Saturday, 03 June 2023 06:56 GMT

Global Osmium Market Size Propelling Growth To $856 Million By 2030 With CAGR Of 3.82%


(MENAFN- GlobeNewsWire - Nasdaq) Raleigh, NC, May 26, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Osmium Market By Application (Chemical Manufacturing, Jewelry, Electricals & Electronics, And Others), By Type (Recycling Source And Mineral Sources), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.

“According to the latest research study, the demand of global osmium market size & share in terms of revenue was valued at USD 642.93 million in 2022 and it is expected to surpass around USD 856.58 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 3.82% during the forecast period 2023 to 2030.”

What is Osmium? How big is the Osmium Industry?

Report Overview:

Osmium is a chemical element that has the symbol Os and the atomic number 76. Its atomic number can be written as 76. The component has a brittle, hard, and bluish-white appearance. On the periodic table, it is located in the group designated by the symbol platinum. Osmium has a high temperature at both the boiling and melting point, making it one of the densest naturally occurring elements.

In addition to its usage in the creation of alloys, electrical contacts, and fountain pen nibs, os has also been put to use in a variety of other contexts. Os is in great demand among end-user verticals due, in large part, to its hardness as well as its resistance to corrosion, in addition to its possessing a number of other desirable qualities. Osmium tetroxide is a type of osmium compound that can be used as a staining agent in microscopy and as an oxidising agent in organic synthesis. Both of these applications make use of osmium. The manufacturing of osmium as well as its final applications are the focus of the osmium industry. It is anticipated that there will be consistent expansion of the market during the time covered by the projections.

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Global Osmium Market: Growth Factors

Increased need for alloys containing osmium

It is anticipated that the demand for osmium alloys will continue to rise across all end-user verticals, which will drive growth in the worldwide osmium market. Extensive study has been conducted on osmium for the purpose of producing various alloys, one of which is comprised of the materials that are utilised in the electrical industry. Osmium is the material used to make the nibs of fountain pens. As a result of the increasing revenue in the electricals and electronics sector, it is anticipated that the demand for osmium would continue to increase.

In addition to this, the component is a popular choice in the research community due to the fact that it is utilised extensively for the conduct of scientific research and development. In this industry, osmium is utilised in the capacity of an oxidising agent, a catalyst, and a staining agent. It is possible that the industry will expand at the same time that the research and development community throughout the world is expanding at a rapid rate. In addition, professionals and academics, along with the support of the government and significant enterprises, are working towards the improvement or expansion of the application of osmium in other industries; this may result in further money being redirected into the sector.

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Report Scope

Report Attribute Details
Market Size in 2022 USD 642.93 million
Projected Market Size in 2030 USD 856.58 million
CAGR Growth Rate 3.82% CAGR
Base Year 2022
Forecast Years 2023-2030
Key Market Players Ames Laboratory, Chivine Resources Inc., Element Six, Heraeus, Johnson Matthey, KGHM Polska Miedz SA, Materion Corporation, Merck KGaA, Norilsk Nickel, Osmium Technologies Inc., Platinum Group Metals Ltd., Prochem, Inc., Reade International Corp., Shanghai Jinchuan Group Co. Ltd., Solvay SA, Sumitomo Metal Mining Co. Ltd., Super Conductor Materials, Inc., Tanaka Kikinzoku Kogyo K.K., Umicore SA, Vital Materials Co. Ltd., VSMPO-AVISMA Corporation, WS2 Co., Ltd., Yamanaka & Company Inc., Yantai Jinpeng Mining Machinery Co. Ltd., and Zhuzhou Cemented Carbide Group Corp. Ltd.
Key Segment By Application, By Type, and By Region
Major Regions Covered North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options Request customized purchase options to meet your research needs. explore purchase options

Osmium Market: Segmentation Analysis

The global osmium market is segmented based on application, type, and region.

Based on application, the global market segments are chemical manufacturing, jewelry, electricals & electronics, and others. Currently, the industry is led by the high application of osmium in the chemical manufacturing segment where it is used extensively as a catalyst for several chemical reactions. This also includes the production of acrylic acid and ammonia. Osmium is also used in the electrical & electronics segment where its main application lies in the production of electrical contacts, fountain pen tips, and other high-precision instruments. Although osmium is used in the jewelry sector, its use is marginal as compared to more traditional elements such as silver, gold, and platinum. As of April 2023, the price of osmium is between USD 15,000 to USD 20,000 per troy ounce.

