The India rhodium market is projected to exhibit a growth rate (CAGR) of 7.1% during 2023-2028. The growing utilization in manufacturing catalytic convertors in the automotive industry, rising initiatives by the Government of India to reduce air pollution, and increasing application in the production of high-temperature thermocouples represent some of the key factors driving the market.
Rhodium is a rare and valuable metallic element that belongs to the platinum group of metals (PGMs). It is one of the most expensive metals due to its rarity and various industrial applications. It plays a crucial role in reducing harmful emissions from vehicles by converting toxic gases, such as nitrogen oxides (NOx), carbon monoxide (CO), and unburned hydrocarbons, into less harmful substances. The catalytic converters use rhodium as a catalyst to accelerate these chemical reactions, thereby helping to minimize air pollution from automotive exhaust. It is often applied to white gold and silver jewelry to enhance their appearance and protect them from scratches and discoloration due to its high reflectivity and resistance to tarnishing. It is used in the production of acetic acid, which is a key component in the manufacturing of vinyl acetate monomer (VAM), a vital ingredient in the production of adhesives, coatings, and textiles. As it has excellent electrical conductivity and high resistance to corrosion, making it an ideal choice for manufacturing electrical connectors and switches, the demand for rhodium is rising in India.
India Rhodium Market Trends:
At present, the thriving automotive industry in India represents one of the key factors supporting the growth of the market. Rhodium is a key component in catalytic converters, which are essential in reducing harmful emissions from vehicles. As the Indian automotive sector is expanding due a growing middle class and increasing disposable incomes, the demand for vehicles and catalytic converters is rising. This, in turn, is leading to a higher demand for rhodium in the country. Besides this, the Government of India is implementing stricter emission norms to combat air pollution, particularly in major cities. These regulations necessitate the use of advanced emission control technologies, such as catalytic converters, which rely on rhodium. Compliance with these regulations requires automakers to increase the usage of rhodium in their catalytic converters, which is propelling the growth of the market. In addition, there is a rise in the demand for rhodium in nuclear reactors, where it acts as a neutron reflector, in India. This, along with the increasing utilization of rhodium in the production of high-temperature thermocouples and furnace components due to its exceptional heat resistance, is strengthening the growth of the market. Moreover, the growing demand for rhodium catalysts, as they are used in the synthesis of pharmaceuticals, fragrances, and fine chemicals, along with the escalating demand for rhodium in various industries, is positively influencing the market in India.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the India rhodium market report, along with forecasts at the country level for 2023-2028. Our report has categorized the market based on source, product type, application, and end use industry.
- Mineral Source/PGM Mining
The report has provided a detailed breakup and analysis of the market based on the source. This includes mineral source/PGM mining and recycling.
Product Type Insights:
- Metals and Compounds
A detailed breakup and analysis of the market based on the product type has also been provided in the report. This includes alloys and metals and compounds.
- Jewelry Making
- Platinum and Palladium Alloying
A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes catalysis, jewelry making, platinum and palladium alloying, and others.
End Use Industry Insights:
- Electricals and Electronics
A detailed breakup and analysis of the market based on the end use industry has also been provided in the report. This includes automotive, chemical, glass, electricals and electronics, and others.
- South India
- North India
- West & Central India
- East India
The report has also provided a comprehensive analysis of all the major regional markets, which include South India, North India, West & Central India, and East India.
The report has also provided a comprehensive analysis of the competitive landscape in the India rhodium market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
|Base Year of the Analysis
| Historical Period
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
- Product Type
- End Use Industry
||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
||South India, North India, West & Central India, East India
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Key Questions Answered in This Report:
- How has the India rhodium market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the India rhodium market?
- What is the breakup of the India rhodium market on the basis of source?
- What is the breakup of the India rhodium market on the basis of product type?
- What is the breakup of the India rhodium market on the basis of application?
- What is the breakup of the India rhodium market on the basis of end use industry?
- What are the various stages in the value chain of the India rhodium market?
- What are the key driving factors and challenges in the India rhodium market?
- What is the structure of the India rhodium market and who are the key players?
- What is the degree of competition in the India rhodium market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India rhodium market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the India rhodium market.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India rhodium industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.