IMARC Group, a leading market research company, has recently releases report titled “Rhodium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global rhodium market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the rhodium market?
The global rhodium market size reached US$ 2.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.46% during 2024-2032.
What is Rhodium?
Rhodium, denoted by the chemical symbol Rh and possessing an atomic number of 45, is a rare transition metal. It exhibits a silvery-white appearance, remarkable hardness, and notable resistance to chemical reactions. This metal belongs to the platinum group of elements and can be sourced from platinum and nickel ores. Its primary application lies in catalytic converters, where it plays a pivotal role in reducing emissions from automobiles. Furthermore, the jewelry industry employs rhodium for plating white gold and silver, bestowing upon them a shiny, reflective surface. Rhodium is renowned for its exceptional corrosion resistance, and due to its scarcity and high demand, it often commands a higher value than gold or platinum. Beyond these applications, it finds use in diverse industrial sectors, including electrical contacts and thermocouple components. The distinctive properties of rhodium render it a highly coveted material across a spectrum of industries, ranging from automotive to electronics.
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What are the growth prospects and trends in the rhodium industry?
The global rhodium market is experiencing significant growth due to several key factors. One of the primary drivers is the widespread utilization of rhodium in catalytic converters to reduce harmful emissions. This is particularly significant in light of the expansion of the automotive industry, especially in emerging markets, which further fuels market growth. Rhodium is a rare element primarily obtained as a by-product of platinum and nickel mining, resulting in limited supply. This scarcity leads to supply constraints, which in turn contribute to price volatility, positively impacting the market. Additionally, the demand for rhodium remains robust due to its use in various industrial applications such as electrical contacts and thermocouples. Innovations in technologies that incorporate rhodium are creating fresh demand in sectors like electronics, fuel cells, and medical devices, further propelling market growth. Other factors, including recycling practices, the ongoing process of industrialization, rhodium’s use in the jewelry industry, and global trade policies, collectively contribute to a positive outlook for the global rhodium market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Source:
- Mineral Source/PGM Mining
- Recycling
Breakup by Product Type:
- Alloys
- Metals and Compounds
Breakup by Application:
- Catalysis
- Jewelry Making
- Platinum and Palladium Alloying
- Others
Breakup by End Use:
- Automotive
- Chemical
- Glass
- Electricals and Electronics
- Others
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- American Elements
- Anglo American Platinum Limited
- D.F. Goldsmith Chemical & Metal Corp.
- Impala Platinum Holdings Limited
- J&J Materials Inc.
- Johnson Matthey PLC
- Norilsk Nickel
- Northam Platinum Holdings Limited
- Parekh Industries Ltd.
- Reade International Corp.
- Sharretts Plating Company
- Sibanye-Stillwater
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