Global Ruthenium Market Size, Share, and COVID-19 Impact Analysis, By Type (Dry and Liquid), By Application (Electrical & Electronics, Chemical, Pharmaceuticals, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033

Global Ruthenium Market Insights Forecasts to 2033

• The Global Ruthenium Market Size was Estimated at USD 577.1 Million in 2023
• The Global Ruthenium Market Size is Expected to Grow at a CAGR of around 5.08% from 2023 to 2033
• The Worldwide Ruthenium Market Size is Expected to Reach USD 947.5 Million by 2033
• North America is Expected to Grow the fastest during the forecast period.

The Global Ruthenium Market Size is projected to reach USD 947.5 Million by 2033, Growing at a CAGR of 5.08% from 2023 to 2033. The significance of ruthenium in several cutting-edge industrial applications owing to its rare and unique properties is driving the market for ruthenium.

Market Overview

The ruthenium market refers to the market of rare, silvery-white metal used in many high-tech industries. Ruthenium is a part of the platinum group of the periodic table, used as a catalyst and to harden alloys. This rare metal is used in a variety of applications, such as electronics, jewelry, and chemical reactions. Ruthenium is extremely rare and mostly found in trace levels in the Earth’s crust, just like other metals in its group like platinum, palladium, and rhodium. The majority of ruthenium comes from mining activities in nations like South Africa and Russia, where it is taken out as a byproduct of the extraction of nickel and platinum. Despite not being as well-known as platinum or gold, ruthenium remains an essential component of many industries that need durable, corrosion-resistant materials, guaranteeing its status as one of the most valuable, if underutilized, precious metals in the world. The widespread use of ruthenium oxide (RuO2) in electrode material for supercapacitors due to its reversibility, cyclability, compatibility with charge/discharge rates, reasonable conductivity, wide working potential window, and increased theoretical capacitance value are offering lucrative market growth opportunities.

Report Coverage

This research report categorizes the ruthenium market based on various segments and regions forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the ruthenium market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the ruthenium market.

Driving Factors 

The ruthenium-based sensitizers in advancing DSSC technology is one of the technological advancements that is propelling the ruthenium market. The evolving industrial need for ruthenium in the electronics, chemicals, and aerospace sectors is propelling the market demand. The use of ruthenium in electric vehicles and fuel cells to help reduce reliance on combustion engines along with the advancement in battery technology is driving the ruthenium market in the automotive industry. The use of ruthenium as a catalyst in the chemical industry for various processes such as the production of caprolactam, acetic acid, and chlorine owing to the characteristics of products including improved wear and corrosion resistance is propelling the market.

Restraining Factors

The unavailability of ruthenium which causes a major low supply is challenging the market growth. The carcinogenic nature of ruthenium compounds and their oxide form is responsible for restraining the market.

Market Segmentation

The global ruthenium market share is classified into type and application.

• The dry segment dominated the market with the larger market share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the type, the ruthenium market is classified into dry and liquid. Among these, the dry segment dominated the market with the larger market share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. Dry ruthenium powder is used in various applications such as water treatment, fuel cells, and solar energy, as well as in jewelry, electrical contacts, and pen nibs. The growing electronic industry and electrochemical use are responsible for the segment’s expansion as it is primarily used in electrical contacts and chip resistors. Furthermore, the increasing use of dry-form in industrial transportation encourages its use in a variety of applications.

• The electrical & electronics segment dominated the market with the largest market share in 2023 and is anticipated to grow at a significant CAGR through the forecast timeframe.

Based on the application, the ruthenium market is classified into electrical & electronics, chemical, pharmaceuticals, and others. Among these, the electrical & electronics segment dominated the market with the largest market share in 2023 and is anticipated to grow at a significant CAGR through the forecast timeframe. In electrical & electronics applications, ruthenium is used for electrical contacts, resistors, and semiconductors. Further, ruthenium is used in the electronics sector for electrical contacts, hard disk drives, and chip components that need to be highly resistant to wear.

Regional Segment Analysis of the Ruthenium Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the ruthenium market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the ruthenium market over the predicted timeframe. The use of ruthenium as a thin-film material for HDDs in the data storage market is significantly contributing to driving the ruthenium market. Further, its extensive use in the chemical industry owing to its distinctive catalytic properties is propelling the market. The commercial production of ruthenium as a byproduct of nickel and platinum refining is also responsible for driving the market growth.

North America is expected to grow at the fastest CAGR growth of the ruthenium market during the forecast period. The product’s enormous demand is linked to the electronics industry’s explosive rise, thereby driving the market demand. Additionally, because the metals are easily designed, Ru-based thin film microelectronics are becoming more and more popular. In order to reduce emissions, the product is also widely utilized in the automotive sector as an automotive catalytic converter, thereby driving the market.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the ruthenium market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• American Elements
• BASF
• Anglo American
• Heraeus
• Impala Platinum Holdings Limited
• Johnson Matthey
• Merck KGaA
• KaiDa Technology Limited
• LobaChemie Pvt. Ltd.
• Sibanye-Stillwater
• Otto Chemie Pvt. Ltd.
• Umicore N.V.
• TANAKA Holdings Co., Ltd.
• FURUYA METAL Co., Ltd.
• ISHIFUKU Metal Industry Co., Ltd.
• Colonial Metals, Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In November 2023, Heraeus and Sibanye-Stillwater developed a pivotal innovation in electrocatalysts for hydrogen production: a new and stable ruthenium-based catalyst for Proton Exchange Membrane (PEM) water electrolysis.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the ruthenium market based on the below-mentioned segments:

Global Ruthenium Market, By Type

• Dry
• Liquid

Global Ruthenium Market, By Application

• Electrical & Electronics
• Chemical
• Pharmaceuticals
• Others

Global Ruthenium Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa