"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Ruthenium Market Size, Share & Industry Analysis, By Type (Dry and Liquid), By Application (Electrical and Electronics, Chemical, Pharmaceutical, and Others), and Regional Forecast, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI108084

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global ruthenium market size was valued at USD 582.5 million in 2023 and is projected to grow from USD 607.1 million in 2024 to USD 903.2 million by 2032, exhibiting a CAGR of 5.0% during the forecast period.


Ruthenium (Ru) is one of the rarest metals, with atomic number 44 and is typically found in platinum ores. It is usually hard in form and high resistance to corrosion and oxidation. It is produced commercially as a byproduct of nickel and platinum refining. The demand for this metal is mainly associated with its application such as producing hard drive disks and electrical contacts, catalysts in multiple chemical reactions, and cancer agents for MRI imaging. Ruthenium holds the potential application for reaching sustainability goals as it is used in an automotive catalytic converter to mitigate emissions. The shift toward renewable energy is expected to increase consumption as it is used in producing hydrogen fuel cells and solar cells, which are important components to building a sustainable future.


The COVID-19 pandemic initially disrupted the market, causing supply chain challenges and demand fluctuations. However, with global efforts to control the disruption, the market is gradually recovering. Increased industrial activities and technology advancements are contributing to a rebound in product demand, fostering a positive outlook for the market’s recovery.


Ruthenium Market Trends


Increasing Demand from Electronics Market to Bolster the Product Consumption


Rapid innovations in the electrical industry, growing consumer preference to purchase electronics products, and rising research & development activities in electrochemical are some of the prominent factors that are increasing the product adoption in the electrical & electronic industry.


Ru is an efficient hardener for palladium and platinum. It is mainly alloyed with these metals to manufacture wear-resistant electrical contacts and thick-film resistors. The ongoing strong customer demand for electronic devices facilitates the adoption of its paste in chip resistors and other electrical components. Additionally, growth in data storage requirements further supports its adoption in hard disk applications.


Moreover, ruthenium oxide (RuO2) is widely utilized in electrode material for supercapacitors owing to its advantages of high reversibility, cyclability, compatibility with charge/discharge rates, reasonable conductivity, wide working potential window, and high theoretical capacitance value. Hence, such characteristics have increased consumption in the electrical and electronics industries and would contribute to creating opportunities for the ruthenium market growth during the forecast timeline.


Request a Free sample to learn more about this report.


Ruthenium Market Growth Factors


Automotive Industry Accelerates Market Growth through EV Advancement and Sustainable Technologies


The automotive industry plays a pivotal role in the market, especially given its importance in the development of electric vehicles (EVs). Ruthenium has numerous applications in EV batteries, including catalytic converters and conductive materials. As the automobile industry moves toward more sustainable practices, the need for products in cutting-edge technologies grows.


Additionally, ruthenium’s application in fuel cell technology strengthens its link to the automotive sector. Fuel cells are gaining popularity as a sustainable energy source, and ruthenium’s catalytic characteristics help to improve the efficiency of these systems. This is consistent with the global trends of lowering reliance on traditional combustion engines and adopting greener alternatives.


Furthermore, automotive research and development initiatives are investigating novel ways to improve the performance and longevity of EV batteries, resulting in a steady product demand. As battery technology advances, the automotive industry is projected to be a significant driving force in the growth of the market.


Increasing Demand in the Chemical Industry to Boost the Market Growth


The growing consumption in the chemical industry is expected to fuel market growth during the upcoming years. The characteristics of the product, such as improving wear and corrosion resistance coupled with fueling electrical surface ductility and conductivity to the substrate and enhancing the aesthetics of the underlying substrate, make it a sustainable choice in the chemical industry.


Furthermore, it has always been considered one of the most active versatile catalysts for several reactions of environmental and commercial importance. Also, with the help of RuO2, hydrogen sulfide could be split catalytically by light using an aqueous suspension of cadmium sulfide particles. The consumption of the metal is also increasing as a catalyst for acetic acid and ammonia production and as a de-NOx catalyst in the automotive industry to mitigate the emission.


Growing chemical industry expansion and rising technological advancement in chemicals to make the end-use product more effective and sustainable boost the product demand. Hence, the abovementioned factors are anticipated to aid the market growth during the forecast period.


