New York, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global ruthenium tetroxide market is estimated to grow at a CAGR of ~9% over the forecast period. The market is estimated to garner a revenue of ~USD 2 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022. Market growth is mainly driven by the increased use of dye-sensitized solar cells that contain ruthenium tetroxide. Solar cells with dye-sensitized surfaces (DSSCs) have gained a lot of interest in recent years. According to this calculation, the DSSC performs at 16% with an energy yield of 1475 kWh per kWDC. Approximately 9% of the world's solar photovoltaic panels are projected to be dye-sensitized by 2030, according to a recent estimate. Ruthenium tetroxide is an effective and efficient sensitizer for dye-sensitized solar cells, and its unique properties make it an ideal choice for this application.
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This has resulted in an increased demand for ruthenium tetroxide-based dyes, which has driven the growth of the ruthenium tetroxide market. Moreover, ruthenium tetroxide is also used in other industries, such as photo-catalysis, electroplating, and chemical synthesis. This increased demand from multiple industries, combined with the increased use of ruthenium tetroxide in dye-sensitized solar cells, is expected to drive market growth over the forecast period.
Global Ruthenium Tetroxide Market: Key Takeaways
- Market in North America to grow at a highest rate
- The staining agents segment to see the most growth over the next few years
- Market in Asia Pacific to propel highest growth
Increasing Popularity of Ruthenium Tetroxide in Electronics Goods Along with Rising Demand for Electronics to Boost Market Growth
Ruthenium tetroxide is a key component in the production of semiconductors, which are used in a wide range of electronic devices. With more people buying electronic devices, semiconductor production is expected to rise, resulting in ruthenium tetroxide demand. For instance, there has been a 12% increase in the Industrial Production Index for computer, electronic, and optical products in India over the FY 2021–22. A 50% increase over the previous year's USD 10 billion was achieved in electronic goods exports between April and December 2022. Also, the Semiconductor Industry Association (SIA) reported that global semiconductor sales totaled USD 45.5 billion in November 2022. Ruthenium tetroxide is a corrosion-resistant material that can be used in a variety of electronic components, including semiconductor substrates, transistors, and resistors. It is also useful in the production of wafers and substrates because of its ability to form thin but durable films. In addition, its low electrical resistivity makes it ideal for use in the electronics industry. Additionally, the development of cutting-edge technologies such as 5G and artificial intelligence, which require more powerful semiconductors, is also anticipated to drive up the demand for ruthenium tetroxide in the coming years.
Global Ruthenium Tetroxide Market: Regional Overview
The global ruthenium tetroxide market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increasing Consumption of Pharmaceutical Medications to Drive Market Growth in the North American Region
The ruthenium tetroxide market in the North America region is estimated to garner the largest revenue by the end of 2035 owing to the rising demand for ruthenium tetroxide from the pharmaceutical and chemical industries, as North America is the leading pharmaceutical industry in the world and has the most advanced healthcare systems. This has driven the demand for ruthenium tetroxide, as it is used in the production of drugs such as antibiotics and antifungals. An estimate from a recent study shows that the U.S. pharmaceutical industry accounted for 46% of global pharmaceutical sales in 2020. Furthermore, it is estimated that the total amount of money spent on medicines in the United States in 2021 reached approximately USD 563 billion. Ruthenium tetroxide is a reagent that can be used in the production of drugs owing to its ability to oxidize organic compounds, which can lead to the formation of desired molecules. It can also be used to oxidize and convert molecules into other forms, which can be used for drug synthesis. Additionally, the presence of several large-scale manufacturers and an extensive network of research and development centers and universities in the region are contributing to the growth of the regional market.
