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The Rhodium Market was worth $2.10B in 2022, and it is expected to increase to $2.28B in 2023 and $3.99B by 2030, at a CAGR (Compound Annual Growth Rate) of 6.7% during the forecast period (2023-2030).
Rhodium, a member of the platinum group metals, is both highly reflective and resistant to corrosion. It's the rarest and most valuable metal on the planet. Catalysts, made with a large portion of the world's rhodium output, reduce the concentration of toxic substances in exhaust gases. Rapid expansion of the global rhodium market is possible due to rising demand for catalytic converters in the automotive industry and rising rhodium demand in other industrial sectors. The rhodium market took a major hit as the price of precious metals dropped following the spread of the Covid-19 pandemic. The fallout from lockout regulations was particularly difficult for the car industry. Lockdown regulations were lifted, and now the market is expected to expand rapidly.
Types of Rhodium on the Market Report
The global market for rhodium is divided into three distinct submarkets based on its chemical composition: alloys, metals, and compounds. The market share leader in this group is the alloys sub-segment. Rhodium can be used to fortify platinum and platinum-based products against corrosion since it acts as an alloy agent. Rhodium's silvery white color, hardness, and resistance to corrosion make it a popular choice for usage in jewelry.
Source-Based Analysis of the Rhodium Industry
The market is broken down into two categories based on where the raw materials come from: minerals and recycled materials. The market is dominated by the mineral resource category. Rhodium extraction is a laborious and time-consuming process. The recycling procedure is lengthy and labor-intensive. Rhodium can be found in a variety of forms, including wire, sheet, rods, and others.
Market Segmentation of Rhodium Uses
Rhodium's market is broken down into many subsets based on its various end uses, such as in the production of chemicals, catalysts, electrical and electronic components, jewelry, and other products. Silver and white gold, for example, might benefit from rhodium since it increases both their shine and their durability. Rhodium catalyzes the reactions necessary to transform contaminants into safe elements, hence the catalyst sector accounts for the lion's share of the market.
Reasons for the Rhodium Market
Demand for Rhodium to Rise Due to Its Increasing Application in Welding
A rise in rhodium demand from applications like automobiles and welding could help drive the industry forward. As a catalyst, rhodium can increase interest in automobiles. Spectrometers and thermoelectric devices are becoming increasingly popular, further driving up demand for the commodity.
Market Limits on Rhodium
Product Costs Could Stifle Development.
One factor that is anticipated to slow the expansion of the rhodium market is the product's relative costliness when compared to competing metals.
Important Developments in the Market
The current market trend is the increasing number of R&D projects in Europe and Japan looking for novel applications for rhodium in various industries. Nitric acid synthesis uses a catalyst made of a platinum-rhodium alloy, which has shown useful in a variety of chemical processes. Rhodium is mostly used to make catalysts that reduce harmful byproduct gases.
Report Coverage
Global Rhodium research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rhodium report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rhodium competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rhodium market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rhodium market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rhodium market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Anglo American Platinum Ltd., Impala Platinum Holdings Limited, Norilsk Nickel, Stillwater Mining Company, Sibanye-Stillwater, Lonmin Plc, Johnson Matthey, Heraeus Holding GmbH, Umicore SA, Tanaka Holdings Co., Ltd., Asahi Holdings, Inc.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Rhodium market based on the below-mentioned segments:
Global Rhodium Market, By Type
Alloys
metals
compounds
Global Rhodium market, By Application
Chemical manufacturing
catalyst
electrical & electronics
jewellery
others
Global Rhodium Market, By Source
Mineral source
recycling resource
Global Rhodium market, Regional Analysis
Rhodium, a member of the platinum group metals, is both highly reflective and resistant to corrosion. It's the rarest and most valuable metal on the planet. Catalysts, made with a large portion of the world's rhodium output, reduce the concentration of toxic substances in exhaust gases. Rapid expansion of the global rhodium market is possible due to rising demand for catalytic converters in the automotive industry and rising rhodium demand in other industrial sectors. The rhodium market took a major hit as the price of precious metals dropped following the spread of the Covid-19 pandemic. The fallout from lockout regulations was particularly difficult for the car industry. Lockdown regulations were lifted, and now the market is expected to expand rapidly.
Types of Rhodium on the Market Report
The global market for rhodium is divided into three distinct submarkets based on its chemical composition: alloys, metals, and compounds. The market share leader in this group is the alloys sub-segment. Rhodium can be used to fortify platinum and platinum-based products against corrosion since it acts as an alloy agent. Rhodium's silvery white color, hardness, and resistance to corrosion make it a popular choice for usage in jewelry.
Source-Based Analysis of the Rhodium Industry
The market is broken down into two categories based on where the raw materials come from: minerals and recycled materials. The market is dominated by the mineral resource category. Rhodium extraction is a laborious and time-consuming process. The recycling procedure is lengthy and labor-intensive. Rhodium can be found in a variety of forms, including wire, sheet, rods, and others.
Market Segmentation of Rhodium Uses
Rhodium's market is broken down into many subsets based on its various end uses, such as in the production of chemicals, catalysts, electrical and electronic components, jewelry, and other products. Silver and white gold, for example, might benefit from rhodium since it increases both their shine and their durability. Rhodium catalyzes the reactions necessary to transform contaminants into safe elements, hence the catalyst sector accounts for the lion's share of the market.
Reasons for the Rhodium Market
Demand for Rhodium to Rise Due to Its Increasing Application in Welding
A rise in rhodium demand from applications like automobiles and welding could help drive the industry forward. As a catalyst, rhodium can increase interest in automobiles. Spectrometers and thermoelectric devices are becoming increasingly popular, further driving up demand for the commodity.
Market Limits on Rhodium
Product Costs Could Stifle Development.
One factor that is anticipated to slow the expansion of the rhodium market is the product's relative costliness when compared to competing metals.
Important Developments in the Market
The current market trend is the increasing number of R&D projects in Europe and Japan looking for novel applications for rhodium in various industries. Nitric acid synthesis uses a catalyst made of a platinum-rhodium alloy, which has shown useful in a variety of chemical processes. Rhodium is mostly used to make catalysts that reduce harmful byproduct gases.
Report Coverage
Global Rhodium research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rhodium report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rhodium competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rhodium market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Anglo American Platinum Ltd., Impala Platinum Holdings Limited, Norilsk Nickel, Stillwater Mining Company, Sibanye-Stillwater, Lonmin Plc, Johnson Matthey, Heraeus Holding GmbH, Umicore SA, Tanaka Holdings Co., Ltd., Asahi Holdings, Inc. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Rhodium Market from 2021 to 2030.
- Market Forecast for Rhodium Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Rhodium competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Rhodium
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rhodium market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rhodium market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Anglo American Platinum Ltd., Impala Platinum Holdings Limited, Norilsk Nickel, Stillwater Mining Company, Sibanye-Stillwater, Lonmin Plc, Johnson Matthey, Heraeus Holding GmbH, Umicore SA, Tanaka Holdings Co., Ltd., Asahi Holdings, Inc.
Primary Target Market
- Market Players of Rhodium
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Rhodium market based on the below-mentioned segments:
Global Rhodium Market, By Type
Alloys
metals
compounds
Global Rhodium market, By Application
Chemical manufacturing
catalyst
electrical & electronics
jewellery
others
Global Rhodium Market, By Source
Mineral source
recycling resource
Global Rhodium market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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