Global Scandium Metal Market By Product Type (99.99%, 99.999%, 99.9995%, Metal Ingot), By Application (Aluminum-Scandium Alloys, High-Intensity Metal Halide Lamps, Lasers, Solid Oxide Fuel Cells) and Region - Global Forecast to 2030

Global Scandium Metal Market Overview:

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%.

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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.

Dynamics:

Scandium when used in conjunction with aluminum as an alloy possesses various favorable properties such as improved resistance to corrosion and salt, easier weldability, excellent hydro-formability and heat working temperature, as well as better anodization. Owing to these benefits, this product is increasingly being implemented in the aviation industry for various applications including the manufacture of aviation components. This is a major factor that is slated to continue to fuel the revenue growth of the global scandium metal market over the next decade.

Furthermore, increasing investments being made by various government organizations towards the further development of the electronics industry, as well as in the strengthening of their respective defense forces. These factors are also slated to play a pivotal role in boosting new opportunities for market growth in the years to come.

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.

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.

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.

Segmentation of the Global Scandium Metal Market:

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
• Lasers
• Solid Oxide Fuel Cells (SOFCs)

Segmentation by Regions:

• North America
• Europe
• APAC
• South America
• MEA