According to the latest report by IMARC Group, titled “Rhodium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global rhodium market size reached US$ 1.9 Billion in 2022. Rhodium (Rh) is a rare, silvery-white metal that belongs to the platinum group of metals. It is known for its exceptional hardness, high reflectivity, and resistance to corrosion. It is primarily obtained as a byproduct of platinum and nickel mining. It is generally electroplated onto metal objects and polished to provide attractive surfaces for decorative articles. It is highly effective in catalyzing chemical reactions, which makes it valuable in various industrial processes. It is also used in the production of nitric acid, which is a crucial chemical that finds applications in the manufacturing of fertilizers, explosives, and various other products.
Global Rhodium Market Trends:
Rh finds usage in the automotive industry as a catalytic converter to reduce harmful emissions by converting pollutants, such as nitrogen oxides (NOx), carbon monoxide (CO), and unburned hydrocarbons, into less harmful substances. This, coupled with increasing environmental concerns among the masses about the harmful impact of air pollution and rising demand for electric vehicles (EVs), represents one of the major factors augmenting the market growth around the world. Moreover, the growing use of Rh as a catalyst in numerous chemical reactions, including hydrogenation, isomerization, and oxidation, to produce various chemicals like acetic acid, adipic acid, and nitric acid is influencing the market positively. In addition, there is an increase in the usage of Rh as a plating material for white gold and silver jewelry to provide a bright, reflective, and protective surface and enhance the appearance of jewelry and prevent tarnishing. This, along with the rising influence of social media, expanding consumer expenditure on jewelry, changing fashion and aesthetic trends, and the flourishing fashion industry, is strengthening the market growth. Apart from this, the growing utilization of Rh for producing fiberglass in liquid crystal displays (LCDs) and other digital displays is creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 3.1 Billion by 2028, expanding at a CAGR of 5.93% during 2023-2028.
- Based on the source, mineral source/PGM mining dominates the market, followed by recycling.
- On the basis of the product type, the market has been segregated into alloys and metals and compounds. Alloys currently account for the biggest share in the market.
- Based on the application, the market has been divided into catalysis, jewelry making, platinum and palladium alloying, and others. At present, catalysis dominates the market, holds the largest share.
- On the basis of the end use industry, the market has been classified into automotive, chemical, glass, electricals and electronics, and others. Automotive currently represents the biggest market segment.
- Region-wise, the market has been segmented into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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, and Sibanye-Stillwater.
|Base Year of the Analysis
||Mineral Source/PGM Mining, Recycling
|Product Types Covered
||Alloys, Metals and Compounds
||Catalysis, Jewelry Making, Platinum and Palladium Alloying, Others
|End Use Industries Covered
||Automotive, Chemical, Glass, Electricals and Electronics, Others
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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, etc.
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