What is Global Rhenium Market?
The Global Rhenium Market is a vast and complex entity that encompasses a wide range of industries and applications. Rhenium, a rare and valuable metal, is used in a variety of industries due to its unique properties such as high melting point, resistance to wear and corrosion, and ability to withstand extreme temperatures. The market for this metal is truly global, with demand stemming from various corners of the world. The market's value was estimated at US$ 161 million in 2022, and it is projected to grow to US$ 201.2 million by 2029, demonstrating a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period of 2023-2029.
Primary Rhenium, Recycling Rhenium in the Global Rhenium Market:
Rhenium is sourced primarily in two ways: Primary Rhenium and Recycling Rhenium. Primary Rhenium is extracted directly from the earth through mining operations. This process is labor-intensive and costly, but it is the primary method of obtaining the metal. On the other hand, Recycling Rhenium involves the collection and processing of used Rhenium products. This method is more environmentally friendly and cost-effective, but it relies on the availability of used Rhenium products. The Global Rhenium Market is dominated by four major manufacturers, who collectively hold over 60% of the market share. These manufacturers have a significant influence on the market, dictating prices and availability.
Superalloys, Catalysts, Others in the Global Rhenium Market:
The Global Rhenium Market finds its applications in various areas such as Superalloys, Catalysts, and others. Superalloys, which are high-performance alloys, use Rhenium to improve their resistance to heat and wear. This makes them ideal for use in high-stress environments such as jet engines and gas turbines. Catalysts, on the other hand, use Rhenium to speed up chemical reactions. This is particularly useful in the petroleum industry, where Rhenium catalysts are used to refine crude oil into usable products. Other applications of Rhenium include electrical contacts, filaments, and thermocouples. Each of these applications contributes to the overall demand for Rhenium, driving the growth of the Global Rhenium Market.
Global Rhenium Market Outlook:
To rephrase the market outlook, the Global Rhenium Market, which was valued at US$ 161 million in 2022, is expected to grow to US$ 201.2 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period of 2023-2029. The market is largely controlled by four major manufacturers, who collectively hold over 60% of the market share. This concentration of power in the hands of a few players has a significant impact on the market, influencing prices and availability.
| Report Metric | Details |
| Report Name | Rhenium Market |
| Accounted market size in 2022 | US$ 161 in million |
| Forecasted market size in 2029 | US$ 201.2 million |
| CAGR | 3.2% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Molymet, Freeport MCMoRan, KGHM, KAZ Minerals, LS-Nikko, Jiangxi Copper |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
