Global Rhenium Market 2018-2022
Rhenium is a dense silvery-white metal that has a very high melting point and a heat-stable crystalline structure, making it exceptionally resistant to heat and wear. It is usually extracted as a by-product of molybdenum smelting and is used especially in superalloys, catalysts, and many other applications.
Technavio’s analysts forecast the global rhenium market to grow at a CAGR of 7.09% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global rhenium market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of rhenium.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Rhenium Market 2018-2022
Technavio recognizes the following companies as the key players in the global rhenium market: H Cross Company, KGHM, Molymet, Rhenium Alloys, and Ultramet
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Growing use of rhenium-188 in healthcare industry. Rhenium-188 is a high energy emitting radioisotope obtained from the tungsten-188 generator. It is used in a wide variety of therapeutic applications such as nuclear medicine, preparation of radiopharmaceuticals for radionuclide therapy, oncology, interventional radiology, and cardiology.”
According to the report, one of the major drivers for this market is Rising demand in aerospace engines. Rhenium is extensively used in the aircraft engines such as Boeing 787 Dreamliner and Airbus A380. It is highly in demand in the aviation industry as it is used to boost the efficiency of the jet engines. The aviation industry is currently the largest consumer of rhenium. The very high melting point, hardness, and scratch resistance properties are fostering the demand for rhenium in the aviation industry. Rhenium is also used in jet-engine turbines and for shielding spaceships. This is because of its ability to withstand very high temperature and high chemical resistance. The US is the major producer of rhenium followed by Poland and China. The high demand for rhenium is mainly from the military forces of different countries all over the world.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuations in the price of rhenium. In 2016, the price of rhenium was $1,400 per metric ton which increased to $4,500 per metric ton by the end of 2017. The prices of rhenium are currently fluctuating because of the demand-supply gap. The demand for rhenium is increasing because of the growth in the aviation, automotive, and chemical Fluctuations in the price of rhenium industries. However, the increasing demand for rhenium is affected by the unavailability of resources with time, which creates the supply gap, and results in the fluctuations in the prices of rhenium. Therefore, the fluctuating price of rhenium will impede the growth in the global rhenium market.
H Cross Company, KGHM, Molymet, Rhenium Alloys, and Ultramet