Scandium Market Size, Demand, and Forecast 2031
The scandium market was valued at US$ 230.26 million in 2023 and is expected to reach US$ 1,660.13 million by 2031; it is estimated to register a CAGR of 28.0% from 2023 to 2031.
MARKET ANALYSIS
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. Manufacturers can produce lightweight yet durable components with complex geometries and excellent dimensional accuracy by incorporating scandium into metal powders used in 3D printing processes such as selective laser melting (SLAM) and electron beam melting (EBM). Thus, advanced 3D-printed aerospace, automotive, and medical devices manufactured using scandium-reinforced metal powders exhibit optimized product performance and cause low material wastage.
GROWTH DRIVERS AND CHALLENGES
The increasing adoption of solid oxide fuel cells contributes to the growing scandium market size. Solid oxide fuel cells (SOFCs), known for their high efficiency and low emissions, are gaining traction as a potential alternative to conventional power generation technologies in various sectors, including stationary power generation, transportation, and portable electronics. Scandium plays a pivotal role in SOFC technology, particularly in the form of scandium-stabilized zirconia (ScSZ). Used as an electrolyte in these cells, ScSZ improves ionic conductivity at elevated temperatures, enabling efficient ion transport across the cell and enhancing overall performance. This results in higher energy conversion efficiencies and enhanced durability, making SOFCs more attractive for widespread commercial and industrial applications.
The surging demand for clean energy owing to environmental concerns and regulatory pressure to reduce greenhouse gas emissions is fueling the adoption of SOFCs worldwide. SOFCs, when operated with a hydrocarbon fuel source, generate CO2, but they carry out much cleaner processing of fuels than combustion-based systems, which highlights their suitability in low-emission devices. In 2000, the US Department of Energy initiated the SOFC Program to develop low-cost, highly efficient, environmentally friendly SOFC technology for smaller, modular-scale, large-scale power generation from natural gas or coal-derived synthesis. In addition, in September 2020, the US Department of Energy (DOE) announced the funding of approximately US$ 34 million for 12 small-scale solid oxide fuel cell systems and hybrid electrolyzer technology development projects under the funding opportunity announcement (FOA). Industries seeking to decarbonize their operations are increasingly opting for SOFCs as a reliable and sustainable power generation option.
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Scandium Market: Strategic Insights
Market Size Value in US$ 230.26 million in 2023 Market Size Value by US$ 1,660.13 million by 2031 Growth rate CAGR of 28.0% from 2023 to 2031 Forecast Period 2023-2031 Base Year 2023
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Scandium Market: Strategic Insights
| Market Size Value in | US$ 230.26 million in 2023 |
| Market Size Value by | US$ 1,660.13 million by 2031 |
| Growth rate | CAGR of 28.0% from 2023 to 2031 |
| Forecast Period | 2023-2031 |
| Base Year | 2023 |
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REPORT SEGMENTATION AND SCOPE
The "Scandium Market Analysis and Forecast to 2030" is a specialized and in-depth study focusing significantly on global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation on the basis of derivative, application, and geography. The report provides key statistics on the use of scandium across all major regions, along with their demand in major countries. In addition, it provides a qualitative assessment of various factors affecting the scandium market growth in major countries. It also includes a comprehensive analysis of the leading players in the market and their key strategic developments. Analysis of the market dynamics is also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets. The surging popularity of electric vehicles is likely to bring significant growth trends in the scandium market in the future. Lightweight and high-performance materials help improve the efficiency and range of electric vehicles (EVs). As the automotive industry experiences a transformative shift toward EVs, scandium's role becomes even more pronounced. The strength of scandium–aluminum alloys makes them an attractive choice for EV manufacturing. In the automotive sector, wherein reducing weight is paramount for optimizing energy efficiency and extending battery performance, scandium–aluminum alloys are used in vehicle components such as body panels, chassis, and battery enclosures; this allows automakers to achieve significant weight reductions without compromising structural integrity.
The ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global scandium market, which helps understand the entire supply chain and various factors influencing the market growth. The report also includes growth prospects owing to the current scandium market trends and their foreseeable impact during the forecast period.
SEGMENTAL ANALYSIS
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.
