Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "Global Rhenium Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.
The global rhenium market has seen significant growth, reaching a value of US$63.945 million in 2021. Rhenium, a rare metal, plays a crucial role in various industries, including aerospace, automotive, healthcare, and industrial gas turbines.
Its exceptional properties, such as high strength and corrosion resistance, make it a sought-after material for the production of superalloys, catalysts, and other critical components.
Key Market Segments:
Applications:
- Superalloys
- Catalysts
- Others
End-Users:
- Aerospace
- Industrial Gas Turbines
- Automotive
- Healthcare
- Other Industries
The aerospace and healthcare sectors are major consumers of rhenium metal alloys and elements. In the aerospace industry, rhenium is utilized to enhance the resistance power of alloys in engine manufacturing, while the healthcare sector employs it in X-ray machines, oven filaments, and oncological drug development. Specific rhenium radioisotopes like Rhenium-188 are being studied for potential use in radiopharmaceutical therapies, further driving demand.
Market Drivers:
- Increasing Importance in the Medical Field: Rhenium's role in biomedical applications, such as X-ray machines and oncological drug development, is driving demand in the healthcare sector. Ongoing research, such as the use of rhenium metal complexes to eliminate ovarian cancer, indicates its growing significance in medical advancements.
- Extensive Application in the Aerospace Sector: The aerospace industry relies on rhenium and molybdenum-based alloys for aviation parts and aerospace components. As air travel and aviation technology expand, the demand for rhenium in aircraft production is increasing.
- Recyclability and Availability of Substitutes: The recycling of rhenium in certain nickel alloy scraps and catalysts, as well as the availability of substitutes in some applications, could limit market growth.
Market Developments:
In March 2023, Heraeus Precious Metals, a subsidiary of Heraeus Holding, announced a partnership with Alfred Kochen for distribution purposes, showcasing the industry's continued growth and collaboration.
North America Leads in Rhenium Market:
North America, with the US and Canada as prominent contributors, dominates the rhenium market. The US Geological Survey Department reported significant rhenium consumption, with the US producing primary and secondary rhenium to meet increasing demands. The region's growing importance in oncological research further boosts rhenium consumption.
Key Players:
- American Elements
- H Cross Company
- Heraeus Holding
- MOLYMET S.A.
- Rhenium Alloys, Inc
- KGHM
- Avon Metals Ltd.
- China Rhenium Co., Ltd.
- Ultramet
- Umicore
The steady growth of the rhenium market is expected to continue, driven by its crucial applications in key industries. As research and advancements in aerospace and healthcare sectors progress, rhenium will remain a vital element in the global market.
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