Rhodium is a silvery-white platinum group metal (PGM) resistant to corrosion and greatly reflective. It is considered the rarest and most worthy precious metal around the globe. Rhodium is one of the six platinum, rhodium, osmium, palladium, iridium and ruthenium. It is also categorized as a noble metal, meaning that it does not react to oxygen conveniently, functions as the fantastic catalyst and is resistant to corrosion and oxidation.
According to the report analysis, ‘Global Rhodium Market, 2021-2027’ states that African Rainbow Minerals Limited, Anglo American Platinum Limited, Glencore plc, Impala Platinum Holdings Limited, Northam Platinum Limited, OJSC MMC Norilsk Nickel, Russian Platinum, PLC, Sino-Platinum Metals Co., Ltd. and many others are the key entities which presently operating in the rhodium market more proficiently for registering the great value of market share, generating the highest percentage of revenue, keep maintaining the governing position, ruling around the globe, leading the highest market growth, and obtaining the competitive edge by spreading the awareness connected to the benefits and features of rhodium, increasing the applications and features of rhodium, delivering the better consumer satisfaction, decreasing the associated prices of such, improving the qualitative and quantitative measures of such, implementing the policies and strategies of enlargement and profit making, and analysing the strategies and policies of government as well as similar entities.
By applications, the ‘Global Rhodium Market’ is segmented into agrochemical, automotive, coating and consumer goods. In addition, the global rhodium market is predicted to observe the growth at the quite a proficient rate throughout the review duration. The foremost aspects accountable for the global rhodium market’s growth would be a steady growth in the requirement for the catalytic converters utilized in the automotive industry and the growing requirement for the rhodium in countless other industrial segments.
Furthermore, Platinum-rhodium alloys are utilized as effective catalysts in chemical reactions. Nitric acid production consists one such catalyst. Rhodium electroplating makes jewellery shine as rhodium can reflect 80% of observable rays, besides having hypoallergenic possessions and being scratch and tarnish resistant. Rhodium is utilized with platinum to make strong heat-resistant lab vessels as both these elements are inert. They are also utilized in making scientific equipment such as thermoelectric measuring devices, spectrometers, and neutron flux level detectors. Plating connectors and contacts in electrical devices, and plating floodlight reflectors, and some technical mirrors in dentistry are some of the rhodium’s utilizations as well.
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Region wise, it is predicted that Europe registered the global rhodium market owing to stringent environmental policies propelling the higher requirement for automotive catalytic converters, closely followed by North America. North America is well-known to be the leader in introducing the rhodium through recycling. Major % of the rhodium utilized as auto-catalyst is replenished here. Asia-Pacific has massive scope for further explorations in the market, making it the fastest-increasing market. Therefore, in the near years, it is predicted that the market of rhodium will increase around the globe more actively over the coming future.
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Ankur Gupta, Head Marketing & Communications