Based on application, the global scandium market is segmented into aerospace and defense, solid oxide fuel cells, electronics, ceramics, lighting, nuclear applications, 3D printing, and others. The electronics segment accounts for a significant scandium market share. The incorporation of scandium in various forms into electronics drastically enhances the performance and functionality of devices. Scandium is primarily used in the production of high-intensity discharge (HID) lamps, which are widely used for outdoor lighting, such as streetlights and stadium lighting. The use of scandium iodide in lamp structures increases their efficiency and longevity. Moreover, scandium–aluminum alloys are gaining attention in the electronics industry due to their remarkable strength-to-weight ratios. These alloys can be utilized in lightweight electronic casings and components, allowing for the creation of more portable and durable devices.
REGIONAL ANALYSIS
The report provides a detailed overview of the global scandium market with respect to major regions, including North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SAM). North America accounted for the largest market share, and the market in this region was valued at ∼US$ 90 million in 2023. The scandium market in North America is characterized by the increasing demand for this metal in various industrial sectors and ongoing efforts to develop its domestic sources to reinforce the supply chain. Scandium has garnered significant attention in North America due to its potential applications in the aerospace, automotive, electronics, clean energy, and defense industries. The market value in Europe is expected to reach ∼US$ 380 million by 2031. The scandium market in Asia Pacific is expected to record a CAGR of over 25% from 2023 to 2031.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
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.
Scandium Market Report Scope
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The scandium market report includes company positioning and concentration to evaluate the performance of competitors/players in the market. According to the press releases, a few initiatives taken by the key players operating in the market are listed below:
- In 2024, NioCorp Collaborated with a UK-based university to develop innovative aluminum–scandium alloys.
- In 2023, Rio Tinto entered into a binding agreement to acquire the Platina Scandium Project, a high-grade scandium resource in New South Wales, from Platina Resources Limited (ASX: PGM) for the value of US$ 14 million.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Derivative, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The major players operating in the global scandium market are 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.
Based on derivative, the market is segmented into oxide, iodide, alloy, zirconia, and others. The iodide segment accounts for a significant share of the scandium market. Scandium iodide (ScI3) is classified as a rare earth halide and is characterized by its distinctive pink color in its solid form.
Asia Pacific is the largest region of global 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.
Ongoing research and development in extraction technologies are paving the way for more efficient and cost-effective production methods. Novel extraction techniques, such as solvent extraction, ion exchange, and innovative leaching processes, are being developed to improve scandium recovery from various sources, including ores, industrial waste streams, and by-products of other mining operations.
Solid oxide fuel cells (SOFCs), known for their high efficiency and low emissions, are gaining traction as a promising alternative to conventional power generation technologies in various sectors, including stationary power generation, transportation, and portable electronics.
Based on application, the global scandium market is segmented into aerospace and defense, solid oxide fuel cells, electronics, ceramics, lighting, nuclear applications, 3D printing, and others. The solid oxide fuel cells and ceramics segment accounts for a significant market share and SOFC’s are expected to grow at higher CAGR. Scandium plays a crucial role in solid oxide fuel cells (SOFCs), a promising technology for clean and efficient energy conversion.
