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Gallium Global Market Estimated to Surge at a CAGR of 23.4% to Reach $5.38 Billion By 2028 | Rio Tinto Corp., Glencore PLC, Sharp Corporation, Umicore N.V., Fortis Metals Ltd.
Gallium Global Market
According to The Business Research Company's, the gallium market size has grown exponentially in recent years. It will grow from $1.85 billion in 2023 to $2.32 billion in 2024 at a compound annual growth rate (CAGR) of 25.5%. The growth in the historic period can be attributed to electronics industry, medical applications, solar energy, aerospace and defense.
The gallium market size is expected to see exponential growth in the next few years. It will grow to $5.38 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to renewable energy, electric vehicles, advanced materials, nanotechnology. Major trends in the forecast period include gallium nitride (gan) dominance, recycling and sustainability, hybrid solar cells, healthcare innovations.
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Market Drivers and Trends:
The rise in sales of semiconductors is expected to propel the growth of the gallium market going forward. A semiconductor is a solid substance with electrical conductivity properties between an insulator and a conductor. Gallium arsenide (GaAs) is a semiconductor material utilized in high-performance electrical and photonic devices, including power amplifiers, high-frequency circuits, and specific solar cells. These electronic components are not limited to electric vehicles (EVs), they can be integrated into various electrical systems and automotive components.
Major companies operating in the gallium market are focused on innovating advanced product solutions such as gallium nitride (GaN) control integrated circuits to strengthen their position in the market. A gallium nitride (GaN) power integrated circuit (IC) consolidates many power electronics tasks into a single GaN chip to increase speed, efficiency, reliability and cost-effectiveness.
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Major Key Players of the Market:
ArcelorMittal SA, BHP Group Limited, Rio Tinto Corp., Thermo Fisher Scientific Inc., Vale SA, Aluminium Corp of China Ltd., Glencore PLC, Sharp Corporation, CMOC Group Limited, Sigma-Aldrich Corporation, Materion Corporation, Nalco Chemical Company, DOWA HOLDINGS CO. Ltd., Indium Corporation, Umicore N.V., China Minmetals Rare Earth Co. Ltd., 5N Plus Inc., Nanjing Jinmei Gallium Co. Ltd., Strem Chemicals Inc., GEO Specialty Chemicals, American Elements Corporation, Zhuzhou Keneng New Material Co. Ltd. Inc., SMI Ltd., Fortis Metals Ltd., Nippon Rare Metal Inc.
Gallium Market 2024 Key Insights:
• The gallium market size is expected to see exponential growth in the next few years. It will grow to $5.38 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%.
• Solar Panel Surge Boosts Demand For Gallium As Key Component In Photovoltaic Technology
• Innovative Gan Control Integrated Circuits Transforming The Gallium Market
• North America was the largest region in the gallium market in 2023.
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