Rising Demand from the End-Use Sector Propelling the Growth of Global Iridium Metal Market
According to a new report published by Reports Monitor titled, “Global Iridium Metal Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the Iridium Metal Market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Iridium is a rare, hard, brittle, and lustrous platinum group metals which high stability in extreme temperature and chemical environments. The excellent properties possessed with energy efficient factor increases its demand in various applications such as automotive, chemical, electronics, medical and others sectors.
The major driver behind the market growth is its growing demand in various applications, iridium possess high melting point, excellent resistance to corrosion and energy efficiency. These factors contribute in the increased adoption of iridium as major raw materials in various applications. Owing to high mechanical strength and melting point, it proves to be a best option in automotive spark plug, the surging demand for commercial automobiles also supports the growth of iridium metal market. Iridium also plays an important role in the chemical reactions by lowering the energy requirement, hence reducing the carbon emissions. However, higher cost involved in the mining and other process, coupled with its limited availability may slow down the growth of market.
The Iridium Metal market report has been categorized in three sections, the first section entitled as market overview offers a holistic view of the market, coupled with its key trends, drivers, restraints and opportunities. Our analyst implements, several qualitative tools such as SWOT analysis, Porter’s five force analysis among other to interpret and represent key industry findings. The second section provides estimated market size and forecast for key market segments and regional market. The final part includes the study of competitors operating in the market, which includes their mergers/acquisitions, new product development and their financial overview.
The global iridium metal market is majorly segmented on the basis of applications. Despite being a rare element it has gained a significant demand in various applications such as: Automotive, Chemical, Electronics, Medical and others. The rising demand for consumer electronics significantly affects the market growth in positive manner. Progressive demand for commercial vehicles also supports the growth of global iridium metal market.
Iridium is majorly produced in the countries such as South Africa, Russia, Canada, and Zimbabwe, while Brazil, Australia and Myanmar produces iridium in minor quantities. South Africa contributes about 60% of the total iridium production, hence considered as a major country in the market. Russia and Canada extracts iridium using the sulfide in nickel and copper ores.
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.
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