Increasing R&D Spending by Companies to Boost Market Growth in the Asia Pacific Region
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The ruthenium tetroxide market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2035, backed by the increasing investments in R&D for new applications of ruthenium tetroxide in the region combined with its growing utilization in the production of electronic components. A total of USD 450 billion was expected to be spent on R&D in 2020 by China. The Chinese R&D investment in 2021 grew by 13% over that in 2020, reaching USD 400 billion. The demand for ruthenium tetroxide is increasing owing to the growing use of it in advanced technologies such as nanotechnology, semiconductors, and photovoltaics. With more investment in R&D, companies are prone to using higher-quality materials. Furthermore, rising industrialization and rapid urbanization in these countries, along with the expansion of the regional semiconductor industry, are also expected to contribute to regional market growth. In 2020, the Chinese semiconductor industry experienced a staggering annual growth rate of 30.6%, generating USD 39.8 billion in total annual sales. Ruthenium tetroxide is used to create patterns on semiconductor chips, allowing chips to be made with finer resolution and smaller features. This allows for higher levels of integration and better performance from the chip.
Global Ruthenium Tetroxide, Segmentation by Application
- Electronic Resistors
- Metal Alloys
- Chemical
- Pharmaceuticals
- Solar Cells
- Others
The chemical segment is anticipated to hold the largest revenue by the end of 2035 and ruthenium tetroxide market is expected to account for ~49% owing to the massive consumption of chemicals across the globe as a result of an increase in demand for chemical products in automobiles, electronics, and construction. As reported by recent statistics, the consumption of chemicals around the world was more than USD 3 trillion in 2020. There has been an increase in the use of ruthenium tetroxide in the manufacture of organic and inorganic chemicals. It is also known for its ability to speed up chemical reactions and is used as a catalyst in various chemical processes, which is expected to drive the growth of this segment. Moreover, ruthenium tetroxide is known for its unique properties, including high stability, low toxicity, and low reactivity. It is also a more economical alternative to other chemicals, which makes it attractive for use in a variety of industrial processes. Additionally, the increasing demand for chemical products and the rapid growth of the chemical industry are driving the growth of the segment.
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Global Ruthenium Tetroxide, Segmentation by Function
- Chemical Intermediate
- Staining Agent
- Resisting Agent
- Catalyst
- Others
The staining agent segment is anticipated to hold the largest revenue by the end of 2035, accounting for 29% of the ruthenium tetroxide market as ruthenium tetroxide is used in a variety of staining applications, such as histological staining and DNA sequencing. Since staining is a necessary step in identifying and differentiating various microorganisms, the availability of more laboratories is expected to create an increased demand for staining agents. In total, 1,150 laboratories from 17 countries/regions in APAC responded to the survey in 2019. According to the survey, 59 Indian laboratories participated, of which 5% were government laboratories, 42% were private hospitals, and 48% were private commercial laboratories. Furthermore, as the need for more accurate and reliable microscopy results increases, the use of staining agents is likely to become more common in laboratories. Ruthenium tetroxide is widely recognized for its staining capabilities and is a powerful oxidizing agent that is capable of staining proteins and other biological molecules, making them easier to observe under a microscope. It is also relatively inexpensive and has low toxicity, making it a popular choice among researchers.
Global Ruthenium Tetroxide, Segmentation by Type
- Over 99%
- Below 99%
Few of the well-known market leaders in the global ruthenium tetroxide market that are profiled by Research Nester are J&K Scientific LLC, PJSC MMC Norilsk Nickel, Aspira Scientific, Inc., Metakem GmbH, Reade International Corp., Johnson Matthey, Ames Goldsmith Corporation, FURUYA METAL Co., Ltd, Career Henan Chemical Co., American Elements, and other key market players.
Recent Development in the Global Ruthenium Tetroxide Market
- An agreement has been signed between PJSC MMC Norilsk Nickel and the Murmansk Regional Government for the implementation of local investment and social projects. The collaboration is anticipated to boost sustainable economic growth in the Murmansk Region and to create an environment that is conducive to business development financially and administratively.
- Reade International Corp has been certified as ISO 9001:2015 by the International Organization for Standardization (ISO). As a result of the 2015 revision, ISO 9001 is expected to continue to be relevant to the dynamic environments and the way manufacturers operate in the 21st century.
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