Ruthenium Market Size Worth USD 888.5 Million in 2032 | Emergen Research

Vancouver, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global ruthenium market size was USD 572.4 Million in 2022 and is expected to register a revenue CAGR of 4.7% during the forecast period. Rising product demand from the electronics industry due to customer preferences, growing adoption of ruthenium as a catalyst, and in electrochemical sector, and increasing product of medical devices such as Magnetic Resonance Imaging (MRI) imaging devices are expected to drive revenue growth of the market.

Ruthenium refers to a chemical element that is one of the rarest metals on Earth. Ruthenium is being extensively used in various high-tech industries and specialized applications such as electrical energy, chemical catalysts, aerospace, radiotherapy, and others. Increasing sales of consumer electronics in recent years is driving adoption of ruthenium thereby supporting revenue growth of the global ruthenium market.

Volatile production costs and harmful effects on human health act as a significant barrier to market revenue growth. Since ruthenium is one of the rarest metals, its price fluctuates depending on its availability. The complex and resource-intensive manufacturing process involves refining raw materials to exacting standards, requiring shaping and processing technologies, specialized equipment, and skilled labor, all of which contribute to higher operational expenses. Stringent quality control measures further increase production costs. Ruthenium is toxic, if ingested or inhaled at high levels it can affect human health. This prompts potential buyers to explore more cost-effective alternatives, which is restraining revenue growth of the market.

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Segment Insights

Distribution Insights:

On the basis of distribution, the global ruthenium market is segmented into online and offline. Offline segment accounted for largest revenue share in the global ruthenium market in 2022 due to the rising demand for this segment in various industries. Through offline sales, ruthenium is supplied to potential industries. As ruthenium is a rare metal, clarity in distribution is required. Offline sales offer quantity handling and quality control over distribution as suppliers can inspect the product before distributing it to various industries.

Application Insights:

On the basis of application, the global ruthenium market is segmented into electrical energy, chemical catalyst, aerospace, radiotherapy, and others. Electrical energy segment is expected to register a significantly fast revenue growth rate during the forecast period due to increasing adoption of solar energy. Ruthenium, renowned for its unique and high versatility, presents an ideal solution. Manufacturers can significantly reduce incurred physical properties by incorporating ruthenium components in electrical components, leading to improved conductivity and biocompatibility. Its corrosion resistance ensures durability and longevity, further enhancing the lifespan of electrical structures.

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Regional Insights:

North America accounted for largest revenue share in 2022 due to increasing adoption of renewable energy in countries across the region, especially in U.S. and Canada. As per the US Energy Administration's information for the year 2022, approximately 96% of utility-scale electricity generation in the United States is attributed to the power sector. This electricity is largely supplied to various industries. The end-use sectors, including transportation, industrial, residential, and commercial sectors, are termed as such because they utilize the primary energy and electricity generated by the power sector.

Asia Pacific is expected to register a faster revenue growth rate due to shifting preference for renewable sources of energy instead of fossil fuels in countries across the region, especially in China, Japan, South Korea, and India. The primary products within this category encompass Light-Emitting Diodes (LEDs), Compact Fluorescent Lamps (CFLs), Electrodeless Discharge Lamps (EDLs), and Organic Light-Emitting Diodes (OLEDs). According to U.S. Energy Administration, China has diversified its energy supplies and partially replaced the use of oil and coal with cleaner fuels in recent years, hydropower sources (8%), natural gas (9%), nuclear energy (2%), and non-hydropower renewable energy (7%) represent a relatively small share of China's energy mix.

Scope of Research

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Major Companies and Competitive Landscape

The global ruthenium market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective ruthenium.
Some of the major companies included in the global ruthenium market report are:

• American Elements
• OXKEM
• Dyesol
• Johnson Matthey
• Strem
• Merck KGaA
• Heraeus Group
• BASF SE
• Apeiron Synthesis
• Loba Chemie Pvt. Ltd.
• Vineeth Precious Catalysts Pvt. Ltd
• Tanaka Holding Co. Ltd.
• Kaida Technology Limited
• Sinochem Group Co. Ltd
• Materion Corporation

Strategic Development

• On 5 October 2022, Heraeus Precious Metals launched a precious metal catalyst development program. This program aims to convert various renewable raw materials such as biomass, CO₂, or plastic waste into sustainable, value-added chemicals. With the help of a new precious metal catalyst from Heraeus Precious Metals, leftover cellulose from forest products can be used as a raw material for chemicals. New ruthenium-based noble metal catalyst provides the best conditions for efficient DFF formation from 5-HMF for versatile use in bio-based products.

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  Segments Covered in Report

For the purpose of this report, Emergen Research has segmented global ruthenium market on the basis of form, distribution, application, end-use, and region:

• Form Outlook (Revenue, USD Million, Volume, Kilotons; 2019-2032)

• • Dry/Powder Form
  • Liquid Form
  • Gaseous Form

• Distribution Outlook (Revenue, USD Million, Volume, Kilotons; 2019-2032)

• • Online
  • Offline

• Application Outlook (Revenue, USD Million, Volume, Kilotons; 2019-2032)

• • Electrical Energy
  • Chemical Catalyst
  • Aerospace
  • Radiotherapy
  • Others

• End-Use Outlook (Revenue, USD Million, Volume, Kilotons; 2019-2032)

• • Electronics and Electrical
  • Chemical
  • Pharmaceutical
  • Others

• Regional Outlook (Revenue, USD Million, Volume, Kilotons; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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