(MENAFN- GlobeNewsWire - Nasdaq) Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The global ruthenium market size was USD 566.5 million in 2022 and is projected to grow from USD 582.4 million in 2023 to USD 819.2 million by 2030 at a CAGR of 5.0% during the forecast period. Ruthenium (Ru), one of the rarest metals, with atomic number 44 is found in platinum ores. It is present in hard form with high resistance to oxidation and corrosion. It is produced as a byproduct of platinum and nickel refining. The demand for this metal is mainly associated with its application such as creating electrical contacts and hard drive disks, catalysts in multiple chemical reactions, and cancer agents for MRI imaging.
Fortune Business Insights presents this information in its report titled "Ruthenium Market , 2023-2030."
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List of Key Players Profiled in the Ruthenium Market Report:
American Elements (U.S.) Anglo American (U.K.) Hera(Germany) Impala Platinum Holdings Limited (South Africa) Johnson Matthey (U.K.) KaiDa Technology Limited (China) LobaChemie Pvt. Ltd. (India) Sibanye-Stillwater (South Africa) Otto Chemie Pvt. Ltd. (India) Umicore N.V. (Belgium) TANAKA Holdings Co., Ltd. (Japan) FURUYA METAL Co., Ltd. (Japan) ISHIFUKU Metal Industry Co., Ltd. (Japan) Colonial Metals, Inc. (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.0% |
| 2030 Value Projection | USD 819.2 Million |
| Market Size in 2022 | USD 566.5 Million |
| Historical Data | 2019-2021 |
| No. of Pages | 162 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered | By Type By Application By Region |
| Regions Covered | North America Europe Asia Pacific Latin America Middle East and Africa |
| Ruthenium Market Growth Drivers | Electronics and Electrical Segment to be Dominant due to its Beneficial Characteristics |
| Growing Demand in the Chemical Industry to Drive Market Growth |
Browse Detailed Summary of Research Report with TOC:
Segments:
Dry Segment to Hold Largest Share due to Increasing Electronic Industry & Electrochemical Consumption
On the basis of type, the market is segmented into liquid and dry. The dry segment dominated the market share in 2022. The dry segment's growth is credited to the rising electronic industry and electrochemical consumption. As a result, its consumption is growing rapidly in chip resistors and electrical contacts.
Electronics and Electrical Segment to be Dominant due to its Beneficial Characteristics
According to application, the market is segmented into electrical and electronics, pharmaceuticals, chemicals, and others. The electrical and electronics segment held the highest share of the market. In this segment, Ru witnessed the most consumption in electrochemical and electrical applications such as chip resistors and super capacitors.
COVID-19 Impact :
Severally Impacted Automotive & Chemicals Industries Hampered the Market Growth
COVID-19 has negatively impacted the global ruthenium market share. The market players faced a shortage of supply, at least for the first half of 2020, due to restrictions in key industrial nations such as India and China. Many companies have either decreased their production capacity or shut down their production plants. Governments of multiple countries are acting on supportive regulations, and attempts to re-established economies will result in rising demand.
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Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market. Comprehensive insights into the regional developments. List of major industry players. Key strategies adopted by the market players. Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints :
Growing Demand in the Chemical Industry to Drive Market Growth
The rising consumption in the chemical industry is anticipated to drive market growth in the coming years. The characteristics of ruthenium, such as corrosion resistance and improving wear linked with fueling electrical surface ductility and conductivity to the substrate, enhancing the aesthetics of the underlying substrate, and improving the aesthetics of the underlying substrate, make it a sustainable choice in the chemical industry.
Direct exposure to Ru compounds can cause strong stains on the skin and ingested ruthenium is retained strongly in bones, which hamper the market growth.
Regional Insights :
Increasing Demand for Data Storage to Dominate the Market in Asia Pacific
The market size in Asia Pacific was the largest in 2022. The metal is consumed as thin-film material for manufacturing magnetic read heads for Hard Disk Drives (HDDs). HDDs play an important role in the data storage market, and the demand for data storage is anticipated to foster the ruthenium market growth.
In North America, the demand for the product is associated with the rapid growth in the electronics industry. It provides extreme hardness, which makes it an efficient choice to alloy with other platinum group metals to make wear-resistant electrical contacts.
In Europe, the demand is mainly driven by the catalytic converter, which plays a key role in the automobile industry. It is used due to its properties such as temperature stability and proper functioning.
Competitive Landscape:
Market Players Foon New Product Launches to Strengthen Market Position
Leading companies in the market are competing to increase their market share by providing solutions that are specific to particular sectors. These players strategically work with and take over local rivals to gain a solid regional footing. These companies prioritize developing innovative products and effective marketing strategies to capture a larger market share. The growing volume of international trade is projected to present lucrative opportunities for market players.
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Detailed Table of Contents:
Introduction Research Scope Market Segmentation Research Methodology Definitions and Assumptions
Executive Summary Market Dynamics Market Drivers Market Restraints Market Opportunities
Key Insights Key Emerging Trends – For Major Countries/Regions Key Developments: Mergers, Acquisition, Partnership, etc. Latest Technological Advancement Insights on Regulatory Scenario Porter's Five Forces Analysis Qualitative Insights on Recycling (reclamation) Capability from Spent Catalysts Price Trend Analysis
Qualitative Insights – Impact of COVID-19 on Global Ruthenium Market Supply Chain Challenges Steps taken by Government/Companies to overcome this impact Potential opportunities due to COVID-19 outbreak
Global Ruthenium Market Analysis, Insights, and Forecast, 2019-2030 Key Findings / Summary By Product Type (Value and Volume) By Application (Value and Volume) Electrical & Electronics Chemical Pharmaceutical Others
By Region (Value and Volume) North America Europe Asia Pacific Latin America Middle East & Africa
TOC Continued...!
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Attachment
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