Rhenium Market Size, Share, Growth, and Industry Growth by Application (Superalloys, Catalysts, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Rhenium Market REPORT OVERVIEW

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The global rhenium market size was USD 49.12 million in 2021 and is projected to touch USD 91.87 million by 2031, exhibiting a CAGR of 11% during the forecast period.

Rhenium is a silver-gray metal that is heavy in nature. It is extracted from the porphyry copper deposits and host ore molybdenite. It is a very lustrous metal that has natural concentration in the earth’s crust. The metal has very high strength, ductility, and cold working properties. It is used for hydrogenation of fine chemical substances. It has a very high melting point and high density with stable chemical properties. It is one of the rarest elements on the earth’s crust that has an atomic number of 75. They are also highly resistant to poisons such as sulfur, nitrogen oxides, and phosphorus.

The growing demand for metal comes from the advantages it possesses such as ductility, high melting point, and strength. The use of metal can be found in aircrafts applications where it is used for high temperature superalloys. Use of metal can also be found in the power industry and is used in the healthcare industry for oven filaments and x-ray machines. They are also used in hydrogenation of chemicals and also to make single-crystal turbine blades. It is also used with platinum as catalysts to produce lead-free high-octane gasoline.

COVID-19 Impact: Halt on Various Industries to Lower Market Performance

The effects of the COVID-19 pandemic are already being felt on a global level, the global rhenium market is noticeably influenced. In 2020, COVID-19 has had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. The demand for the metal comes from various industries such as power, aerospace, chemical, and healthcare. Halt on all such various industries has impacted the use of the metal and consequently affected the demand in the market. Disparities in the supply chains affected the production of all the materials in which rhenium is used by creating gap in demand and supply. Halt on production due to lockdown has also affected the demand for the product.    

LATEST TRENDS

"New Rhenium Alloys to Propel Market Development"

Growing trend for the production of new rhenium alloys is projected to increase the growth of the global market. The new type of alloys can be used for various purposes and production technology is being used for expansion to open up the new uses of the alloys. The applications can be used in the field of electronics, atomic, rocket technology, and electrical engineering. This is expected to push the development of mining and production of the metal. The new uses are due to the continuous and increasing consumption of the metal due to which there has been an increase in the number of plants and suppliers and consumers. The range of the products have become diverse. Such uses of new alloys are expected to pose an opportunity for the market demand.

Rhenium Market SEGMENTATION

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• By Application

Based on the application; the market is divided into superalloys, catalysts, and others.

DRIVING FACTORS

"Demand from the Aerospace Industry to Progress Market Growth"

The global rhenium market growth is estimated to rise due to rising demand from the aerospace industry. Major demand for the metal derives from the aerospace industry where it is used in modern jets where it is used as an alloying element. It helps in creep resistance that results in more durable components and allows the engines to reach high temperatures. It is critical for the performance in military, commercial, and rocket engines for exploring space. It is also an attractive coating material for space systems and missile propulsion. Such coatings are helpful in enhancing the heat resistance in low-oxygen environments by avoiding carbon contamination.    

"Applications in Various Industries to Expand Demand  "

The popularity of such metal has increased tremendously due to its applications in various industries. It is used as a petrochemical catalyst and as an automobile tail purification catalyst that is used to produce high octane gasoline and aromatic hydrocarbons. It is used in heating as it can withstand high temperatures and pressures. It is also used in the electronics industry for vacuum technology and in electronic devices. In the medical sector, it can also be used to cure cancer and also as a sensitizer. 

RESTRAINING FACTORS

"Harmful Health Effects to Prevent Market Growth"

There are a number of factors that can push the growth of the market. Restraining factors such as harmful effects of the metal can restrain the market growth. It can cause skin irritation and liquid may cause burning in skin and eyes, accident ingestion can cause irritation in the digestive tract, and inhalation can cause respiratory tract irritation. Such a factor is expected to reduce the demand for the product in the market.

Rhenium Market REGIONAL INSIGHTS

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"North America to Dominate Market Owing to "

North America holds the largest part of the global rhenium market share due to factors such as demand for aircrafts and increase in production of aircrafts. Presence of prominent aircraft manufacturing market players have increased their production. Various mining activities in the region have also contributed to the growth in the region. In the U.S., the spending on air force budgets has been increased as compared to the spending and the country also has the largest defense budget in the region.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• American Elements (U.S.)
• Avon Metals Ltd. (U.K.)
• Freeport-McMoRan Inc. (U.S.)
• H. Cross Co. (U.S.)
• Heraeus Holding GmbH (Germany)
• KGHM Polska Miedz SA (Poland)
• MOLYMET SA (Chile)
• Rhenium Alloys Inc. (U.S.)
• Ultramet (U.S.)
• Umicore (Belgium)

INDUSTRY DEVELOPMENT

• September 2021: 6K Additive, division of 6K is a producer of energy storage and additive manufacturing has announced the availability of refractory metal powders for additive manufacturing. The metal powders consist of rhenium, tungsten, and niobium-based powders.

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.