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
5.3.1 High Cost
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
List of Tables
Table 1. Scandium Market Segmentation
Table 2. List of Vendors
Table 3. Scandium Market – Volume and Forecast to 2031 (Tons)
Table 4. Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 6. Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 7. Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 8. North America Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 9. North America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 10. North America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 11. North America Scandium Market – Volume and Forecast to 2031 (Tons) – by Country
Table 12. North America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 13. United States Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 14. United States Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 15. United States Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. Canada Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 17. Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 18. Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 19. Mexico Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 20. Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 21. Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 22. Europe Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 23. Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 24. Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 25. Europe Scandium Market – Volume and Forecast to 2031 (Tons) – by Country
Table 26. Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 27. Germany Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 28. Germany Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 29. Germany Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 30. France Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 31. France Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 32. France Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 33. Italy Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 34. Italy Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 35. Italy Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 36. United Kingdom Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 37. United Kingdom Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 38. United Kingdom Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 39. Russia Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 40. Russia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 41. Russia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 42. Rest of Europe Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 43. Rest of Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 44. Rest of Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 45. Asia Pacific Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 46. Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 47. Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 48. Asia Pacific Scandium Market – Volume and Forecast to 2031 (Tons) – by Country
Table 49. Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 50. Australia Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 51. Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 52. Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 53. China Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 54. China Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 55. China Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 56. India Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 57. India Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 58. India Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 59. Japan Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 60. Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 61. Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 62. South Korea Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 63. South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 64. South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 65. Rest of APAC Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 66. Rest of APAC Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 67. Rest of APAC Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 68. Middle East and Africa Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 69. Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 70. Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 71. Middle East and Africa Scandium Market – Volume and Forecast to 2031 (Tons) – by Country
Table 72. Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 73. South Africa Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 74. South Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 75. South Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 76. Saudi Arabia Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 77. Saudi Arabia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 78. Saudi Arabia Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 79. United Arab Emirates Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 80. United Arab Emirates Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 81. United Arab Emirates Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 82. Rest of Middle East and Africa Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 83. Rest of Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 84. Rest of Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 85. South and Central America Scandium Market – Volume and Forecast to 2031 (Tons) – by Derivative
Table 86. South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 87. South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 88. South and Central America Scandium Market – Volume and Forecast to 2031 (Tons) – by Country
Table 89. South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 90. Brazil Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 91. Brazil Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 92. Brazil Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 93. Argentina Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 94. Argentina Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 95. Argentina Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 96. Rest of South and Central America Scandium Market –Volume and Forecast to 2031 (Tons) – by Derivative
Table 97. Rest of South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 98. Rest of South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
List of Figures
Figure 1. Scandium Market Segmentation, by Geography
Figure 2. PORTER’s Five Forces Analysis
Figure 3. Ecosystem Analysis: Scandium Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Scandium Market Volume (Tons), 2023–2031
Figure 6. Scandium Market Revenue (US$ Million), 2023–2031
Figure 7. Scandium Market Share (%) – Derivative, 2023 and 2031
Figure 8. Oxide: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 9. Oxide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Iodide: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 11. Iodide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Alloy: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 13. Alloy: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 14. Zirconia: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 15. Zirconia: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Others: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 17. Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 18. Scandium Market Share (%) – Application, 2023 and 2031
Figure 19. Aerospace and Defense: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Solid Oxide Fuel Cells: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Electronics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Ceramics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Lighting: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Nuclear Applications: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. 3D Printing: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Scandium Market Breakdown by Region, 2023 and 2031
Figure 28. North America Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 29. North America Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 30. North America Scandium Market Breakdown by Derivative (2023 and 2031)
Figure 31. North America Scandium Market Breakdown by Application (2023 and 2031)
Figure 32. North America Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 33. United States Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 34. Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 35. Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 36. Europe Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 37. Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 38. Europe Scandium Market Breakdown by Derivative (2023 and 2031)
Figure 39. Europe Scandium Market Breakdown by Application (2023 and 2031)
Figure 40. Europe Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 41. Germany Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 42. France Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 43. Italy Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 44. United Kingdom Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 45. Russia Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 46. Rest of Europe Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 47. Asia Pacific Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 48. Asia Pacific Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 49. Asia Pacific Scandium Market Breakdown by Derivative (2023 and 2031)
Figure 50. Asia Pacific Scandium Market Breakdown by Application (2023 and 2031)
Figure 51. Asia Pacific Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 52. Australia Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 53. China Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 54. India Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 55. Japan Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 56. South Korea Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 57. Rest of APAC Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 58. Middle East and Africa Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 59. Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 60. Middle East and Africa Scandium Market Breakdown by Derivative (2023 and 2031)
Figure 61. Middle East and Africa Scandium Market Breakdown by Application (2023 and 2031)
Figure 62. Middle East and Africa Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 63. South Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 64. Saudi Arabia Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 65. United Arab Emirates Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 66. Rest of Middle East and Africa Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 67. South and Central America Scandium Market –Volume and Forecast to 2031 (Tons)
Figure 68. South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 69. South and Central America Scandium Market Breakdown by Derivative (2023 and 2031)
Figure 70. South and Central America Scandium Market Breakdown by Application (2023 and 2031)
Figure 71. South and Central America Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 72. Brazil Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 73. Argentina Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 74. Rest of South and Central America Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 75. Heat Map Analysis by Key Players
Figure 76. Company Positioning & Concentration
The List of Companies - Scandium Market
- 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
- Hunan Oriental Scandium Co Ltd.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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