Global Scandium Market Outlook to 2026

Scandium is a soft, silvery-white metallic element with characteristics that are similar to the rare-earth metals (lanthanides). Its occurrence in crustal rocks is around 22 ppm, making scandium generally more abundant than lead, mercury, and precious metals and about the same as cobalt. Scandium exists in nature in its oxide form and tarnishes to pink or yellow. It is very difficult to reduce to its pure elemental state.

According to BlueQuark Research & Consulting, the global scandium market is expected to witness growth at a significant rate during the forecast period. The major factors responsible for the global scandium market's growth would be increasing demand for an alternative energy source, successively, leading to a surge in production of solid oxide fuel cells, and increasing demand from aerospace, defense, and electronic industries. However, the high cost of scandium, inconsistent supply, and lack of knowledge would serve as restraining factors for this market’s growth.

North Americanregion is expected to be the largest market for global scandium due to the presence of many end-user industries here. However, the Asia-Pacific region is likely to witness a faster growth rate than inother regions. Focus on defense and aerospace spending in this region is likely to play an important role in driving APAC’s market growth.

The global scandium market is consolidated. Major players in the market were found to be Scandium International Mining Corporation, Platina Resources Ltd, Clean Teq, Australian Mines Ltd, Hunan Rare Earth Metal Material Research Institute, Stanford Advanced Materials, among others.

Australian Mines Ltd, one of the promising key players in the scandium market, is to develop next-gen aluminum alloys in collaboration with Deakin University’s Institute for Frontier Materials. The 9-month project that commenced on 12th October 2020 will use machine learning algorithms and Deakin’s expertise in alloy development.

Rio Tinto Group, an Anglo-Australian multinational and the world’s second-largest metals and mining corporation-have developed a new process to extract high purity scandium oxide, a critical mineral, from by-products generated in the production of titanium dioxide at the Rio Tinto Fer et Titane metallurgical operation in Sorel-Tracy in Quebec.

GlobalScandium Market report provides deep insights into the current and future state of the scandium market across various regions. The study comprehensively analyzes the scandium market by segmenting based on type (Pure Metal and Metal Powders, Alloy, and Compounds), application (Aerospace and Defense, Solid Oxide Fuel Cells, Sporting Goods, Heat Exchangers, and Others), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on market growth, in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of major companies, including their market shares and projects.