Rhodium Market Share

Global Rhodium Market Overview

Rhodium Market Size was valued at USD 2.2 Billion in 2022. The Rhodium industry is projected to grow from USD 2.327 Billion in 2023 to USD 3.654 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 5.80% during the forecast period (2023 - 2032).Increasing use in the electronics industry and its critical role in catalytic converters, particularly in the industry of automotive, are the prime market drivers enhancing growth of the market.Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Rhodium Market Trends

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  Growing use in the electronics industry is driving the market growth

  
  

Market CAGR for rhodium is being driven by the rising use in the electronics industry. Rhodium, one of a member of the platinum group metals, is prized for its remarkable properties, including exceptional corrosion resistance, high melting point, and excellent conductivity. These qualities make rhodium an invaluable material for various electronic applications, and its demand in the electronics sector has witnessed a notable uptick in recent years.

One of the primary applications of rhodium in the electronics industry is in the manufacturing of electrical contacts. Electrical contacts are crucial components in various electronic devices, including switches, connectors, and sensors. Rhodium is preferred for these applications due to its resistance to corrosion and tarnishing, ensuring the longevity and reliability of electrical connections. This is particularly important in electronic devices where consistent and uninterrupted electrical conductivity is imperative for optimal performance. In addition to its use in electrical contacts, rhodium plays a critical role in the production of connectors for electronic devices. Connectors are essential components that facilitate the interconnection of different electronic elements within a device or between devices. Rhodium-plated connectors offer superior conductivity, lower contact resistance, and resistance to wear and tear, contributing to enhanced performance and durability of electronic devices.

Furthermore, the growing demand for consumer electronics, such as smartphones, tablets, and laptops, has significantly boosted the utilization of rhodium. As consumers increasingly seek devices with higher performance, faster data transfer rates, and improved connectivity, the electronics industry has turned to materials like rhodium to meet these requirements. The metal's unique combination of properties makes it a preferred choice for producing high-quality connectors and contacts, supporting the development of advanced and efficient electronic devices. Moreover, the proliferation of electric vehicles (EVs) has further intensified the demand for rhodium in the electronics sector. Rhodium-coated components are utilized in the manufacturing of electric vehicle charging connectors, ensuring efficient and reliable power transfer. As the automotive industry undergoes a transition towards electrification, the demand for rhodium in the production of charging infrastructure and EV components is expected to witness significant growth.

The trend towards miniaturization of electronic devices also contributes to the increased use of rhodium. In compact electronic gadgets where space is limited, the efficient and reliable performance of connectors becomes even more critical. Rhodium's ability to provide a thin yet effective coating on connectors makes it well-suited for applications where size constraints are a consideration. Thus driving the Rhodium market revenue.

Rhodium Market Segment Insights

Rhodium Type Insights

The Rhodium market segmentation, based on type, includes Mineral Source and Recycling Source. The mineral source segment dominated the market, accounting for the largest market revenue due to its impact on the metal's overall supply chain and production dynamics. Primary sources, such as mining operations, play a central role in meeting the demand for rhodium. The majority of rhodium is extracted as a byproduct of platinum and palladium mining, making these mineral sources essential contributors to the market. Recycling also contributes significantly to the mineral source landscape, as end-of-life products containing rhodium, particularly catalytic converters, are recycled to extract and reintegrate the metal into the supply chain. The availability and efficiency of extraction processes from different mineral sources influence the market's stability and the pricing dynamics of rhodium, making it crucial for industry stakeholders to monitor and adapt to changes in these sources.

Rhodium Application Insights

The Rhodium market segmentation, based on application, includes Catalyst, Chemical Manufacturing, Electricals and Electronics, Jewelry and Others. The catalyst category dominates the market due to the metal's exceptional catalytic properties. Rhodium serves as a catalyst in a wide range of industrial processes, with its primary and notable application being catalytic converters within the automotive industry. Its ability to facilitate the conversion of the harmful pollutants in vehicle emissions into less harmful substances makes it an indispensable component in the fight against air pollution. Beyond automotive catalysis, rhodium is also utilized in chemical and petrochemical industries for various catalytic reactions, such as hydrogenation and nitrogen oxide reduction. The increasing emphasis on the environmental regulations and the need for cleaner industrial processes further drive the demand for rhodium as a catalyst. Further, chemical manufacturing is the fastest-growing category due to the Expanding demand for pharmaceuticals and other chemicals.

Figure 1: Rhodium Market, by Application, 2022 & 2032 (USD Billion)Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review

Rhodium Regional Insights

By region, the study gives market insights of North America, Europe, Asia-Pacific and the Rest of the World. The North American Rhodium market area dominates this market due to its prominent position in the automotive and chemical industries, where rhodium is extensively used as a catalyst. The region's stringent environmental regulations, coupled with a high demand for vehicles and industrial processes requiring rhodium catalysts, contribute to North America's leading role in the rhodium market.

Further, the main countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, China, India, Australia, South Korea, and Brazil.

