Dublin, March 22, 2023 (GLOBE NEWSWIRE) -- As per this latest study by Fact.MR, a provider of market research and competitive intelligence, the global ruthenium market is expected to reach US$ 8.18 billion by 2033, expanding at a CAGR of 4.7% from 2023 to 2033.
Ruthenium is a polyvalent silvery-white metal and the latest member of the platinum group to be identified. In North and South America, this element is typically found in ores along with other platinum group metals (PGM). South Africa and Canada are also given a commercial stake at the same time. Many minor flames have been burning at Yanartaş in Turkey, for more than 2,500 years.
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It is thought that ruthenium, which is found in the igneous rocks beneath the flame, acts as a catalyst, allowing methane to develop at lower temperatures (i.e., below 100 °C), continuously igniting the flame. Both thick-film resistors and electrical contacts with high wear resistance use this uncommon element. In platinum alloying and chemical catalysis, ruthenium has a small role to play.
With osmium, rhodium, and iridium, ruthenium is categorized as a minor precious metal with a relative supply risk of about 7.6 (a number based on the risk of supply decline and demand rise, market concentration, and political
Key Takeaways from Market Study
- The global ruthenium market amounted to US$ 5.13 billion in 2023.
- Worldwide demand for ruthenium is projected to increase at a CAGR of 4.7% from 2023 to 2033.
- The global market is estimated to touch US$ 8.18 billion by the end of 2033.
- The electrical & electronics segment is anticipated to grow at a CAGR of 5.5%.
- Asia Pacific dominated the global market and is predicted to evolve at 6.7% CAGR.
“The market is being driven by other possible developing uses for ruthenium, including aerospace, super alloys, and fuel cell technologies. It is anticipated that during the forecast period, rising demand for ruthenium in the electrochemical industry would further propel market growth,” says a Fact.MR analyst.
Winning Strategy
Demand for ruthenium is predicted to increase during the forecast period due to the market's rapid growth and rising sales of electronic products. The market for ruthenium is expected to be driven by recent improvements in the chemical sector and expanding technological research. It is being driven by its use in the electrical industry for the manufacture of plasma display panels, thick film chip resistors, and hard drives.
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Market Titans
- British Fluorspar Ltd.
- China Kings Resources Group Co. Ltd.
- Gupo Minersa
- Jianyang Shanshui Chemicals Industry CORP. Ltd.
- Prima Fluorspar Corp.
- Mongolrostsvetmet LLC.
- Seaforth Mineral & Ore Co.
- Sinochem Latina Co. Ltd
Key Strategy of Global Players
The research discusses significant market developments for ruthenium as well as organic and inorganic growth tactics. Numerous businesses are emphasizing organic growth strategies, including type launches, type approvals, and other similar tactics.
Acquisitions, partnerships, and collaborations are inorganic growth tactics that are being observed in the market. These have allowed companies in the ruthenium market to increase their clientele and revenue share. With increasing demand for ruthenium in the global market, ruthenium producers are projected to benefit from lucrative growth prospects in the future.
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Ruthenium Industry Research Segmentation
- By Form :
- Dry/Powder
- Liquid
- Gaseous
- By Distribution Channel :
- Online
- Offline
- By End Use :
- Electrical & Electronics
- Pharmaceuticals
- By Region :
- North America
- Latin America
- Europe
- Asia Pacific & China
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global ruthenium market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on form (dry/powder, liquid, gaseous), distribution channel (online, offline), and end use (electrical & electronics, pharmaceuticals, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).
Key Questions Covered in the ruthenium report
- What is the projected value of the ruthenium in 2023?
- At what rate will the global ruthenium grow until 2033?
- Which are the factors propelling the growth in the ruthenium?
- Which region is expected to lead in the global ruthenium during 2023 to 2033?
- Which are the factors driving the ruthenium during the forecast period?
- What is the expected market value of the ruthenium during the forecast period?
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