IMARC Group, a leading market research company, has recently releases report titled “Rhodium Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” 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.

Report Highlights:

How big is the rhodium market?

The global rhodium market size reached US$ 2.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.46% during 2024-2032. 

What is Rhodium?

Rhodium is a chemical element with the symbol "Rh" and atomic number 45. It belongs to the platinum group of metals and is known for its remarkable properties and applications. Rhodium is a rare, silvery-white, and hard transition metal that holds the distinction of being one of the most precious and expensive metals in the world. Rhodium possesses several distinctive characteristics that make it a unique element. It has a high melting point of approximately 1,966 degrees Celsius (3,571 degrees Fahrenheit), making it exceptionally resistant to high-temperature environments.

This characteristic makes rhodium a crucial component in the production of high-temperature electrical contacts and thermocouples. Moreover, rhodium is highly corrosion-resistant, even more so than its fellow platinum group metals. This resistance to corrosion makes it valuable in various industrial applications, including as a protective plating for jewelry, to prevent tarnishing. Additionally, rhodium is renowned for its dazzling luster, making it a popular choice for enhancing the appearance of white gold and silver jewelry. One of the prominent features of rhodium is its exceptional catalytic properties. It is widely used in catalytic converters in automobiles to reduce harmful emissions from exhaust gases.

Rhodium's effectiveness in promoting chemical reactions while remaining unchanged itself is a critical factor in this application. Furthermore, rhodium finds its way into the field of electronics due to its high electrical conductivity, making it an essential component in electrical contacts and connectors. In the realm of nuclear science, rhodium-103 isotope is utilized in radiation therapy to treat cancer. Its ability to emit beta particles effectively contributes to its medical significance.

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

Rhodium is experiencing a surge in demand, driven by its exceptional corrosion resistance, high melting point, and remarkable catalytic properties. These characteristics make it a crucial component in the automotive industry, where it is used in catalytic converters to reduce harmful emissions. The increasing global focus on environmental regulations and the need to combat air pollution are significant factors boosting the demand for rhodium in this application. Furthermore, rhodium's value has been propelled by its essential role in the electronics sector. It is used in electrical contacts and connectors due to its excellent conductivity and durability.

As the electronics industry continues to advance, the demand for rhodium in electronic components is expected to grow steadily. The scarcity of rhodium in nature is another notable feature. With limited primary sources, rhodium is primarily obtained as a byproduct of platinum and nickel mining. This scarcity factor, coupled with the growing demand, has led to higher prices and increased interest in recycling and refining processes to extract rhodium, further driving its market growth. Furthermore, the jewellery industry also contributes to the demand for rhodium, as it is used as a plating material for white gold and silver jewellery, giving them a shiny, reflective surface. The global luxury market and consumer preferences for high-quality jewellery continue to stimulate rhodium's demand in this segment.

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:

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

Market 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

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

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