USD 2.1 billion
Report ID: SQMIG15M2006 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 90 | Figures: 67
Rhodium Market size was valued at USD 2.1 billion in 2021 and is poised to grow from USD 2.21 billion in 2022 to USD 3.98 billion by 2030, growing at a CAGR of 5.7% in the forecast period (2023-2030).
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.
Global Market Size
USD 2.1 billion
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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.
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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.
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Rhodium Market Driver
Increase in Use for Welding Activities to Augment Demand for Rhodium
Rhodium Market Restraint
High Cost of Product May Hamper Growth
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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
Rhodium Market Recent Development
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.
|Market size value in 2021||USD 2.1 billion|
|Market size value in 2030||USD 2.21 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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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.
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