Iridium Market Size, Share, Growth, and Industry Analysis, By Type (Mineral Source & Recycling Source), By Application (Catalyst, Chemical Manufacturing, Electrical, Electronics, Jewelry, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Iridium Market REPORT OVERVIEW

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The global Iridium market size was USD 1345 million in 2022 and is projected to touch USD 2069.24 million by 2031, at a CAGR of 4.9% during the forecast period.

Iridium is a platinum group element that is regarded to be the second-densest naturally occurring metal. It is one of the rarest elements in the Earth's crust, and it is used to make a variety of organometallic compounds used in industrial catalysis and research. The salts and acids that iridium forms with chlorine are the most important compounds. The material is found in abundance in meteorites than in the Earth's crust.

It is difficult to machine, mould, or work due to the material’s hardness, brittleness, and extremely high melting point. It is unaffected by acids, bases, and other powerful compounds. However, owing to this characteristic, it can be used to create objects that are exposed to such materials. It is typically found in fountain pen nibs, spaceships, and X-ray optics. The material’s silvery-white color makes it an excellent choice for rings, necklaces, earrings, and other jewelry items.

COVID-19 Impact:  The Market Witnessed a Decrease in Product Demand Owing to the COVID-19 Pandemic

The COVID-19 outbreak impacted the global iridium market due to a massive supply chain, and there's no denying that the epidemic has posed a challenge for consumer products companies in some way, causing market volatility, fading trust in companies, and disruptions in import and export activities. The industry was already facing challenges in the form of customs duties, fall in exports, amongst others. The sudden rise in pricing realized a drop in sales. The outbreak of COVID-19 leads to huge losses making all the retail store to shut down. One of the main reasons for the market to collapse was complete lockdown. As a result, the availability of the product had substantially decreased.

LATEST TRENDS

"Gems and Jewelry Serve as a Foundation for the Overall Market"

Due to its strength and stability, many jewelry designers and manufacturers believe that Iridium is best suited for both diamond and colorful stone jewelry. Its blades show little wear and hence it provides a better protection for precious stones. Weddings have given the market a boost, as the element's ability is recognized and admired. Bridal couples all over the world are rediscovering it as the metal of choice for bridal jewelry. It provides greater protection to a diamond than other metals due to its exceptional rarity, compatibility, strength and durability.

Iridium Market SEGMENTATION

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• By Type Analysis

Based on type, the market is classified into mineral source and recycling source.

• By Application Analysis

Based on application, the market is categorized into catalyst, chemical manufacturing, electrical, electronics, jewelry and others.

DRIVING FACTORS

"Sales to be Boosted by Advancement in Industrial Application"

The high melting point of iridium makes it helpful in a variety of industrial applications, including the manufacture of high-grade spark plugs for airplanes. It's also used to make crucibles, which are containers for melting and manipulating other industrial metals. It’s also used to manufacture fountain pen nibs, pivot bearings, and other scientific and specialist equipment when combined with osmium. It has become a key component in the production of LED screens and backlit displays for electronic gadgets like iPads and iPhones. As a result, there is an increased in the overall iridium market growth.

"Use of the Product in End-Use Industries to Boost the Market"

Iridium is employed in a wide range of applications, from medical to appliances and beyond. It is one of the top five most valuable metals on the planet, for its strength and uniqueness in nature. Its research has progressed to the point where it may now be employed in almost any sector, from producing a pen-nibs to becoming a gleaming piece of jewelry. Furthermore, due to its compatibility, with more or less adjustment, it is a perfect element that can be useful in other domains.

RESTRAINING FACTORS

"The Product’s Radioactive Nature Causes a Slew of Health Problems"

It is a solid, platinum-like metal with excellent corrosion resistance. In a dominant form of the element, neutron can be produced from a variety of iridium. It is natural that most uncommon elements can be harmful because they are difficult to come by; yet, based on their structure, utilizing them as ordinary elements can be detrimental because they contain numerous radiation particles. It produces massive amounts of gamma rays and radioactive particles, which can inflict burns, acute radiation illness, and even death if touched by a normal human. However, it is unlikely that someone is exposed to iridium, the industry will take the necessary measures and the market will continue to flow.

Iridium Market REGIONAL INSIGHTS

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"South Africa to be the Leading Region of the Global Market"

South Africa is the main exporters of semi-manufactured iridium. As it is expensive, it is utilized in small amounts. South Africa has the most iridium market ores. According to Britannica, South Africa was the world's leading producer of the element in the late 20th century. As the element is so rare, the supply chain flow is also quite low. Leading the table, South Africa also helps the market to generate exporters, which will help the supply chain and the overall market.

KEY INDUSTRY PLAYERS

"Market Growth to be Boosted by Prominent Players"

The research includes a list of market participants as well as their positions in the sector. With proper research, technical upgrades, acquisitions, mergers, expanding manufacturing lines, and collaborations, data is acquired and published. The industry report includes information on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• Lonmin (U.K.)
• Anglo American (U.K.)
• Russian Platinum (U.K.)
• Impala (South Africa)

REPORT COVERAGE

The research examines every aspect of the market, including market segmentation by type and application. The study examines a diverse group of players, including current and potential market leaders. Several key factors are expected to drive significant market growth. In order to provide market insights, the research also contains variables that are likely to improve iridium market share. The research also contains market growth predictions for the forecast period. The purpose of the regional analysis is to explain why one region dominates the worldwide market. The market's expansion is hampered by a number of issues, all of which are thoroughly examined. A strategic analysis of the market is included in the study. It contains comprehensive market data.