RESTRAINING FACTORS


Unavailability of Ruthenium and its Carcinogenic Nature to Restrict Market Growth


This metal is considered a rare element on Earth. Its unavailability causes a major low supply and, as a result, decreases its adoption in various end-use applications. Its high demand and low supply cause a demand-supply gap, which further affects the distribution channel. Additionally, due to its limited reserve, it is very expensive; as a result, several manufacturers are focusing on adopting substitute metals or products to further aid in cost reduction and smooth processing.


Moreover, the oxide of metal is toxic and its compounds are regarded as highly toxic and carcinogenic for humans. Direct exposure to its compounds can cause strong stains on the skin, and ingested metal is retained strongly in bones. Also, its exposure can cause severe health issues such as cancer, death, alertness, sedation, ptosis, and diarrhea.


Such factors restrict the adoption in various applications. Hence, this is anticipated to hamper the global market growth during the review period.


Ruthenium Market Segmentation Analysis


By Type Analysis


Dry Segment to Hold Larger Share due to Increasing Electronic Industry & Electrochemical Consumption


Based on type, the market is segmented into dry and liquid. The dry segment had the dominant market share in terms of value in 2022. The segment's growth is attributed to the increasing electronic industry & electrochemical consumption. As a result, its major consumption is increasing rapidly in chip resistors and electrical contacts. Moreover, the growing adoption of dry-form during industrial transportation fuels its consumption in many applications.


Whereas, there is growing use of liquid form in the chemical segment for coating anodes of electrochemical cells for chlorine manufacturing as it cannot be applied in the dry state. This is flourishing the growth of this segment. Also, several market players convert the product from dry to liquid forms through various processing to make it suitable for several applications.


By Application Analysis


To know how our report can help streamline your business, Speak to Analyst


Electrical and Electronics Segment to be Dominant owing to its Beneficial Characteristics


Based on application, the market is segmented into electrical and electronics, chemical, pharmaceutical, and others. The electrical and electronics segment had the highest market share. In this segment, Ru finds its major consumption in electrochemical and electrical applications such as supercapacitors and chip resistors. The growth is mainly attributed to its reversibility, high cyclability, wide working potential window, and high theoretical capacitance value characteristics. Due to the adoption of new technology by disc manufacturers that require ruthenium between the magnetic layers to store data, the computer hard drive industry experienced a substantial product demand.


The chemical segment is mainly driven by the catalytic converter, which plays a vital role in the automobile industry. It is used in catalytic converters due to resistance to poisoning, temperature stability, and proper functioning. The rising stringent emission standard to mitigate pollution has surged the demand. In the pharmaceutical industry, it is used to produce anti-inflammatory agents and anti-cancer drugs. The flourishing pharmaceutical industry is expected to increase the product demand.


REGIONAL INSIGHTS


Asia Pacific Ruthenium Market Size, 2023 (USD Million)

To get more information on the regional analysis of this market, Request a Free sample


Asia Pacific held the largest ruthenium market share and stood at USD 273.3 million in 2023. It is consumed as a thin-film material for manufacturing magnetic read heads for Hard Disk Drives (HDDs). HDDs play a crucial role in the data storage market, and the demand for data storage is expected to surge the demand. The rising production of semiconductors in the region for the production of advanced semiconductors, such as semiconductor fabs, is strengthening the demand. It is extensively utilized in the chemical industry in the region due to its distinctive catalytic properties. In addition, Ru catalysts are utilized to produce several petrochemicals such as gasoline, ammonia, and hydrogen.


In North America, the high demand for the product is associated with rapid growth in the electronics industry. It is ideal for providing extreme hardness, which makes it an effective choice to be used as an alloy with other platinum group metals to make wear-resistant electrical contacts. Furthermore, there is growing consumption of Ru-based thin film microelectronics as the metals could be easily patterned.


In Europe, the demand is mainly driven by the catalytic converter, which plays a vital role in the automobile industry. It is used in catalytic converters due to resistance to poisoning, temperature stability, and proper functioning. The rising stringent emission standard to mitigate pollution has surged the demand in the region. The outbreak of war in Europe has escalated several trade constraints in the region, as Russia is one of the leading platinum-mining countries.


