Scandium Market Size (2024 - 2029)

Scandium Market Analysis

The Scandium Market size is estimated at USD 0.67 billion in 2024, and is expected to reach USD 1.34 billion by 2029, growing at a CAGR of 14.70% during the forecast period (2024-2029).

• The COVID-19 pandemic negatively impacted the scandium market. Due to the lockdown, major end-user segments such as aerospace and defense, ceramics, and electronics were suspended, reducing the usage of scandium. However, post-pandemic, the market expanded steadily because of the continued activities in major end-user segments.
• In the short term, increasing usage in solid oxide fuel cells (SOFCS) and increasing demand for aluminum-scandium alloys in the aerospace and defense industry are the factors driving the studied market.
• However, the high price of scandium may hinder the growth of the studied market between 2024 and 2029.
• Potential applications in the automotive industry and growing technology for storing energy are likely to give the market opportunities in the coming years.
• China is expected to dominate the market, and the European Union is expected to see the highest CAGR between 2024 and 2029.

Scandium Industry Segmentation

Scandium, with the chemical symbol Sc and atomic number 21, is a silver-white transitional metal categorized as a rare-earth element. It possesses distinctive traits such as lightness, a high melting point, and a small ionic radius. Due to its small ion size, it seldom forms concentrations exceeding 100 ppm naturally, as it doesn't readily bond with common ore-forming anions. Notably, its main applications include solid oxide fuel cells (SOFCs) and aluminum-scandium alloys, enhancing strength and performance, particularly due to its fine grain refinement, which reduces hot cracking in welds and improves fatigue behavior.

The scandium market is segmented by product type, end-user industry, and geography. By product type, the market is segmented into oxide, fluoride, chloride, nitrate, iodide, alloy, carbonate, and other product types. By end-user industry, the market is segmented into aerospace and defense, solid oxide fuel cells, ceramics, lighting, electronics, 3D printing, sporting goods, and other end-user industries. The report also covers the market size and forecasts for scandium in 6 countries across major regions. For each segment, market sizing and forecasts were made based on revenue (USD million).