Market Size of Scandium Industry
| Study Period | 2024 - 2029 |
| Market Size (2024) | USD 646.89 Million |
| Market Size (2029) | USD 992.57 Million |
| CAGR (2024 - 2029) | 8.94 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Scandium Market Analysis
The Scandium Market size is estimated at USD 646.89 million in 2024, and is expected to reach USD 992.57 million by 2029, growing at a CAGR of 8.94% 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 during COVID-19, reducing scandium usage. After 2020, the market expanded steadily because of the continued activities in major end-user segments.
- The major factors driving the market's growth are the increasing usage of solid oxide fuel cells (SOFCs) and the growing demand for aluminum-scandium alloys in the aerospace and defense industries.
- But the high price of scandium and the fact that it isn't always available are likely to keep the studied market from growing.
- Still, growing technology for storing energy and possible uses in the auto industry are likely to give the market opportunities in the years to come.
- During the forecast period, the United States is expected to lead and see the most growth.
