Rhodium Market Size, Share, Growth Analysis, By Type(Alloys, metals and compounds), By Source(Mineral source, and recycling resource.), By Application(Chemical manufacturing, catalyst, electrical & electronics, jewellery), By Region - Industry Forecast 2024-2031

Rhodium Market was valued at USD 2.22 billion in 2022, and is expected to rise from USD 2.35 billion in 2023 to reach a value of USD 3.66 billion by 2031, at a CAGR of 5.70% during the forecast period (2024–2031).

The rhodium market is highly competitive in nature with the rise in the number of players. To maintain a competitive edge, the major industry participants are focusing on implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also investing heavily on R&D. 'Anglo American Platinum Ltd.', 'Impala Platinum Holdings Limited', 'Norilsk Nickel', 'Stillwater Mining Company', 'Sibanye-Stillwater', 'Lonmin Plc', 'Johnson Matthey', 'Heraeus Holding GmbH', 'Umicore SA', 'Tanaka Holdings Co., Ltd.', 'Asahi Holdings, Inc.', 'Sumitomo Metal Mining Co., Ltd.', 'Mitsui Mining and Smelting Co., Ltd.', 'Nihon Materi Corporation', 'Boliden AB', 'JSC MMC Norilsk Nickel', 'Northam Platinum Limited', 'Zimplats Holdings Limited', 'Eastern Platinum Limited', 'Impala Refining Services (IRS)', 'In October 2023, Lifezone Metals Limited announced the signing of a term sheet with a subsidiary of Glencore plc for a platinum, palladium and rhodium (collectively platinum group metals or “PGMs”) recycling project utilizing Lifezone Metals’ hydrometallurgical technology (“Hydromet”) to be based in the USA. ', 'In June 2022, LS-Nikko Copper Inc., South Korean leading smelter of electrolytic copper and rare/precious metals, embarked on the production of rhodium, the rarest and most valuable precious metal in the world, to meet the anticipated rise in demand for the metal effective in reducing emissions.'

The surge of demand for rhodium from automotive and welding industries can positively fuel the market growth. The rhodium being a catalyst can propel the demand for the automotive industry. The demand for the product is also due to the rising demand for thermoelectric devices and spectrometers.

The growing research & development activities for finding more uses of rhodium in new industrial areas in Europe and Japan are the current market trend. Platinum-rhodium alloys are being used as effective catalysts in chemical reactions, and nitric acid production includes one catalyst. The major use of rhodium is to produce catalysts that minimize waste gases that harm human beings. 

Europe is expected to dominate the rhodium market owing to the stringent environmental regulations attributing to higher demand for automotive catalytic converters. Due to the increasing production of this metal for jewellery utilization, the region can retain its dominance over the aforementioned forecast period.