The global US ruthenium market size was USD 566.5 million in 2022. The market 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.
US ruthenium (RU), one of the rarest metals, with atomic number 44 and is typically found in platinum ores. It is mostly hard, with high resistance to corrosion and oxidation. It is made commercially as a byproduct of nickel and platinum refining. The demand for this metal is mainly associated with its application such as producing 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 “US ruthenium Market Size, Share, Growth and Forecast, 2024-2030.”
Ruthenium, a rare and lustrous metal belonging to the platinum group (PGMs), is gaining traction in the US market. While not as well-known as its platinum and palladium counterparts, ruthenium boasts unique properties that make it valuable across various industries. This article delves into the US ruthenium market, exploring its size, growth projections, key applications, and prominent players.
Segments:
Dry Segment to Hold Dominate due to Increasing Electronic Industry & Electrochemical Consumption
Based on 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, US ruthenium was most consumed in electrochemical and electrical applications such as chip resistors and supercapacitors.
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:
Rising Demand in the Chemical Industry to Boost the Market Growth
The rising consumption in the chemical industry is anticipated to fuel market growth in the coming years. The characteristics of US ruthenium include improving wear and corrosion resistance coupled with driving electrical surface ductility and conductivity to the substrate and enhancing the aesthetics of the underlying substrates. This makes the metal a sustainable choice in the chemical industry.
Direct exposure to Ru compounds can cause strong stains on the skin and ingested US ruthenium is retained strongly in bones, which restrain the market growth.
Source- https://www.fortunebusinessinsights.com/u-s-ruthenium-market-109109
Regional Insights:
Asia Pacific Dominated the Market Due to Increase in Metal for Hard Disk Drivers
Asia Pacific dominated the US ruthenium market share in 2022. It is a thin-film material for manufacturing magnetic read heads for Hard Disk Drives (HDDs). HDDs play a key role in the data storage market and are projected to drive market growth.
North America’s high demand for the product is associated with rapid growth in the electronics industry. There is rising consumption of Ru-based thin film microelectronics as the metals could be easily patterned.
The demand in Europe is mainly propelled by the catalytic converter, which plays a key role in the automobile industry. The outbreak of Russia-Ukraine war in this region expanded several trade constraints in the region.
Competitive Landscape:
Market Players Focus on 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.
Key Industry Development:
- October 2022: Heraeus developed a Ru-based precious metal catalyst that ensures the efficient formation of DFF from 5-HMF.
Applications Driving Demand
Ruthenium’s unique properties, including its high melting point, excellent corrosion resistance, and catalytic abilities, contribute to its diverse applications in the US market:
- Electronics: Ruthenium plays a crucial role in the production of chip resistors, vital for regulating current flow in electronic circuits. It also finds use in hard disk drive coatings, enhancing durability and storage capacity [1].
- Automobiles: Ruthenium is a prized component in automotive catalytic converters, effectively reducing harmful emissions from vehicles, contributing to cleaner air [3].
- Chemicals: The chlor-alkali process, which uses ruthenium-coated electrodes, is a cornerstone of chlorine production, a key industrial chemical [2].
- Emerging Technologies: Research is ongoing to explore ruthenium’s potential in hydrogen energy generation and storage due to its catalytic properties [5].
Challenges and Considerations
Despite its promising future, the US ruthenium market faces certain challenges:
- Supply Constraints: Ruthenium is primarily obtained as a byproduct of nickel and platinum refining. Limited primary production and dependence on byproduct availability can create supply bottlenecks, impacting market stability [4].
- Price Volatility: Ruthenium’s price can experience significant fluctuations. Rising prices can incentivize manufacturers to seek alternative materials, hindering market growth [2].
- Geopolitical Factors: The geographical concentration of ruthenium reserves can expose the market to geopolitical uncertainties, potentially disrupting supply chains.
Key Players in the US Ruthenium Market
Several prominent companies play a vital role in the US ruthenium market:
- American Elements: A leading US supplier of specialty metals and advanced materials, including ruthenium in various forms [6].
- Sibanye-Stillwater: A global leader in PGMs, including ruthenium, with a focus on responsible sourcing and sustainable practices [7].
- Colonial Metals, Inc.: A well-established distributor of precious metals, offering ruthenium in different shapes and purities to cater to diverse customer needs [8].
- Heraeus: A prominent global player in specialty materials, including ruthenium, with expertise in refining, processing, and distribution [9].
- Johnson Matthey: A world leader in sustainable technologies, including PGM catalysts, potentially utilizing ruthenium in its portfolio [10].
List of Key Players Profiled in the Report:
American Elements (U.S.), Anglo American (U.K.), Heraeus (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.)
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