Iridium Market Gross Margin, Attractiveness, Competitive Landscape and Key Players - Anglo Platinium, Lonmin, Norilsk Nickel, Umicore

Global iridium Metal Market Analysis by Applications (Automotive, Chemical, Electronics, Medical and Others), and by countries (South Africa, Russia, Canada, Zimbabwe, and Others) with Forecast 2017-2025

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Market Scenario:

Iridium is rare element with hard, brittle and lustrous properties. It is a part of platinum group metals, which possess high stability in extreme temperature and chemical environments. Despite being a rare element, it has gained an increased demand owing to the superior properties possessed. It exhibits highest resistance to corrosion in molten oxides among the metals. This had led to its successful adoption in rocket engines as the barrier coating to protect the underlying metals from corrosion and oxidation. It has also gained increasing demand in electronics and chemical industries due to their high melting points, and excellent catalytic activity. It is also used as a source of gamma radiation in cancer treatment. According to Minor Metal Trade Association (MMTA), about 37% of iridium is consumed in electronics industry, thereby propelling the market growth.

The major driver influencing the market growth is, growing demand from the end-use sectors. It is used as raw material in the production of automotive spark plugs. These spark plugs are quite consistent and wear resistant, thereby contributing to the outstanding life span of the product. Iridium also reduces energy requirement in the chemical reaction, hence also plays a significant role in industrial catalyst. However, the high cost involved in the mining and processing of iridium coupled with the socio-economic factors and environmental issues may result in hampering the market growth. The superior features such as increased durability, consistent performance and high melting point possessed by iridium increases its adoption rate specifically in the automotive sector. The surging demand for commercial vehicles owing to advancement in technology and recovering economic conditions is a major factor in generating lucrative market opportunities.

Market Segmentation:
The global iridium metal market is mainly segmented on the basis of applications. The superior qualities possessed by iridium majorly increase its demand from various end-use industries. Automotive, chemical and electronics sector majorly contribute in the growth of iridium metal market. Growing adoption of consumer electronics and drive for Environmental friendly lighting in homes, streets, and cars is propelling the market growth. Based on the applications, market is segmented into: Automotive, chemical, electronics and others.

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Regional Analysis:
The abundance of iridium below the earth’s crust is very low; however it occurs in natural alloys with other noble metals such as iridosmine, platiniridium and others. It also can be produced from the sulfide occurring in the nickel-copper ores. Iridium being a rare element, it has very few reserves in the world. The iridium metal market is majorly analysed across the countries such as: South Africa, Russia, Canada and Zimbabwe. It also occurs in minor quantities in Brazil, Western Australia and Myanmar. The largest reserve of iridium is found in Bushveld Complex in South Africa, hence contributing about 60% of the total iridium production (estimated). Russia and Canada produces iridium from the sulfide occurring in the nickel-copper ores.

Key Players:
The major players operating in the iridium metal market are: Anglo Platinium, Lonmin, Norilsk Nickel, Umicore, and Vale, Zimplats, Royal Bafokeng Platinium and Sibanye Stillwater and others.

Global Iridium Metal Market Segmentation:
By Applications:
• Automotive
• Chemicals
• Electronics
• Medical
• Others

Countries Covered:
• South Africa
• Russia
• Canada
• Zimbabwe
• Brazil
• Myanmar
• Australia

Last, It offers in-depth information obtained through extensive primary and secondary research methods. The information has been further assessed using various effective analytical tools.

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This release was published on openPR.