Figure 2: RHODIUM MARKET SHARE BY REGION 2022 (USD Billion)

Source: The Primary Research, Secondary Research, MRFR Database and Analyst Review

Europe's Rhodium market accounts for the second-largest market share due to the stringent emissions standards and the widespread adoption of catalytic converters in the automotive sector. Further, the German Rhodium market held the largest market share, and the UK Rhodium market was the fastest-growing market in the European region.

The Asia-Pacific Rhodium Market is expected to rise at the fastest CAGR from the year 2023 to 2032. This is due to the increasing adoption of catalytic converters in the automotive sector, coupled with expanding industrial applications requiring rhodium catalysts. Moreover, China’s Rhodium market held the largest market share, and the Indian Rhodium market was the fastest-growing market in the Asia-Pacific region.

Rhodium Key Market Players & Competitive Insights

Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Rhodium market grow even more. Market parties are also undertaking a variety of strategic activities in order to expand their footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To expand and survive in the more competitive and rising market climate, the Rhodium industry must offer cost-effective items.

Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the Rhodium industry to benefit the clients and grow the market sector. In recent years, the Rhodium industry has offered some of the most significant advantages to several industries. Major players in the Rhodium market, including Sibanye-Stillwater, Anglo American Platinum Limited, Sibanye Gold Limited, Russian Platinum, Sharretts Plating Company, Northam Platinum, DF Goldsmith, Norilsk Nickel, Vale SA, Glencore and others, are attempting to raise market demand by investing in research and development operations.

Sibanye-Stillwater is a leading precious metals mining company headquartered in South Africa. Founded in 2012, the company has grown to become one of the world's largest producers of gold and platinum group metals (PGMs). Sibanye-Stillwater operates a diverse portfolio of mining assets, including underground and surface gold mines, as well as PGM mines in South Africa and the United States. The company is known for its commitment to safety, environmental sustainability, and responsible mining practices. In November 2023, mining giant Sibanye-Stillwater and chemical company BASF announced a strategic partnership to develop and commercialize sustainable rhodium recycling technologies. This collaboration aims to improve the efficiency of rhodium recovery and reduce its environmental footprint.

Anglo American Platinum Limited is a globally renowned mining and natural resources company with a primary focus on platinum group metals (PGMs). Headquartered in Johannesburg, South Africa, the company is a subsidiary of the larger Anglo American plc, a multinational mining conglomerate. Anglo American Platinum is the leading producer of platinum, palladium, rhodium, iridium, ruthenium, and gold, which are essential components in different industrial applications, including catalytic converters, electronics, and jewellery. Anglo-American Platinum and Sibanye-Stillwater, these two major platinum producers, announced a collaboration in October 2023 to explore opportunities for joint ventures in the exploration, mining, and refining of platinum group metals, including rhodium.

Key Companies in the Rhodium market include

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  Sibanye-Stillwater

  
  


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  Anglo American Platinum Limited

  
  


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  Sibanye Gold Limited

  
  


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  Russian Platinum

  
  


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  Sharretts Plating Company

  
  


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  Northam Platinum

  
  


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  DF Goldsmith

  
  


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  Norilsk Nickel

  
  


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  Vale SA

  
  


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  Glencore

  
  

Rhodium Industry Developments

July 2023: American Elements acquired the rhodium refining assets of the insolvent company Rhodium Resources. This acquisition will help American Elements expand its rhodium refining capacity and cater to the growing demand for recycled rhodium.

January 2023: Precious metals companies Johnson Matthey and Heraeus have partnered to establish a joint venture for the production of rhodium-based catalysts for hydrogen fuel cells. This joint venture aims to meet the growing demand for these catalysts as the hydrogen economy develops.

February 2023: Johnson Matthey acquired the rhodium and palladium recycling business of the Canadian company JDC Recycling. This acquisition strengthens Johnson Matthey's position in the rhodium recycling market and expands its access to feedstock for its refining operations.

Rhodium Market Segmentation

Rhodium Type Outlook

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  Mineral Source

  
  


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  Recycling Source

  
  

Rhodium Application Outlook

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  Catalyst

  
  


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  Chemical Manufacturing

  
  


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  Electricals and Electronics

  
  


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  Jewellery

  
  


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  Others

  
  

Rhodium Regional Outlook

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  North America

  
  
  
  
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    US

    
    
  
  
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    Canada

    
    
  
  
  
  

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  Europe

  
  
  
  
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    Germany

    
    
  
  
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    France

    
    
  
  
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    UK

    
    
  
  
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    Italy

    
    
  
  
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    Spain

    
    
  
  
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    Rest of Europe

    
    
  
  
  
  


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  Asia-Pacific

  
  
  
  
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    China

    
    
  
  
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    Japan

    
    
  
  
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    India

    
    
  
  
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    Australia

    
    
  
  
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    Rest of Asia-Pacific

    
    
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East & Africa

    
    
  
  
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    South America