(MENAFN- America News Hour) The report titled “Global Ruthenium Market: Global Demand Analysis & Opportunity Outlook 2027” delivers a detailed overview of the global Ruthenium market in terms of market segmentation by phase-type, by application type, by end-user industries, and by regions.
Ruthenium is highly used as a catalyst in chemical industry which is expected to grow during the forecast period owing to high demand for faster refining and reaction processes.
The global Ruthenium market is segmented by phase type into solid, liquid and gas; by application into radiotherapy, chemical catalyst, aerospace, electrical energy and others; by end user industries into electronics and semiconductors, electrical, chemical, pharmaceutical and others and by regions. According to NITI Aayog, the Indian domestic electronic goods market has recorded USD 64 Billion and the world market progressed to USD 2 Trillion in 2014-15 which is thriving the Ruthenium market to anticipate at a high CAGR during the forecast period i.e. 2019–2027.
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The market of Ruthenium is observing high demand owing to its application in electronic goods such as electronic chips, fuel cells and other products. Additionally, chemical industries are demanding ruthenium for catalyst application and other petro-chemical refining processes which is expected to observe high growth during the forecast period. The usage of ruthenium in various pharmaceutical applications along with usage in radiotherapy for cancer treatment is driving the growth of the ruthenium market.
North America is expected to lead the Ruthenium market during the forecast period owing to ruthenium deposits in this region and high growth and advancement in electronic goods and petro-chemical refining sectors. Further, Asia Pacific is estimated to record high growth rate during the forecast period with increasing requirements for Ruthenium in chemical and electronic industries. Moreover, Latin America and Europe are likely to raise the ruthenium demands positively and enlarge the Ruthenium market over the forecast period owing to its increasing applications in electronics industry.
Steady Application in Chemical Industry
Ruthenium is highly used as a catalyst in chemical industry which is expected to grow during the forecast period owing to high demand for faster refining and reaction processes. The high refining rate of petro-chemical products by elimination hydrogen sulfide from the streams are increasing the demand for ruthenium across the globe. Additionally, ruthenium is used to synthesis various organic chemicals used in pharmaceuticals also are driving the demand for the market positively. Moreover, replacing mercury from various membrane technologies are escalating the demand for ruthenium in the chemical industries during the forecast period.
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However, less availability of ruthenium being a rarest metal on the Earth is encouraging the rise in price across the globe which is a hindrance to the market growth further over the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global Ruthenium market which includes company profiling of BASF, Merck KGaA, Johnson Matthey Catalog Company Inc., KaiDa Technology Limited, Strem Chemicals Inc., Vineeth Precious Catalysts Pvt. Ltd., Heraeus Holding GMBH, American Elements Corp., Apeiron Synthesis and Loba Chemie Pvt. Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Ruthenium market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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