Rhodium Market Share

Growing use in the electronics industry is driving the market growth

Market CAGR for rhodium is being driven by the rising use in the electronics industry. Rhodium, one of a member of the platinum group metals, is prized for its remarkable properties, including exceptional corrosion resistance, high melting point, and excellent conductivity. These qualities make rhodium an invaluable material for various electronic applications, and its demand in the electronics sector has witnessed a notable uptick in recent years.

One of the primary applications of rhodium in the electronics industry is in the manufacturing of electrical contacts. Electrical contacts are crucial components in various electronic devices, including switches, connectors, and sensors. Rhodium is preferred for these applications due to its resistance to corrosion and tarnishing, ensuring the longevity and reliability of electrical connections. This is particularly important in electronic devices where consistent and uninterrupted electrical conductivity is imperative for optimal performance. In addition to its use in electrical contacts, rhodium plays a critical role in the production of connectors for electronic devices.

Connectors are essential components that facilitate the interconnection of different electronic elements within a device or between devices. Rhodium-plated connectors offer superior conductivity, lower contact resistance, and resistance to wear and tear, contributing to enhanced performance and durability of electronic devices.

Furthermore, the growing demand for consumer electronics, such as smartphones, tablets, and laptops, has significantly boosted the utilization of rhodium. As consumers increasingly seek devices with higher performance, faster data transfer rates, and improved connectivity, the electronics industry has turned to materials like rhodium to meet these requirements. The metal's unique combination of properties makes it a preferred choice for producing high-quality connectors and contacts, supporting the development of advanced and efficient electronic devices. Moreover, the proliferation of electric vehicles (EVs) has further intensified the demand for rhodium in the electronics sector.

Rhodium-coated components are utilized in the manufacturing of electric vehicle charging connectors, ensuring efficient and reliable power transfer. As the automotive industry undergoes a transition towards electrification, the demand for rhodium in the production of charging infrastructure and EV components is expected to witness significant growth.

The trend towards miniaturization of electronic devices also contributes to the increased use of rhodium. In compact electronic gadgets where space is limited, the efficient and reliable performance of connectors becomes even more critical. Rhodium's ability to provide a thin yet effective coating on connectors makes it well-suited for applications where size constraints are a consideration. Thus driving the Rhodium market revenue.

The Global Rhodium Market Industry experiences heightened demand due to its critical role in automotive catalysts. Rhodium is essential for reducing harmful emissions from vehicles, particularly in gasoline engines. As global regulations on vehicle emissions tighten, manufacturers are increasingly incorporating rhodium into catalytic converters. In 2024, the market is projected to reach 2.46 USD Billion, driven by the automotive sector's shift towards cleaner technologies. This trend is likely to continue, as the industry adapts to stricter environmental standards, suggesting a robust growth trajectory for rhodium in the coming years.

Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Rhodium market grow even more. Market parties are also undertaking a variety of strategic activities in order to expand their footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To expand and survive in the more competitive and rising market climate, the Rhodium industry must offer cost-effective items.

Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the Rhodium industry to benefit the clients and grow the market sector. In recent years, the Rhodium industry has offered some of the most significant advantages to several industries. Major players in the Rhodium market, including Sibanye-Stillwater, Anglo American Platinum Limited, Sibanye Gold Limited, Russian Platinum, Sharretts Plating Company, Northam Platinum, DF Goldsmith, Norilsk Nickel, Vale SA, Glencore and others, are attempting to raise market demand by investing in research and development operations.

Sibanye-Stillwater is a leading precious metals mining company headquartered in South Africa. Founded in 2012, the company has grown to become one of the world's largest producers of gold and platinum group metals (PGMs). Sibanye-Stillwater operates a diverse portfolio of mining assets, including underground and surface gold mines, as well as PGM mines in South Africa and the United States. The company is known for its commitment to safety, environmental sustainability, and responsible mining practices. In November 2023, mining giant Sibanye-Stillwater and chemical company BASF announced a strategic partnership to develop and commercialize sustainable rhodium recycling technologies.

This collaboration aims to improve the efficiency of rhodium recovery and reduce its environmental footprint.

Anglo American Platinum Limited is a globally renowned mining and natural resources company with a primary focus on platinum group metals (PGMs). Headquartered in Johannesburg, South Africa, the company is a subsidiary of the larger Anglo American plc, a multinational mining conglomerate. Anglo American Platinum is the leading producer of platinum, palladium, rhodium, iridium, ruthenium, and gold, which are essential components in different industrial applications, including catalytic converters, electronics, and jewellery.

Anglo-American Platinum and Sibanye-Stillwater, these two major platinum producers, announced a collaboration in October 2023 to explore opportunities for joint ventures in the exploration, mining, and refining of platinum group metals, including rhodium.