Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- According to a report published by Fortune Business Insights™, titled “Global Rhodium Market Size, Growth, Industry Analysis, and Forecast, 2023-2030” is expected to grow due to its widespread use as an alloying agent in materials such as palladium and platinum. Rhodium is a versatile metal with various applications in industries such as electrical, jewelry, chemical production, and catalytic conversion. Its use as a catalyst in the automotive industry, where it helps to reduce harmful emissions, has also contributed significantly to the growth of the market.
Rhodium, a rare precious metal that is part of the platinum group, has garnered increasing attention in recent years due to its surging prices and unique industrial properties. As a result, the rhodium market has become a focal point for investors and analysts alike, with many predicting that the metal's value will continue to rise in the coming years.
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List of Companies Profiled in the Rhodium Market Report:
- Glencore (Switzerland)
- Vale SA (Brazil)
- Sibanye Gold Limited (South Africa)
- Russian Platinum (Russia)
- Northam Platinum (South Africa)
- Anglo American Platinum (South Africa)
- Norilsk Nickel (Russia)
- Sibanye-Stillwater (South Africa)
- Sharretts Plating Company (South Africa)
- DF Goldsmith (U.S.)
Market Dynamics:
The rhodium market is driven by a complex set of supply and demand dynamics, influenced by factors such as the limited global supply of the metal, increasing demand in the automotive industry, and changes in global economic and environmental conditions. The market is known for its volatility, with prices fluctuating rapidly in response to changes in supply and demand. As the world shifts towards electric and hybrid vehicles, the demand for rhodium in catalytic converters could decline, while alternative technologies such as fuel cells could also impact the future of the market. Overall, a thorough understanding of the market dynamics is essential for investors and industry participants looking to navigate the opportunities and risks in the rhodium market.
Segmentation:
The global rhodium market can be segmented on the basis of type, application, and region.
By product type, the market can be segmented into:
- Mineral Source
- Recycling Source
By application, the market can be segmented into:
- Catalyst
- Chemical Manufacturing
- Electricals and Electronics
- Jewellery
- Others
By region, the market can be segmented into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Rest of the World
The segmentation of the rhodium market provides a comprehensive view of the market dynamics, enabling companies to identify specific opportunities and tailor their strategies accordingly.
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Report Coverage:
The rhodium market price is systematically studied and analysed in a comprehensive report, which provides a detailed overview of the market segments. The report assesses current market trends and offers insights into future prospects. It also presents an exhaustive analysis of regional insights and how they contribute to the growth of the market.
The COVID-19 impacts have been conversed in the report to help investors and business professionals with a better understanding of the latent trends present in the market. Additionally, the report highlights the major players in the market and their strategies to maintain their dominant positions.
Drivers and Restraints:
Bolstering Adoption of Metal for Electronic Usage to Reinforce Growth
The rhodium market is driven by several factors, including the increasing demand for the metal in catalytic converters, which is driven by tightening emissions regulations and the growth of the automotive industry. The limited global supply of rhodium, primarily from South Africa, has also contributed to its surging prices in recent years. However, market growth is restrained by the high volatility of rhodium prices, which can fluctuate rapidly in response to changes in supply and demand.
Additionally, the emergence of alternative technologies such as electric and hybrid vehicles could reduce the demand for rhodium in the long term, which could impact the future of the market. Other restraints include geopolitical tensions, economic downturns, and the impact of the COVID-19 pandemic on the global economy and the automotive industry. Overall, the rhodium market is subject to a range of drivers and restraints, which investors and industry participants must consider when making decisions about the market.
Regional Analysis:
The rhodium Market can be analyzed regionally to gain insights into the market's growth prospects and demand dynamics in different parts of the world. Here is a brief overview of the regional analysis of the Market:
- North America: The United States and Canada are major consumers of rhodium, primarily for use in the automotive industry. The demand for rhodium in North America is expected to continue to grow, driven by tightening emissions regulations and the increasing demand for gasoline-powered vehicles.
- Europe: European countries such as Germany and the United Kingdom are significant consumers of rhodium, particularly for use in the chemical industry. The demand for rhodium in Europe is expected to grow, driven by increasing demand for automotive catalysts and the tightening of emissions regulations.
- Asia-Pacific: China, Japan, and South Korea are major consumers of rhodium, primarily for use in the automotive industry. The demand for rhodium in Asia-Pacific is expected to grow, driven by the growth of the automotive industry in the region and the increasing demand for gasoline-powered vehicles.
- Rest of the World: Other regions such as South America and the Middle East also consume rhodium, primarily for use in the automotive industry. The demand for rhodium in these regions is expected to grow, driven by increasing demand for automotive catalysts and the growth of the automotive industry.
Overall, the regional analysis of the rhodium Market demonstrates that the demand for the metal is driven by the growth of the automotive industry and the tightening of emissions regulations, which is expected to continue to drive demand in the coming years.
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