Rhodium Market: Cost Growth-strategies, Historical, Data & Market Forecast 2031
Rhodium was valued at USD 4,602.2 million in 2023 and is projected to reach USD 6,784.4 million by 2031, growing at a CAGR of 5.16% from 2024 to 2031. The need for rhodium is being driven by a number of reasons that are contributing to the growth of the market, including expanding chemical manufacturing, developing novel catalysts, and growing industrial applications.
Rhodium Market Top 10 Companies: -
Anglo American Platinum Ltd., Impala Platinum Holding Limited (Implats), Norilsk Nickel, Sibanye-Stillwater, Johnson Matthey, Heraeus Holding GmbH, Umicore SA, Tanaka Holdings Co., Ltd., Sumitomo Metal Mining Co., Ltd., Mitsui Mining and Smelting Co., Ltd.
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Fastest Growing Region (2024 - 2031) - North America
A Fine powder known as Rhodium is created when hydrocarbon compounds burn too slowly. Its distinctive qualities, which include high surface area, exceptional UV resistance, and electrical conductivity, are mostly attributed to its carbon composition. Because of these characteristics, Rhodium is a flexible material with a wide range of uses in many sectors.
Rhodium Market Key Trends: -
Price Volatility: Rhodium prices have been highly volatile, reaching record highs in recent years. This volatility is driven by factors such as supply constraints, increasing demand from the automotive industry (especially for catalytic converters), and speculative trading.
Supply Constraints: Rhodium is a rare metal, and the majority of its supply comes as a by-product of platinum and nickel mining. Supply disruptions or production cuts in these industries can significantly impact rhodium availability and prices.
Automotive Demand: The automotive industry is the largest consumer of rhodium, primarily for catalytic converters in vehicles. Stringent emissions regulations worldwide have increased the demand for rhodium, particularly as automakers strive to meet stricter emission standards.
Factors Driving Growth in the Global Rhodium Market: -
The increasing production of electric vehicles (EVs) is driving demand for rhodium in fuel cell technology. Fuel cells employing rhodium as a catalyst are becoming increasingly popular as clean energy alternatives to traditional internal combustion engines in the transportation sector. With governments and consumers placing greater emphasis on decarbonization and sustainable mobility, the demand for fuel cell vehicles is expected to experience significant growth
Regional Overview: -
The North American rhodium market is expected to develop at a strong CAGR of 5.20% during the projected period. The region has a mature automotive industry, with tough pollution standards driving up demand for rhodium-based catalytic converters to cut car emissions.
Global Rhodium Market is Segmentation: -
By Product Type
- Alloys
- Metal
- Compounds
By Application
- Catalysis
- Chemical Manufacturing
- Electrical and Electronics
- Jewellery
- Others
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