Rhodium Market Research Report Information by Type (Mineral Source and Recycling Source), By Application (Catalyst, Chemical Manufacturing, Electricals and Electronics, Jewelry and Others) and by Region (North America, Europe, Asia-Pacific, and Rest of th

The Rhodium market is estimated to increase at a 6.6% CAGR between 2023 and 2030. Rhodium was valued at USD 29269.26 million in 2022 and is projected to reach USD 48189.58 million by 2030. Rhodium is a platinum group metal that is silvery-white, highly reflective, and corrosion-resistant.

The Rhodium market is predicted to rise significantly because to increased demand from the automotive sector for its use in catalytic converters to reduce harmful emissions from vehicles. In addition, rhodium serves as a catalyst in a variety of chemical processes. Rhodium also contributes to the formation of nitric acid, which is used in the manufacture of fertilizers and other chemicals. At the same time, high costs might have a detrimental impact on the market growth of rhodium. Meanwhile the Rising demand for premium jewellery would sustain the rhodium market in the future years.

Market Segment insights
According to the source, the global rhodium market is divided into mining and recycling. In 2022, the mining segment dominated the global rhodium market, with a market value of USD 19468.94 million. It is expected to grow at a CAGR of 6.1% over the projected timeframe.

The global rhodium market is divided into three segments based on application: catalyst, alloying agent, and others. In 2022, the Catalyst category dominated the worldwide rhodium market, accounting for USD 14734.34 million in revenue. It is expected to grow at a CAGR of 7.7% over the forecast period.

The global rhodium market is divided into six segments based on end use: automotive, chemical, glass, jewelry, electrical and electronics, and other. In 2022, the Automotive category dominated the global rhodium market, accounting for USD 24464.04 million. It is expected to grow at a CAGR of 6.9% over the forecast period.

Rhodium Regional Insights
Global rhodium production is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region is expected to lead the worldwide rhodium market throughout the forecast period. The target region is expected to provide a total incremental opportunity of USD 23636.98 million by the end of 2030. This region's market growth is driven by the existence of rising nations such as India, China, and Japan.

The North American Rhodium market dominates this market due to its importance in the automotive and chemical industries, where rhodium is widely utilized as a catalyst. The region's severe environmental rules, combined with a high demand for cars and industrial processes that use rhodium catalysts, contribute to North America's dominant position in the rhodium market.

Rhodium is the second-largest market in Europe, owing to tight emissions rules and increasing deployment of catalytic converters in the automotive industry.

Key Players
Major participants in the Rhodium market include Sibanye-Stillwater, Anglo American Platinum Limited, Sibanye Gold Limited, Russian Platinum, Sharretts Plating Company, Northam Platinum, DF Goldsmith, Norilsk Nickel, Vale SA, Glencore, among others.