IMARC Group, a leading market research company, has recently releases report titled “Rhodium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” 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.
How big is the rhodium market?
The global rhodium market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.93% during 2023-2028.
What is rhodium?
Rhodium is a rare, silvery-white, hard, and chemically resistant transition metal that is a member of the platinum group of metals. It holds the chemical symbol Rh and the atomic number 45. Rhodium is found in platinum and nickel ores and is mainly used in catalytic converters to reduce automobile emissions. It's also utilized in the jewelry industry to plate white gold and silver, giving them a reflective finish. Rhodium is known for its exceptional ability to withstand corrosion, and its scarcity, coupled with high demand, often makes it more valuable than gold or platinum.
Additionally, it's used in various industrial applications, such as electrical contacts and thermocouple elements. Rhodium's unique properties make it a highly sought-after material in various sectors, from automotive to electronics.
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What are the growth prospects and trends in the Rhodium industry?
The extensive use of rhodium in catalytic converters to reduce harmful emissions represents one of the key factors driving the growth of the rhodium market across the globe. This, coupled with the growth in the automotive industry, especially in emerging markets is acting as a major growth-inducing factor. In line with this, rhodium is rare and mainly obtained as a by-product of platinum and nickel mining. Supply constraints are leading to price volatility, which is positively impacting the market. Usage in electrical contacts, thermocouples, and other industrial applications is contributing to demand. Rhodium's scarcity and value make it an attractive investment option, which is affecting the market dynamics.
In addition to this, stricter emissions standards worldwide increase the need for rhodium in automotive emission control technologies. The market is also driven by innovations in technologies utilizing rhodium which is creating new demand in sectors like electronics, fuel cells, and medical devices. Other factors, such as recycling practices, rising industrialization, the use of rhodium in the jewelry industry, and global trade policies, are creating a positive outlook for the market across the globe.
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
- JJ Materials Inc.
- Johnson Matthey PLC
- Norilsk Nickel
- Northam Platinum Holdings Limited
- Parekh Industries Ltd.
- Reade International Corp.
- Sharretts Plating Company
- Sibanye-Stillwater
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 Industry:
- Automotive
- Chemical
- Glass
- Electricals and Electronics
- Others
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
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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