Rhodium Market

Market Overview:

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. The burgeoning automotive industry, rising consumer expenditure on jewelry, and the increasing focus on enhancing the luster and durability of metals represent some of the key factors driving the market.

Rhodium (Rh), a precious metal in silver-white with a high reflectivity for light, is employed for producing reflecting surfaces of optical instruments and added to platinum in small amounts to yield alloys, which are further used in laboratory furnace crucibles and spark plug electrodes. It is electroplated onto metal objects and polished to give attractive surfaces to decorative articles. It is consequently utilized for designing jewelry as it is hypoallergenic, hides imperfections and prevents jewelry from scratches and does not get tarnished at the room temperature. Rh is also employed as a catalyst to produce nitric and acetic acids in the chemical industry. Furthermore, it finds applications as an electrical contact material due to its low electrical resistance and high corrosion resistance. Some of the other sectors wherein Rh is used includes the automotive, glass, energy and power, healthcare, marine, and electronics industries.

Rhodium Market Trends:

At present, there is a rise in the demand for Rh in the automotive industry as a catalytic converter in vehicles to reduce nitrogen oxide emissions. This, coupled with the rising environmental concerns among the masses about the harmful impact of air pollution, represents one of the key factors supporting the growth of the market. Besides this, the growing utilization of Rh to manufacture spectrometers for measuring wavelengths of light over a wide range of the electromagnetic spectrum is positively influencing the market. Moreover, there is an increase in the demand for Rh as an alloying agent for hardening and improving the corrosion resistance of platinum and platinum-based products across the globe. This, coupled with the rising consumer expenditure on jewelry, is offering lucrative growth opportunities to industry investors. In addition, the escalating demand for Rh to enhance the luster and durability of metals, such as silver and white gold, is propelling the growth of the market. Apart from this, the growing employment of Rh for producing fiberglass in liquid crystal displays (LCDs) and other digital displays is offering a favorable market outlook. Additionally, the increasing application of Rh in manufacturing thermocouples to measure temperature in nuclear reactors and develop nuclear technology is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global rhodium market, along with forecasts at the global, regional, and country levels from 2023-2028. Our report has categorized the market based on source, product type, application, and end use industry.

Source Insights:

• Mineral Source/PGM Mining
• Recycling
   

The report has provided a detailed breakup and analysis of the rhodium market based on the source. This includes mineral source/PGM mining and recycling. According to the report, mineral source/PGM mining represented the largest segment.

Product Type Insights:

• Alloys
• Metals and Compounds
   

A detailed breakup and analysis of the rhodium market based on the product type has also been provided in the report. This includes alloys and metals and compounds. According to the report, alloys accounted for the largest market share.

Application Insights:

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

A detailed breakup and analysis of the rhodium market based on the application has also been provided in the report. This includes catalysis, jewelry making, platinum and palladium alloying, and others. According to the report, catalysis accounted for the largest market share.

End Use Industry Insights:

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

A detailed breakup and analysis of the rhodium market based on the end use industry has also been provided in the report. This includes automotive, chemical, glass, electricals and electronics, and others. According to the report, automotive accounted for the largest market share.

Regional Insights:

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

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for rhodium. Some of the factors driving the North America rhodium market included the growing demand from electronics industry, rising air pollution, thriving automotive industry, etc.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global rhodium market. Competitive analysis such as market structure, market share by key players, 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. Some of the companies covered include 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. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Questions Answered in This Report:

• How has the global rhodium market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global rhodium market?
• What is the impact of each driver, restraint, and opportunity on the global rhodium market?
• What are the key regional markets?
• Which countries represent the most attractive rhodium market?
• What is the breakup of the market based on the source?
• Which is the most attractive source in the rhodium market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the rhodium market?
• What is the breakup of the market based on application?
• Which is the most attractive application in the rhodium market?
• What is the breakup of the market based on the end use industry?
• Which is the most attractive end use industry in the rhodium market?
• What is the competitive structure of the global rhodium market?
• Who are the key players/companies in the global 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 rhodium market from 2017-2028.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global rhodium market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• 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 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.