register CAGR of over 4% in the market.
Regional Analysis: Global Scandium Metal Market
The market in the China is estimated to record the largest share in terms of revenue in the global scandium metal market, followed by the US and Europe markets with second-largest and third-largest revenue shares, respectively. In addition, the China scandium metal market is projected to register highest CAGR of 4.2% over the 10-year forecast period.
Recent Developments in the Market:
Scandium International Mining Corp. (Year 2019)
- Lease Application; Scandium International Mining Corp. has filed a new mine lease application (“MLA 568”) with governmental regulators, related to the Nyngan Scandium Project, in New South Wales, Australia.
Scandium International Mining Corp. (Year 2018)
- Letter of Intent; Company has signed a Letter of Intent ("LOI") with Austal Ltd. ("Austal"), to test scandium-containing aluminum alloys in marine applications.
- Company has also signed a Letter of Intent (“LOI”) with PAB Coventry Ltd. (“PAB”) to test scandium-containing alloys in aluminum sheet forming applications.
Global Scandium Metal Market Segmentation:
Segmentation by Product Type:
- Scandium oxide 99.99%
- Scandium oxide 99.999%
- Scandium oxide 99.9995%
- Scandium metal ingot
Segmentation by Application:
- Aluminum-Scandium Alloys
- High-Intensity Metal Halide Lamps
- Solid Oxide Fuel Cells (SOFCs)
Segmentation by Region/ Country:
- South East Asia
- Rest of the World
- United Company RUSAL
- Platina Resources Limited
- 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
- Chapter 1 Global Scandium Metal Market Overview
- 1.1 Introduction
- 1.2 Segmentation for Global Scandium Metal Market, based on Product Type, Therapy and Region
- 1.3 Drivers of Global Scandium Metal Market
- 1.4 Restraints of Global Scandium Metal Market
- 1.5 Opportunities of Global Scandium Metal Market
- 1.6 Trends of Global Scandium Metal Market
- 1.7 PEST Analysis
- 1.8 Value Chain Analysis
- 1.9 PORTER'S Five Forces Analysis
- 1.10 Macro-economic Factors
- 1.11 Opportunity Map Analysis
- 1.11.1 Optimistic Scenario
- 1.11.2 Likely Scenario
- 1.11.3 Conservative Scenario
- Chapter 1 Global Scandium Metal Market Overview
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- Which are the top two revenue contributors among the regions and countries considered in the global scandium metal market?Markets in China and the US are projected to contribute higher revenue shares as compared to other regions/countries in the global market, respectively.
- Which product type segment is projected to contribute highest revenue share in the global scandium metal market?The scandium metal ingot product type segment is projected to contribute the highest revenue share in the global market over the next 10 years.
- What will be the revenue contribution of the solid oxide fuel cells (SOFCs) application segment in the global scandium metal market in 2029?The solid oxide fuel cells (SOFCs) application segment is projected to be valued at approximately US$ 36 Mn in 2029.
- What is the CAGR and 2029 value projection for the global scandium metal market?Revenue from the global scandium metal market is expected to expand at a CAGR of 3.6% and is projected to reach a value of around US$ 0.1 Bn in 2029.
- Which are the top five players operating in the global scandium metal market?United Company RUSAL, Metallica Minerals Limited, DNI Metals Inc., Scandium International Mining Corp., and Stanford Materials Corporation are the top five companies in the global scandium metal market.
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