Scandium Market Size, Share, Growth & Industry Trends [2030]

Report Description

The global scandium market size is projected to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising usage of solid oxide fuel cells (SOFCs).

Get Free Sample Report

Scandium is a squishy metallic chemical component that was recently classified as a rare earth source. Scandium iodide is utilized in film and photographic lamps as it assists in producing light with a similar tone to daylight. It is additionally utilized in metal-halide lamps, which are progressively being utilized more than mercury-vapors lamps due to their better efficiency. It is generally stable in air, although it gradually changes color from silvery white to a yellowish look due to surface development. In diluted acids, the metal dissolves rather slowly besides hydrofluoric acid. The huge advantages offered by the utilization of SOFC-based fuel cells as substitutions for internal combustion engines in light-duty vehicles and distribution center forklifts are to build vehicle productivity and backing objectives of decreasing oil use and discharges from the transportation area, which is probably going to bring about a significant expansion in sending fuel cells in the country.

The quick spread and threat from the COVID-19 infection are expected to take a toll on not only the financial growth and occupation, but can deteriorate the development of the manufacturing area and different other end-user industries in the short/mid-term, dialing back the recently anticipated demand for scandium across the globe.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing production of electricity is expected to boost the scandium market.
• Growing demand for energy diversification and the employment of alternative energy sources are some of the key factors fueling the market growth.
• Rapid adoption of technological advancements in the field of automotive industry is spurring the growth of the market growth
• Government initiatives to enable renewable technologies is anticipated to accelerate the growth of the market.
• Growing development in SOFCs for high energy saving is estimated to lead to the growth of the market during the forecast period.
• Inconsistent supply can restrain the growth of the market.
• New product launches and R&D activities amongst major companies are estimated to foster the market growth.
• Growing potential for the market players and manufacturers owing to contribution of the program-based system is expected to create lucrative opportunities during the forecast period.

Scope of the Report                          

The report on the scandium market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Scandium Market Segment Insights

Alloy segment projected to expand at a considerable CAGR

In terms of product types, the scandium market is segmented oxide, fluoride, chloride, nitrate, iodide, alloy, carbonate, and others. The alloy segment is estimated to account for a key share of the market due to improved emission standards, increased benefits of aluminum in alloy wheels over conventional materials, and growing demand for lightweight vehicles. However, the alloy segment is anticipated to hold a key share of the market in the coming years due to increasing demand for the materials industry.

Get Free Sample Report

Aerospace and defense segment is expected to grow at a rapid pace

Based on end-user industry, the market is divided into aerospace and defense, solid oxide fuel cells, ceramics, lighting, electronics, 3D printing, sporting goods, and others. The aerospace and defense segment is estimated to account for a significant share of the market due to new technologies, evolving plans models, and increasing M&A activity can likely further accelerate the shift toward digital and operational efficiencies. The aerospace and defense segment is expected to account for a major share of the market in terms of revenue owing to the increasing demand for aircraft manufacturers.

Get Free Sample Report

North America is anticipated to constitute a large market share

In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to account for a considerable market share during the forecast period. Huge procurement of the aerospace industry is one of the key factors driving the market in the region. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to increasing defense budget and modernization plans in emerging countries such as India and China.

Get Free Sample Report