USD 2.22 billion
Global Rhodium Market Size, Share, Growth Analysis, By Type(Alloys, metals and compounds), By Source(Mineral source, and recycling resource.), By Application(Chemical manufacturing, catalyst) - Industry Forecast 2024-2031
Report ID:
SQMIG15M2006 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|
Tables:
90 |
Figures:
78
Global Rhodium Market Insights
Global Rhodium Market was valued at USD 2.22 billion in 2022, and is expected to rise from USD 2.35 billion in 2023 to reach a value of USD 3.66 billion by 2031, at a CAGR of 5.70% during the forecast period (2024–2031).
Rhodium is a platinum group metal resistant to corrosion and highly reflective. It is considered as the least available and most precious metal in the world. The global rhodium produced is majorly used for making catalysts which minimizes the harmful elements ratio derived from vehicle exhausts.
The global rhodium market growth can grow significantly with the demand for catalytic converters used in the automotive industry, and also the increasing demand for rhodium in other industrial sectors.
After the outbreak of Covid-19 pandemic, the rhodium market was hard hit due to hampered prices of the precious metals. The automotive industry faced huge challenges due to the backlash of lockdown norms. But after the upliftment of the lockdown regulations, the market is anticipated to grow at a good pace.
US Rhodium Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Mineral Source
Fastest Growth
Recycling source
Growth Rate
5.70% CAGR
Global Rhodium Market ($Bn)
Country Share for Europe Region (%)
Global Rhodium Market Size By Source ($ Bn)
Global Rhodium Market Size By Source (%)
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Global Rhodium Market Segmental Analysis
The global rhodium market is segmented on the basis of type, source, application, and region. Based on type, the market is segmented into alloys, metals, and compounds. In terms of source, the rhodium market is segmented into mineral source, and recycling resource. With respect to segmentation by application, the Rhodium Market is categorized into chemical manufacturing, catalyst, electrical & electronics, jewellery, and others.
Rhodium Market Analysis by Type
As per classification of the global rhodium market by type, the market is segmented into alloys, metals and compounds. Among these, the alloys sub-segment holds the largest share in the market. Rhodium is basically an alloy agent that can be utilized for improving the corrosion resistance of platinum and platinum-based products. Rhodium is commonly used in the jewellery industry due to its silvery-white, hard, and corrosion-resistant metal.
Rhodium Market Analysis by Source
In terms of segmentation by source, the market is segmented into mineral source, and recycling resource. The mineral source is the largest segment in the market. The extraction of rhodium is quite difficult and time taking. The recycling process is very tough and it requires a lot of time. Wire, sheet, rods, and others are some products containing rhodium.
Rhodium Market Analysis by Application
With respect to segmentation by application, rhodium market is categorized into chemical manufacturing, catalyst, electrical & electronics, jewellery, and others. The lustre and durability of metals such as silver, and white golds can be improved by rhodium. The catalyst segment holds the largest share in the market as rhodium catalyses the pollutants reactions for converting them into safe elements.
Global Rhodium Market By Source, 2023 (%)
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Global Rhodium Market Regional Insights
Europe is expected to dominate the global rhodium market owing to the stringent environmental regulations attributing to higher demand for automotive catalytic converters. Due to the increasing production of this metal for jewellery utilization, the region can retain its dominance over the aforementioned forecast period.
Asia pacific is holding the second position in the market share during the forecast period. The region can grow significantly due to the increasing product adoption in chemical manufacturing. It is predicted to be the fastest growing segment in the market because of the quick growth in the glass, and glass products. Furthermore, there is a quick growth in the number of automotive users, resulting in favouring the product demand.
The growth in the North America region is accountable to the growing demand for the product from the electrical & electronics industry.
The Middle East & Africa region may witness substantial growth due to the embracement of the product in the catalyst application.
Global Rhodium Market By Region, 2024-2031
- Largest
- Fastest
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Global Rhodium Market Dynamics
Rhodium Market Driver
Increase in Use for Welding Activities to Augment Demand for Rhodium
- The surge of demand for rhodium from automotive and welding industries can positively fuel the market growth. The rhodium being a catalyst can propel the demand for the automotive industry. The demand for the product is also due to the rising demand for thermoelectric devices and spectrometers.
Rhodium Market Restraint
High Cost of Product May Hamper Growth
- Rhodium as a product is expensive when compared with other metals which may impede the product demand in different usage; and it is expected to hamper the rhodium market growth.
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Global Rhodium Market Competitive Landscape
The global rhodium market is highly competitive in nature with the rise in the number of players. To maintain a competitive edge, the major industry participants are focusing on implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also investing heavily on R&D.
Rhodium Market Top Player's Company Profiles
- Anglo American Platinum Ltd.
- Impala Platinum Holdings Limited
- Norilsk Nickel
- Stillwater Mining Company
- Sibanye-Stillwater
- Lonmin Plc
- Johnson Matthey
- Heraeus Holding GmbH
- Umicore SA
- Tanaka Holdings Co., Ltd.
- Asahi Holdings, Inc.
- Sumitomo Metal Mining Co., Ltd.
- Mitsui Mining and Smelting Co., Ltd.
- Nihon Materi Corporation
- Boliden AB
- JSC MMC Norilsk Nickel
- Northam Platinum Limited
- Zimplats Holdings Limited
- Eastern Platinum Limited
- Impala Refining Services (IRS)
Rhodium Market Recent Development
- In October 2023, Lifezone Metals Limited announced the signing of a term sheet with a subsidiary of Glencore plc for a platinum, palladium and rhodium (collectively platinum group metals or “PGMs”) recycling project utilizing Lifezone Metals’ hydrometallurgical technology (“Hydromet”) to be based in the USA.
- In June 2022, LS-Nikko Copper Inc., South Korean leading smelter of electrolytic copper and rare/precious metals, embarked on the production of rhodium, the rarest and most valuable precious metal in the world, to meet the anticipated rise in demand for the metal effective in reducing emissions.
Global Rhodium Key Market Trends
- The growing research & development activities for finding more uses of rhodium in new industrial areas in Europe and Japan are the current market trend. Platinum-rhodium alloys are being used as effective catalysts in chemical reactions, and nitric acid production includes one catalyst. The major use of rhodium is to produce catalysts that minimize waste gases that harm human beings.
Global Rhodium Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global rhodium market analysis, North America is one of the top regions in producing rhodium via recycling. Nearly about 89% of the rhodium used as auto-catalyst is freshened here.
The need for rhodium for several applications may positively affect the market growth. The increase in consumer expenditure over jewellery is uplifting the product demand because of various developments of the product. During COVID-19 pandemic, raw material supply is hit hard, and is projected to hinder the production rate of rhodium alloys that is negatively affecting the market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.22 billion |
| Market size value in 2031 | USD 3.66 billion |
| Growth Rate | 5.70% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Rhodium Market Recent Development
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Rhodium Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Rhodium Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Rhodium Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Rhodium Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Rhodium Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Rhodium Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Rhodium Market Report Snapshots
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