North America Scandium Market Forecast to 2031

At 29.1% CAGR, North America Scandium Market is Projected to be Worth US$ 686.46 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America scandium market was valued at US$ 89.02 million in 2023 and is anticipated to reach US$ 686.46 million by 2031, recording a CAGR of 29.1% from 2023 to 2031. Surging popularity of electric vehicles and advancements in extraction and processing methods are among the critical factors attributed to drive the North America scandium market growth.

Lightweight and high-performance materials help improve the efficiency and range of electric vehicles (EVs). As the automotive industry experiences a transformative shift toward electric vehicles, scandium’s role becomes even more pronounced. The strength of scandium-aluminum alloys make it 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. This results in lighter and more energy-efficient EVs that can travel longer distances on a single charge, thus addressing key consumer concerns. Scandium-containing materials, such as scandium-doped aluminum electrodes, have shown promise in improving battery conductivity and stability, leading to faster charging times, higher energy density, and increased longevity. These advancements contribute to the overall competitiveness of electric vehicles by improving their driving range and reducing charging times, thereby accelerating their adoption in the marketplace.

The electrification of the automotive sector is driving demand for efficient power electronics and electric motor systems, where scandium-based materials can play a crucial role. Scandium-containing semiconductors exhibit superior electrical conductivity and thermal stability, making them well-suited for EV power electronics applications such as motor controllers, inverters, and onboard charging systems. By incorporating scandium-based components, EV manufacturers can improve their vehicles’ efficiency and performance, further making electric mobility more appealing. Thus, the growing popularity of EVs is poised to influence scandium market trends during the forecast period.

On the contrary, high cost hampers the growth of North America scandium market.

Based on type, the North America scandium market is segmented into oxide, Iodide, alloy, zirconia, and others. The oxide segment held 57.4% market share in 2023, amassing US$ 51.10 million. It is projected to garner US$ 420.36 million by 2031 to register 30.1% CAGR during 2023-2031.

In terms of application, the North America scandium market is categorized into aerospace and defense, solid oxide fuel cells, electronics, ceramics, lighting, nuclear applications, 3D printing, and others. The others segment held 40.7% share of North America scandium market in 2023, amassing US$ 36.26 million. It is projected to garner US$ 275.27 million by 2031 to expand at 28.8% CAGR from 2023 to 2031.

By country, the North America scandium market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 75.6% share of North America scandium market in 2023. It was assessed at US$ 67.27 million in 2023 and is likely to hit US$ 539.64 million by 2031, registering a CAGR of 29.7% during 2023-2031.

Key players operating in the North America scandium market are American Elements Inc; Niocorp Development Ltd; Strategic Metal Investments Ltd; Rio Tinto Ltd; Scandium International Mining Corporation; Stanford Advanced Materials; US Research Nanomaterials, Inc; Heeger Materials Inc; and Hunan Oriental Scandium Co Ltd, among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America scandium market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in the North America scandium market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the North America scandium market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.

