Global Iridium Metal Market is segmented By Application (Electrical, Electrochemical, Chemical, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview
Global Iridium Metal Market is expected to grow a high CAGR during the forecast perod 2024-2031.
Iridium is a hard, brittle, and lustrous platinum group metal which high stability in extreme temperatures and chemical environments. Iridium is considered the most corrosion pure metal because of its resistance to attack from salts, oxides, mineral acids, and aqua regia. Iridium also has high melting points and superior mechanical strength at higher temperatures.
Market Summary
| Metrics | Details |
| Market CAGR | High |
| Segments Covered | By Application, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Market Dynamics
The global iridium metal market is anticipated to grow owing to growing demand from the end-use industry, stringent government regulations over carbon emissions, and increased adoption of consumer electronics. However, high cost and socio-economic factors in iridium mining might hamper the market growth. Growing investment within the automotive sector related to iridium spark plugs would provide lucrative opportunities for the iridium metal market in the coming years. For instance, In March 2017, Autolite announced its Iridium XP Enhanced Alloy Technology spark plug delivers optimum performance and a more focused ignition for better overall ignitability.
Market Segmentation Analysis
The Global Iridium market is majorly segmented by applications and region. Based on the area of application, the market is segmented into electrical, electrochemical, chemical, and others. Other segments consist of applications such as medical, aerospace, and industrial radiography. The others segment is anticipated to show significant growth in the next few years owing to increased applications of iridium. Geographically the market is segmented into North America, Europe, Asia Pacific, South America, and the Rest of the World. South Africa is the largest producer of iridium metal and holds the majority of the market share in production.
Iridium Metal Market Companies
Anglo American Platinum Ltd., Lonmin Plc, Norilsk Nickel Group, Royal Bafokeng Platinum Ltd., Sibanye-Stillwater Gold, Umicore N.V., Vale S.A., and Zimplats Holdings Ltd. are key players in the market.
Market Developments
Merger, collaboration, and acquisition are the vital strategies adopted by the key market players to improve their market share and further consolidate the market. For instance, Lonmin PLC completed the acquisition of Pandora Joint Venture in December 2017. Further, Sibanye-Stillwater partners with Wits Mining Institute (WMI) regarding the technology-focused partnership that will help make mines safer and more productive in March 2018.
Key Benefits for Stakeholders
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global iridium metal market.
- An in-depth analysis has been done in this report by constructing market estimations for the key market segments between 2018 and 2025.
- This study evaluating competitive landscape and value chain has been taken into account to help in understanding the competitive environment across the geographies.
- A comprehensive analysis of factors that drive and restrict the global calcium carbonate market growth is provided.
- An exhaustive analysis of the global iridium metal market by application helps understand the need for iridium in various applications.