In Latin America, the market growth is attributed to the rising consumption of jewelry applications. The healthcare industry expansion in the Middle East & Africa will showcase significant market growth in the near future. This expansion is resulting in increased demand as an antitumor agent for cancer treatment in the healthcare industry.


List of Key Companies in Ruthenium Market


Business Expansion is a Strategic Initiative Implemented by Companies


Key market players offer specific application products to cater to emerging markets. For instance, TANAKA Holdings Co., Ltd., through its innovative technologies and well-established production facility, the company is supplying products for applications such as vehicle exhaust emission control catalysts, vehicle sensors, crucibles, and fuel cell catalysts. In addition, companies such as KaiDa Technology Limited provide rare metal products and alloy products such as bars, tubes, foils, sheets, and plates. Whereas, most global players focus on sustainability, such as Anglo Americans, adhering to sustainability goals through sustainable mining plans by improving energy efficiency by 30%, reducing GHG emissions by 30%, and achieving a 50% reduction in freshwater abstraction in water-scarce areas. Companies, such as Johnson Matthey, focus on CO2 reduction in their operation and end-users through exhaustive product offerings in the form of ruthenium-based catalytic converters used in the automotive industry to mitigate the emission.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • In November 2023, Heraeus and Sibanye-Stillwater created a significant advancement in electrocatalyst for hydrogen production, a stable and novel ruthenium-based catalyst for Proton Exchange Membrane (PEM) water electrolysis. The advancement improves the sustainability of hydrogen production by greatly decreasing material costs and the dependence on iridium, a highly scarce and expensive resource.

  • In October 2022, Heraeus developed a ruthenium-based precious metal catalyst that ensures the efficient formation of DFF from 5-HMF. The catalyst with a 5% ruthenium loading shows the highest activity in the conversion of 5-HMF to DFF. Through a selective washing process, this 5% Ru/Al2O3 catalyst finds multiple reuses.

  • In January 2019, TANAKA Kikinzoku Kogyo K.K., a group subsidiary, established TANAKA Kikinzoku (India) Private Limited to expand its global presence by establishing bases to provide innovative technologies and products.


REPORT COVERAGE


An Infographic Representation of Ruthenium Market

To get information on various segments, share your queries with us



The research report provides detailed analysis and focuses on crucial aspects such as leading companies, types, applications, and products. Also, it provides quantitative data regarding volume and value, market analysis, research methodology for market data, and insights into market trends and highlights vital industry developments and competitive landscape. In addition to the abovementioned factors, the report encompasses various factors that have contributed to the market growth in recent years.


Market Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 5.0% from 2024 to 2032



Unit



Value (USD Million); Volume (Tons)



Segmentation



By Type



  • Dry

  • Liquid



By Application



  • Electrical and Electronics

  • Chemical

  • Pharmaceuticals

  • Others



By Geography



  • North America (By Type, By Application, By Country)

    • U.S.

    • Canada



  • Europe (By Type, By Application, By Country)

    • Germany

    • U.K

    • France

    • Italy

    • Rest of Europe



  • Asia Pacific (By Type, By Application, By Country)

    • China

    • Japan

    • India

    • South Korea

    • Rest of Asia Pacific



  • Latin America (By Type, By Application, By Country)

    • Brazil

    • Mexico

    • Rest of Latin America



  • Middle East & Africa (By Type, By Application, By Country)

    • Saudi Arabia

    • South Africa

    • Rest of the Middle East & Africa








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 582.5 million in 2023, with a projected market size of USD 903.2 million by 2032.

In 2023, the market value stood at USD 582.5 million.

Growing at a CAGR of 5.0%, the market will exhibit rapid growth over the forecast period (2024-2032).

The electrical and electronics segment is expected to lead the market during the forecast period.

Increasing product demand from the chemical industry due to its characteristics is the key factor driving the market.

China held the highest share of the market in 2023.

Anglo-American, Johnson Matthey, Sibanye Stillwater, Impala Platinum, and Umicore are the leading players in the market.

Growing electrical & electronics demand is anticipated to boost the consumption of the product.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 162

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Chemicals & Materials Clients

Samsung
Citibank
GM
Mobil
UBS

Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X