Insights from Future Market Research

The study documents by MRFR state that the Rhodium Market Research Report Information by Application, Product Type, Fiber Type, Resin Type, and Region – Forecast Till 2032, the Rhodium market is predicted to expand substantially during the evaluation era from 2022 to 2030 at a sizable CAGR of closely 4.39%. The study documents suggest projections related to the global market’s mounting revenue data, which will likely attain a market of USD 3.55 Billion by the end of 2030. As per the reports, the market was priced at almost USD 2.31 Billion in 2022. Rhodium (Rh) refers to a metal belonging to the platinum group. It is a valuable, silvery-white element showing brilliant resistance to corrosion and a high melting point.

Consequently, it is mainly used as a catalyst in industrial processes, especially in the automotive industry for catalytic converters. Given its scarcity and unique properties, Rhodium holds substantial value in the market. The Rhodium market has recently advanced. The main feature causing a rise in market performance is the flourishing expansion of the automotive industry. Furthermore, the increasing global awareness of environmental issues and stringent emission regulations are also considered to be some of the vital parameters enhancing the performance of the global market. Moreover, factors such as growing interest in electric vehicles (EVs), the metal’s unique & valuable properties, and expanding product application in the thriving chemical industry for manufacturing fine chemicals are also likely to have a positive impact on the growth of the global market over the coming years.

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Regional Analysis:

The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.

The study documents by MRFR entail that The North American Region ensured the prime position across the Rhodium market in 2022. The area is recognized for dynamic development contributors such as Mexico, Canada, and the U.S. The primary aspect boosting the development of the regional Rhodium market is the region’s strong automotive industry and increasing focus on emission reduction. As environmental agencies and governments across North America continue to deploy stringent emission regulations, automotive manufacturers are compelled to implement advanced catalytic converter technologies, causing higher demand for Rhodium. Furthermore, the region’s growing interest in electric vehicles (EVs) is also likely to have a positive impact on the growth of the regional market over the coming years.

Market Segmentation:

The global market for Rhodium has been segregated into various segments based on product type, source, application, end-users, and region.

Based on the source, the global market for Rhodium is divided into Recycling and Mineral Source/PGM Mining.

Based on the product type, the global market for Rhodium is divided into Metals & Compounds and Alloys.

Based on the application, the global market for Rhodium is divided into Platinum and palladium Alloying, Catalysis, Jewelry Making, and others.

Based on the end-users, the global market for Rhodium is divided into Electricals & Electronics, Automotive, Chemical, Glass, and Others.

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Key Players:

American Elements, Johnson Matthey PLC, Anglo American Platinum Limited, Norilsk Nickel D.F. Goldsmith Chemical & Metal Corp., Northam Platinum Holdings Limited, Impala Platinum Holdings Limited, Parekh Industries Ltd., J&J Materials Inc., Sharretts Plating Company, Reade International Corp., Sibanye-Stillwater

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 about 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.

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Tags: Rhodium, Rhodium market, Rhodium Market Price