The global ruthenium market is expected to reach USD 469.2 Million by 2028, according to a new report by Reports and Data.
NEW YORK, NEW YORK, UNITED STATES, July 12, 2022 /EINPresswire.com/ -- Increasing demand for ruthenium from the electrical industry is one of the significant factors influencing market growth.
The global ruthenium market is expected to reach USD 469.2 Million by 2028, according to a new report by Reports and Data. The growth of the market is attributed to the increasing end-use applications of this rare transition metal.
The rising demand for ruthenium from the chemical industry is expected to boost market demand in the upcoming years. The process of electroplating a substrate metal with precious metals, including ruthenium, aids in improving the aesthetics of the underlying substrate as well as helps in imparting added features like enhancing wear resistance and corrosion resistance, and improving electrical conductivity and surface ductility to the substrate. Moreover, ruthenium oxide finds application in the chemical industry for the production of chlorine and is used for the coating of anodes of electrochemical cells. Ruthenium is generally alloyed with platinum or palladium as a hardener to improve the hardness of these metals for application in the production of electrical contacts with wear-resistant properties. This allows the application of a considerably thinner coating that improves electroplating when using these metals.
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The report provides comprehensive assessment of the market covering key elements such as revenue estimations, cost analysis, import/export, production and consumption trends, CAGR, gross margin, and supply & demand patterns. It also sheds light on recent technological developments, product advancements, and research and development activities in the region.
The report examines the key players operating in the market along with their market position, market share, revenue, gross margin, and business strategies. SWOT analysis and Porter’s Five Forces Analysis are used to examine and assess the market and its players. It also covers recent mergers and acquisitions, joint ventures, collaborations, agreements, partnerships, and product launches and brand promotions.
Key companies profiled in the report include:
American Elements, Dyesol, OXKEM, Tanaka Kikinzoku Kogyo K.K., Johnson Matthey, Merck KGaA, Strem Chemicals Inc., Heraeus Holding GmbH, Apeiron Synthesis, and BASF, among others.
Market Segmentation by Types:
Form Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Dry/Powder Form
Liquid Form
Gaseous Form
Distribution Channel (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Online
Offline
End-Users Outlook (Volume, Kilo Tons; 2020-2028 and Revenue, USD Million; 2020-2028)
Electrical & Electronics
Chemical
Pharmaceutical
Others
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Regional analysis covers in-depth analysis of analysis of the revenue, market share, and growth rate of the global Ruthenium market in each region for the forecast period of 2021-2028. The report covers production and consumption rate, current and emerging trends, import/export, supply and demand, and presence of key players in each region.
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Italy
France
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
U.A.E.
South Africa
Rest of MEA
Further key findings from the report suggest
By form, dry/powder form contributed to the largest market share in 2020 and is likely to grow at a rate of 5.5% in the forecast period. One of the advantages of this form of ruthenium is its ability to lessen the reaction time, thus leading to an increased yield in a chemical reaction.
By distribution channel, online sales channel is estimated to grow at a significant rate in the period 2019-2028 as online sales channel helps the market players to have access to a broader market irrespective of whether they have a physical presence in that region or not.
By end-users, the electrical & electronics industry held a significant market size in the forecast period and is expected to grow at a rate of 5.5% in the forecast period.
The market in the Asia Pacific region is likely to grow at the fastest rate of 6.7% in the forecast period. The high growth rate of the APAC region is the result of the growing demand for this rare metal in chemical and electronic & semiconductor industries.
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