Rhodium Market REPORT OVERVIEW
-
Request a Free Sample to learn more about this report
The global rhodium market size was in USD 2228.9 million 2022. As per our research, the rhodium market is expected to reach USD 2926 million by 2028, exhibiting a CAGR of 4.6% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Rhodium (Rh) is a rare and valuable metal in the platinum group of metals. On the periodic chart, it is represented by the chemical symbol "Rh" and has the atomic number 45. Rhodium is noted for its outstanding corrosion resistance and high reflectivity, making it valuable in a variety of industrial applications as well as a component in jewelry. Rh is a relatively uncommon metal that is extracted as a byproduct of platinum and nickel mining. Rh's scarcity leads to its high market value. Stricter environmental rules throughout the world have increased demand for automobile catalytic converters that use Rh to minimize hazardous emissions from vehicles. As economies rise, so does demand for Rh industrial applications like as electronics and petrochemicals.
As a result of some investors and speculators turning to precious metals, particularly Rh, as an alternative asset class, interest and demand in precious metals have surged. The market price of Rh, like other commodities, can be impacted by investor sentiment, global economic conditions, and perceived supply and demand dynamics. Rh is a metal that belongs to the platinum group, which also contains platinum, palladium, ruthenium, osmium, and iridium. These metals are frequently found in ore deposits together. Rh is mostly obtained as a byproduct of the mining of platinum or nickel. Once the ore containing platinum and other PGMs is mined, a sophisticated process is used to extract these metals. One of the most common processes is froth flotation, which separates the valuable minerals from the waste.
COVID-19 Impact: Disruptions in Supply Chains to Hinder Market Growth
The pandemic caused lockdowns, travel restrictions, and labor shortages, causing disruptions in mining operations and rhodium output. Price swings may have been exacerbated by a lack of supply. Due to COVID-19 regulations, many industries experienced slowdowns or temporary closures. Industries that employ Rh in their manufacturing processes, such as automotive, electronics, and glass, may have reduced their need, so affecting overall rhodium demand. The pandemic's uncertainties and its economic ramifications may have prompted some investors to seek safe-haven assets such as precious metals, especially Rh. Price volatility can be caused by increased speculative activity.
LATEST TRENDS
"Educational Content to Enhance Market Growth"
To contact potential investors, industrial purchasers, and consumers interested in Rh and its uses, we use online platforms, social media, and content marketing. To educate potential consumers and investors, we provide useful content regarding the applications, benefits, and investment possibilities of Rh. Using tailored advertising to reach specific populations or sectors interested in Rh. Collaborating with automakers, jewellery brands, or industrial firms to promote the usage of Rh in their goods or operations. Regular market updates, pricing trends, and analysis are provided to attract investors and stakeholders interested in staying updated about the Rh market. Using e-commerce platforms or specialised precious metals trading websites to make it easier to buy and sell rhodium.
Rhodium Market SEGMENTATION
-
Request a Free Sample to learn more about this report
- By Type
Based on type market is classified as mineral source, recycling source and Rh.
- By Application
Based on application market is classified as catalyst, chemical manufacturing, electricals and electronics, jewellery and others.
DRIVING FACTORS
"Industrial Demand to Augment Market Growth"
Rh is employed as a catalyst in a variety of industrial processes, including car catalytic converters, which aid in the reduction of hazardous emissions. As a result, Rh demand is directly linked to the health of businesses that use catalytic converters, such as the automotive industry. Rh is widely employed in the automotive industry, where it is used in catalytic converters to convert toxic exhaust gases into less dangerous compounds. The expansion or contraction of the automotive industry can have a direct impact on Rh demand. Rh is a relatively uncommon metal, and it is frequently mined as a byproduct of platinum and nickel mining. Supply restrictions can result from limited availability, influencing the total market.
"Environmental Regulations to Propel Market Growth"
Due to its vital function in lowering pollution from vehicles and other industrial operations, stricter environmental legislation and emission standards around the world may raise demand for Rh. Rh mining is concentrated in a few nations, and geopolitical conflicts or interruptions in these areas can disrupt the supply chain and influence prices.
The overall health of the global economy can influence industrial activity and consumer demand, hence indirectly influencing Rh demand. During times of economic instability, precious metals such as Rh are sometimes used as alternative investments or safe-haven assets. Speculative buying can have an effect on prices. Short-term price swings in the Rh industry can be influenced by investor sentiment, perceptions of future demand and supply, and macroeconomic factors.
RESTRAINING FACTORS
"Supply Constraints to Impede Market Expansion"
Rh is a relatively uncommon metal that is frequently extracted as a byproduct of platinum and nickel mining. Limited availability can lead to supply shortages, limiting the market's ability to fulfil rising demand. The Rh industry is notorious for its price volatility. Because of its limited supply and fluctuating demand, even little changes in market conditions can cause huge price swings. Rh's principal industrial application is in vehicle catalytic converters. The need for Rh in the automotive industry may be altered as the industry advances, such as with the rise of electric vehicles.
Rhodium Market REGIONAL INSIGHTS
-
Request a Free Sample to learn more about this report
"South Africa to Dominate the Market Due to Abundant Reserves of Platinum"
South Africa was the world's leading producer and supplier of Rh. South Africa is a major producer of platinum group metals (PGMs) such as Rh, platinum, palladium, ruthenium, osmium, and iridium. Rh is typically obtained as a byproduct of platinum and nickel mining, and South Africa is a prominent player in the global rhodium market share due to its substantial PGM reserves. South Africa's Bushveld Igneous Complex is one of the world's greatest PGM-producing locations, with abundant reserves of platinum, palladium, and Rh. South Africa has historically been the primary source of Rh supply in the market due to its leading position in PGM manufacture.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Lonmin (South Africa)
- Anglo American (U.K.)
- Russian Platinum (Russia)
- Atlatsa Resources (South Africa)
- Impala (South Africa)
REPORT COVERAGE
The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 2228.9 Million in 2022 |
Market Size Value By |
US$ 2926 Million by 2028 |
Growth Rate |
CAGR of 4.6% from 2022 to 2028 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the rhodium market expected to touch by 2028?
The global rhodium market size is expected to reach USD 2.926 billion by 2028.
-
What CAGR is the rhodium market expected to exhibit by 2028?
The rhodium market is expected to exhibit a CAGR of 4.6% by 2028.
-
Which are the driving factors of the rhodium market?
Industrial demand and environmental regulations are the driving factors of the rhodium market growth.