Rhodium Market is Expected to Grow at a CAGR of 4.39% to Reach USD 3.55 Billion by 2030

The Rhodium Market size was valued at USD 2.31 Billion in 2022 and is projected to grow from USD 2.40933 Billion in 2023 to USD 3.55 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.39% during the forecast period (2023 – 2030).

There are a number of factors driving the surge in rhodium prices. One is the growing demand for rhodium in the automotive industry. Rhodium is used in catalytic converters to remove harmful pollutants from car exhaust. As governments around the world tighten emissions regulations, the demand for rhodium is expected to continue to grow.

Another factor driving rhodium prices is the decline in supply. The world’s largest producer of rhodium, South Africa, has been hit by a number of challenges in recent years, including power outages and labor strikes. This has led to a decrease in rhodium production, which has further exacerbated the price surge.

The high price of rhodium is having a significant impact on the automotive industry. Car manufacturers are facing rising costs, and some are even considering switching to alternative materials for catalytic converters. However, the switch to alternative materials is not always possible, as rhodium is still the most effective material for removing pollutants from car exhaust.

Download Report Sample Copy: https://www.marketresearchfuture.com/sample_request/11560

The high price of rhodium is also having a knock-on effect on other industries, such as jewelry and electronics. Rhodium is used in a variety of applications in these industries, and the rising prices are making it more expensive to produce products that use rhodium.

The rhodium market is expected to remain volatile in the near future. The demand for rhodium is expected to continue to grow, but the supply is unlikely to increase significantly in the short term. This could lead to further price volatility in the rhodium market.

Market Competitive Landscape:

• South Africa’s Impala Platinum,
• Anglo Platinum,
• Russia’s Norilsk Nickel,
• Zimbabwe’s Zimplats,
• North American Palladium (NAP)
• Among others.

About Rhodium

Rhodium is a rare, silvery-white metal that is a member of the platinum group metals. It is the most expensive of all the platinum group metals, and is used in a variety of applications, including catalytic converters, jewelry, and electronics.

Rhodium is mined primarily in South Africa, Russia, and the United States. The global production of rhodium is estimated to be around 30 tons per year.

Conclusion

The rhodium market is in a state of flux, with prices soaring to record highs. The demand for rhodium is expected to continue to grow, but the supply is unlikely to increase significantly in the short term. This could lead to further price volatility in the rhodium market.

Ask for Customization: https://www.marketresearchfuture.com/ask_for_customize/11560

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Related Report

The Anionic Surfactants Market size was valued at USD 21.34 Billion in 2022 and is projected to grow from USD 22.0869 Billion in 2023 to USD 27.65 Billion by 2030

The Refractory Material Market size was valued at USD 33.25 Billion in 2022 and is projected to grow from USD 34.81275 Billion in 2023 to USD 45.23 Billion by 2030

The ortho-xylene market size was valued at USD 3.24 Billion in 2022 and is projected to grow from USD 3.37608 Billion in 2023 to USD 6.32 Billion by 2030

The Pharmaceutical Coating Equipment Market size was valued at USD 0.855 Billion in 2022 and is projected to grow from USD 0.90288 Billion in 2023 to USD 1.45 Billion by 2030

Tags: Rhodium, Rhodium market, Rhodium Market Share See Campaign: https://www.marketresearchfuture.com/reports/rhodium-market-11560

Contact Information:

Contact: Market Research Future (Part of Wantstats Research and Media Private Limited) 99 Hudson Street, 5Th Floor New York, NY 10013 United States of America +1 628 258 0071 (US) +44 2035 002 764 (UK) Email: sales@marketresearchfuture.com Website: https://www.marketresearchfuture.com

Tags:
Wire, Research Newswire, English