Rhodium Market Analysis, Trends, Demand, Growth and Forecast 2023-2028

 IMARC Group, a leading market research company, has recently releases report titled “Rhodium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global rhodium market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Rhodium Market?

The global rhodium market size reached US$ 1.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2028, exhibiting a growth rate (CAGR) of 5.93% during 2023-2028.

What is rhodium?

Rhodium, a rare and resilient transition metal with a distinctive silvery-white hue, belongs to the esteemed platinum group of elements. Recognized by its chemical symbol Rh and atomic number 45, rhodium is encountered in platinum and nickel ores. A significant application lies in catalytic converters employed to mitigate vehicle emissions. Additionally, this metal finds purpose in the jewelry sector, wherein it is employed to coat white gold and silver, granting them a luminous finish. Notably, rhodium is esteemed for its exceptional corrosion resistance. Its scarcity, coupled with substantial demand, often bestows upon it a higher value than both gold and platinum. Additionally, it's used in various industrial applications, such as electrical contacts and thermocouple elements. Rhodium's unique properties make it a highly sought-after material in various sectors, from automotive to electronics.

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What are the growth prospects and trends in the Rhodium industry?

The substantial utilization of rhodium in catalytic converters, aimed at mitigating detrimental emissions, emerges as a pivotal driver propelling the global rhodium market's expansion. This effect is further amplified by the burgeoning automotive industry, particularly in emerging markets, serving as a significant growth catalyst. Simultaneously, rhodium's scarcity is notable, mainly derived as a by-product of platinum and nickel extraction. This inherent limitation in supply accentuates price fluctuations, which in turn exerts a positive influence on the market.

Furthermore, its incorporation in electrical contacts, thermocouples, and diverse industrial applications is bolstering demand. Rhodium's exceptional rarity and consequential value render it an alluring investment avenue, thereby exerting discernible impacts on market dynamics.

In addition to this, stricter emissions standards worldwide increase the need for rhodium in automotive emission control technologies. The market is also driven by innovations in technologies utilizing rhodium which is creating new demand in sectors like electronics, fuel cells, and medical devices. Other factors, such as recycling practices, rising industrialization, the use of rhodium in the jewelry industry, and global trade policies, are creating a positive outlook for the market across the globe.

Who are the key players operating in the industry?

The report covers the major market players including:

• American Elements
• Anglo American Platinum Limited
• D.F. Goldsmith Chemical & Metal Corp.
• Impala Platinum Holdings Limited
• J&J Materials Inc.
• Johnson Matthey PLC
• Norilsk Nickel
• Northam Platinum Holdings Limited
• Parekh Industries Ltd.
• Reade International Corp.
• Sharretts Plating Company
• Sibanye-Stillwater

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Source:

• Mineral Source/PGM Mining
• Recycling

Breakup by Product Type:

• Alloys
• Metals and Compounds

Breakup by Application:

• Catalysis
• Jewelry Making
• Platinum and Palladium Alloying
• Others

Breakup by End Use Industry:

• Automotive
• Chemical
• Glass
• Electricals and Electronics
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

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Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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