TABLE OF CONTENTS

1. Introduction
1.1 The Research Team 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. North America 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. North America Scandium Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Solid Oxide Fuel Cells
5.1.2 Burgeoning Demand for Aluminum-Scandium Alloys in Aerospace & Defense Sector
5.1.3 Rising Demand from 3D Printing Industry
5.2 Market Restraints
5.2.1 High Cost
5.3 Market Opportunities
5.3.1 Advancements in Extraction and Processing Methods
5.4 Future Trends
5.4.1 Surging Popularity of Electric Vehicles
5.5 Impact of Drivers and Restraints:
6. Scandium Market – North America Market Analysis
6.1 Scandium Market Volume (Tons), 2020-2031
6.2 Scandium Market Volume Forecast and Analysis (Tons)
6.3 Scandium Market Revenue (US$ Million), 2020-2031
6.4 Scandium Market Revenue Forecast and Analysis (U$ Million)
7. North America 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. North America 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. North America Scandium Market – Country Analysis
9.1 North America Scandium Market Revenue and Forecast and Analysis – by Country
9.1.1 North America Scandium Market Volume and Forecast and Analysis – by Country
9.1.2 North America Scandium Market Revenue and Forecast and Analysis -by Country
9.1.3 United States Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.3.1 United States Scandium Market Breakdown by Derivative
9.1.4 Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.4.1 Canada Scandium Market Breakdown by Derivative
9.1.5 Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million)
9.1.5.1 Mexico Scandium Market Breakdown by Derivative
10. Competitive Landscape
10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration
11. Company Profiles
11.1 American Elements Inc
11.1.1 Key Facts
11.1.2 Business Description
11.1.3 Products and Services
11.1.4 Financial Overview
11.1.5 SWOT Analysis
11.1.6 Key Developments
11.2 Niocorp Development Ltd
11.2.1 Key Facts
11.2.2 Business Description
11.2.3 Products and Services
11.2.4 Financial Overview
11.2.5 SWOT Analysis
11.2.6 Key Developments
11.3 Strategic Metal Investments Ltd
11.3.1 Key Facts
11.3.2 Business Description
11.3.3 Products and Services
11.3.4 Financial Overview
11.3.5 SWOT Analysis
11.3.6 Key Developments
11.4 Rio Tinto Ltd
11.4.1 Key Facts
11.4.2 Business Description
11.4.3 Products and Services
11.4.4 Financial Overview
11.4.5 SWOT Analysis
11.4.6 Key Developments
11.5 Scandium International Mining Corporation
11.5.1 Key Facts
11.5.2 Business Description
11.5.3 Products and Services
11.5.4 Financial Overview
11.5.5 SWOT Analysis
11.5.6 Key Developments
11.6 Stanford Advanced Materials
11.6.1 Key Facts
11.6.2 Business Description
11.6.3 Products and Services
11.6.4 Financial Overview
11.6.5 SWOT Analysis
11.6.6 Key Developments
11.7 US Research Nanomaterials, Inc.
11.7.1 Key Facts
11.7.2 Business Description
11.7.3 Products and Services
11.7.4 Financial Overview
11.7.5 SWOT Analysis
11.7.6 Key Developments
11.8 Heeger Materials Inc
11.8.1 Key Facts
11.8.2 Business Description
11.8.3 Products and Services
11.8.4 Financial Overview
11.8.5 SWOT Analysis
11.8.6 Key Developments
11.9 Hunan Oriental Scandium Co Ltd
11.9.1 Key Facts
11.9.2 Business Description
11.9.3 Products and Services
11.9.4 Financial Overview
11.9.5 SWOT Analysis
11.9.6 Key Developments
12. Appendix
12.1 About The Research Team

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 Country
Table 9. North America Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 10. United States Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 11. United States Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 12. United States Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 13. Canada Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 14. Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 15. Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application
Table 16. Mexico Scandium Market -Volume and Forecast to 2031 (Tons) – by Derivative
Table 17. Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Derivative
Table 18. Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million) – by Application

LIST OF FIGURES

Figure 1. Scandium Market Segmentation, by Country
Figure 2. Porter’s Five Forces Analysis
Figure 3. Ecosystem Analysis: Scandium Market
Figure 4. Scandium Market – Key Market Dynamics
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. Scandium Market Volume (Tons), 2020-2031
Figure 7. Scandium Market Revenue (US$ Million), 2020-2031
Figure 8. Scandium Market Share (%) – Derivative, 2023 and 2031
Figure 9. Oxide: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 10. Oxide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 11. Iodide: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 12. Iodide: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 13. Alloy: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 14. Alloy: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Zirconia: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 16. Zirconia: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. Others: Scandium Market – Volume and Forecast to 2031 (Tons)
Figure 18. Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 19. Scandium Market Share (%) – Application, 2023 and 2031
Figure 20. Aerospace and Defense: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Solid Oxide Fuel Cells: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Electronics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 23. Ceramics: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 24. Lighting: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 25. Nuclear Applications: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 26. 3D Printing: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 27. Others: Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 28. North America Scandium Market, by Key Countries – Revenue (2023) (US$ Million)
Figure 29. North America Scandium Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 30. United States Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 31. Canada Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 32. Mexico Scandium Market – Revenue and Forecast to 2031 (US$ Million)
Figure 33. Heat Map Analysis by Key Players
Figure 34. Company Positioning & Concentration