Rhenium is a silver-gray metal. The metal is extracted from host ore molybdenite and porphyry copper deposits. It is a very heavy and lustrous metal. It has a natural concentration in the earth's crust. The metal is very ductile, has good strength, and cold working properties. Further, the metal is one of the rarest elements, with an atomic number of 75. It has a very high density and melting point with stable chemical properties. The industry growth is attributed to the increasing demand from the aerospace sector, which is anticipated to progress market expansion. Rising awareness about the advantages of the metal is expected to fuel market growth. The metal is extensively used in the healthcare and power industries for its ductility, strength, and high melting point properties.
Business Research Insights estimates that the rhenium market size is expected to touch USD 49.12 million by 2025, exhibiting a CAGR of 11% during 2022-2025.
COVID-19 Outlook: Shutdown of Various Industries Lowered Market Progress
The outbreak of COVID-19 had a negative impact on several markets. Multiple countries went into lockdown restrictions. The pandemic led to a halt on various industries' activities to decline market performance. There is lower demand for metal due to closure of industries such as aerospace, power, healthcare, and chemical. The market also experienced a gap in demand and supply. Ban on transportation and movement encouraged fluctuation of raw material prices. Unavailability of workers or laborers in the manufacturing units affected market growth.
Business Research Insights highlights the top 7 companies operating in the rhenium industry:
- American Elements
American Elements is the world's largest manufacturer of more than 35,000 products. It is engaged in manufacturing advanced materials in both laboratory/research quantities and industrial bulk. The motive of the company is to develop cost-effective new products. It was founded in 1997 and its headquarters are situated in Los Angeles and California.
- Avon Metals Ltd.
The company is privately-owned by a U.K.-based manufacturer. It is a multi-award-winning company. The company has an experience of over 60 years. It also has a solid customer base. The company's core values are based on flexibility, honesty, integrity, financial stability, reliability, and long-term forming strategies.
- Freeport-McMoRan Inc.
Freeport-McMoRan is a leading international mining company. It focuses on the safety and health of all employees as a high priority. The headquarters of the company is in Phoenix, Arizona. Its collection of assets includes the Grasberg minerals district in Indonesia. The principles of the company are excellence, commitment, safety, integrity, and respect.
- H. Cross Co.
The company is a leading source of all raw materials extensively used in end-user sectors. The company makes tailor-made products to meet customers' demand. It has over 80+ years of experience. It is an international company ready to manufacture the exact product as per its customer or client's requirement.
- Heraeus Holding GmbH
Heraeus Holding GmbH includes business in electronics, environmental, health, and industrial applications sectors. It focuses on customer benefits and solutions based on a broad material expertise, innovative technologies, and technological leadership.
- KGHM Polska Miedź SA
KGHM Polska Miedź SA is a leading company in the industry. It has a strong resource base. The business strategy of the company is to develop a new resource base. Further, the values of the company are to have great teamwork and set standards of behavior.
- Rhenium Alloys Inc.
Founded in 1966, the company manufactures rod, wire, ribbon, bar, foil, sheet, and plate. It focuses on developing the highest quality fine gage rhenium. The company serves customers in electronic, defense, automotive, space, semiconductor, halogen lamp, and other high-tech industries. It has a strong research & development team along with an expanding customer base.
Industry to Focus Robust Growth due to Demand from Various Industries
Growing need for rhenium from several industries is expected to propel market growth. The metal is extensively used in the aerospace sector as an alloying element. Adopting the equipment helps in creep resistance, which encourages more durable components. Further, it allows engines to reach high temperatures. The metal has an attractive coating material for missile propulsion and space systems. Such coating is extensively helpful in a low-oxygen environment and enhances heat resistance by avoiding carbon contamination. However, the metal may cause harmful health effects such as skin irritation and burning. Such detrimental effects may hamper market progress in the forthcoming years.