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.

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