Based on type, the osmium industry segments are recycling sources and mineral sources. Currently, the primary source of obtaining osmium is mining mineral sources. It can also be produced by refining ores that contain osmium. Recycling osmium is difficult but possible. However, it is not a common method of obtaining rare mineral since the procedures involving extracting osmium from a recycled source is extremely complex and expensive. Studies suggest that in the earth's crust, it is estimated to be around 0.001 parts per million (ppm).

The global Osmium market is segmented as follows:

By Application

  • Chemical Manufacturing
  • Jewelry
  • Electricals & Electronics
  • And Others.

By Type

  • Recycling Sources
  • Mineral Sources

Browse the full “Osmium Market By Application (Chemical Manufacturing, Jewelry, Electricals & Electronics, And Others), By Type (Recycling Source And Mineral Sources), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" -Report at-

Competitive Landscape

Some of the main competitors dominating the global Osmium market include -

  • Ames Laboratory
  • Chivine Resources Inc.
  • Element Six
  • Heraeus
  • Johnson Matthey
  • KGHM Polska Miedz SA
  • Materion Corporation
  • Merck KGaA
  • Norilsk Nickel
  • Osmium Technologies Inc.
  • Platinum Group Metals Ltd.
  • Prochem Inc.
  • Reade International Corp.
  • Shanghai Jinchuan Group Co. Ltd.
  • Solvay SA
  • Sumitomo Metal Mining Co. Ltd.
  • Super Conductor Materials Inc.
  • Tanaka Kikinzoku Kogyo K.K.
  • Umicore SA
  • Vital Materials Co. Ltd.
  • VSMPO-AVISMA Corporation
  • WS2 Co. Ltd.
  • Yamanaka & Company Inc.
  • Yantai Jinpeng Mining Machinery Co. Ltd.
  • Zhuzhou Cemented Carbide Group Corp. Ltd.

Key Insights from Primary Research :

  • According to the analysis shared by our research forecaster, the Osmium market is likely to expand at a CAGR of around 3.82% during the forecast period (2023-2030).
  • In terms of revenue, the Osmium market size was valued at around US$ 642.93 million in 2022 and is projected to reach US$ 856.58 million by 2030.
  • The osmium market is projected to grow at a significant rate due to the growing demand for sustainable packaging.
  • Based on type segmentation, the mineral source was predicted to show maximum market share in the year 2022.
  • Based on application segmentation, chemical manufacturing was the leading application in 2022.
  • On the basis of region, Africa was the leading revenue generator in 2022.

Have Any Query? Ask Our Experts:

Key questions answered in this report:

  • What is the market size and growth rate forecast for Osmium industry?
  • What are the main driving factors propelling the Osmium Market forward?
  • What are the leading companies in the Osmium Industry?
  • What segments does the Osmium Market cover?
  • How can I receive a free copy of the Osmium Market sample report and company profiles?

Key Offerings:

  • Market Size & Forecast by Revenue | 2023−2030
  • Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
  • Market Segmentation – A detailed analysis By Application, By Type, and By Region
  • Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis :

Africa to witness the highest growth

The global osmium market is expected to witness the highest growth in South Africa during the forecast period. The growth is mainly due to the presence of large reserves of rare metals in the South African territory. This default has led to a large number of mining companies locating bases in the region to reap the benefits of the expensive metal. However, it should be noted that although osmium is available in large numbers in the continent, the mining condition of the country is poor as miners face low pay and substandard living conditions.

Furthermore, Asia-Pacific could emerge as a significant supplier of Osmium due to Turkey being a transcontinental region with a significant part of the population being considered Asian and only 3% of the region is located in European territory. In addition to this, with the ongoing Russia-Ukraine war, companies may drive more toward the African region along with Turkey to obtain the element.

By Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

Recent Developments

  • In December 2022, Gauteng Refinery from Johannesburg, South Africa announced a partnership with Ingo Wolf, who is the director of Osmium-Institut für Inverkehrbringung und Zertifizierung von Osmium GmbH. The partnership requires Gauteng to supply high-quality raw osmium to the German firm during the period of the strategic alliance. The partnership is a result of the Russia-Ukraine war and countries are unable to access Russia's precious metals
  • In February 2021, researchers at the University of Warwick were able to detect how osmium reacts in a single cancer cell with the use of a 185-meter beamline placed at the Diamond synchrotron. The finding implies that the precious metal can be used for the treatment of cancer

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FREQUENTLY ASKED QUESTIONS

  • What is osmium?
  • Which key factors will influence the osmium market growth over 2023-2030?
  • What will be the value of the osmium market during 2023-2030?
  • What will be the CAGR value of the osmium market during 2023-2030?
  • Which region will contribute notably towards the osmium market value?
  • Which are the major players leveraging the osmium market growth?

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