New York (US), May 30, 2023 (GLOBE NEWSWIRE) -- Rhodium Market Overview
Market Research Future (MRFR) 's report highlights “Rhodium Market Information By End User, And Region - Forecast till 2030"; the market will achieve USD 3.55 Billion by 2030 at a 4.39% CAGR.
Market Synopsis
The chemical element Rhodium, or Rh, has an atomic number of 45. It is a noble metal and is part of the platinum family. It has the appearance of a silvery-white, extremely rare metal. Rhodium has the qualities of hardness, corrosion resistance, and chemical inertness. Its attributes make it a more sustainable option than other metals like gold and silver. The metal is also extensively used as an alloying component in palladium or platinum. The rhodium market has recently undergone several changes, particularly in the automobile sector. Rhodium is used more frequently in new technologies like electric vehicles, which have seen several technological advancements in the automotive sector over time. The requirement for rhodium used in catalytic converters for cars is rising due to various government regulations being implemented in different nations to reduce carbon emissions.
Additionally, the industry is witnessing the development of fresh technologies like 3D printing, additive production, and nanomaterials, creating fresh possibilities for using rhodium. Since rhodium is a precious and rare metal, demand is anticipated to increase over the next few years as more people discover its many uses. As a result, it is anticipated that the rhodium market will expand if there is a need for its various applications. Rhodium is heavily used in various applications, including electrical, jewelry, the manufacturing of several chemicals, and catalytic conversion. Rhodium is increasingly being used in the jewelry sector. Jewelry and timepieces are plated with rhodium to create a gleaming, robust surface that resists scratching and tarnishing. Rhodium demand is largely driven by its use in jewelry, which is expected to rise as jewelry becomes increasingly popular.
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Market Competitive Landscape:
The important contenders in the rhodium market are:
- South Africa's Impala Platinum,
- Anglo Platinum,
- Russia's Norilsk Nickel,
- Zimbabwe's Zimplats,
- North American Palladium (NAP)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size in 2032 | USD 3.55 Billion |
| CAGR | 4.39% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End User, and Region |
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Market U.S.P. Covered:
Market Drivers:
Rhodium is in increasing demand for various applications, fueling market expansion. Due to its hardness characteristics, it is used in jewelry as a protective coat to help shield jewelry from scratches. The product is extensively used as a blowing agent in furnace coils, electrodes for airplane spark plugs, and laboratory crucibles. The rising consumer spending on jewelry and the rapid advancement of products will drive up demand for the goods. Therefore, over the course of the forecast period, these factors will drive market growth. The demand for catalytic converters used in cars and trucks and the increasing need for rhodium in many different industries are two factors that are anticipated to fuel market growth. Additionally, it is anticipated that the global rhodium market will be driven during the anticipated period by the increasing need for thermoelectric tools and spectrometers. One of the biggest forces behind the growth of the rhodium market is the expansion of the automotive sector and the rising demand for catalytic converters.
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More than 20% of the world's rhodium demand is met by the widespread use of rhodium as a catalyst in automotive catalytic converters. The growing popularity of catalytic converters in automobiles and other motor vehicles due to the strict emission control rules put in place by governments worldwide has increased the need for rhodium and additional precious metals like platinum and palladium. In addition, it is anticipated that consumer demand for catalytic converters and the metal rhodium used in catalysts will rise further with the introduction of electric vehicles. Palladium-rhodium alloys are a class of substances made of palladium and rhodium in roughly equal amounts. Palladium-rhodium alloys are used as catalysts in producing polymers, chemicals, and herbicides in the chemical industry. The increased production of catalysts for use in petroleum refining processes is expected to increase the need for the palladium-rhodium alloy.
Market Restraints:
When compared to other metals, rhodium is too expensive. This limits the applications for which it can be used and is expected to restrain market growth. The global rhodium market is anticipated to face challenges from scarce resources and growing demand for applications that will pressure its supply. Rhodium processing difficulties, price volatility, laws and regulations, solidified stature, and government regulations will all act as growth inhibitors for the global market.
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Market Segmentation.
The end-user industry is split into jewelry and watches, industrial, and automotive.
Regional Insights
Rhodium market growth is anticipated to be steady in Europe. The increase is attributed to increased rhodium production for jewelry use. The expansion of the market in Asia-Pacific will be fueled by the increasing adoption of products in chemical manufacturing. The growth in North America results from the product's rising popularity in the electrical and electronics sector. Due to the product's use as a catalyst, the Middle East and Africa are expected to experience significant growth.
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