U.S. Ruthenium Market Size, Share & COVID-19 Impact Analysis, By Type (Dry and Liquid), By Application (Electrical & Electronics, Chemicals, Pharmaceuticals, and Others), and Country Forecast, 2023-2030

The U.S. ruthenium market size was worth USD 66.2 million in 2022 and is projected to grow at a CAGR of 5.0% during the forecast period.

Ruthenium is a rare and precious metal that belongs to the platinum group of metals. It is lustrous, brittle, hard, and silvery-white metal and is mostly hard in form and has excellent resistance to oxidation and corrosion. The growing electronics industry has prompted product demand in the country as the U.S. is one of the leading global electronics markets. The product is also extensively used in the automotive industry as an automotive catalytic converter to mitigate emissions.

The U.S. ruthenium market was already witnessing challenges due to the declining automotive industry and was further impeded by pandemic regulations. The COVID-19 pandemic disrupted the supply chain globally and mitigated the mining operations. Moreover, ruthenium, being a rare metal, is mostly mined in Russia and South Africa. The limitations on import-export activities due to the pandemic caused a decline in market growth.

U.S. Ruthenium Market Trends

Increasing Product Demand for Making Automotive Catalytic Converters to Boost Market Growth

In the U.S., the automotive industry is increasingly employing the product in catalytic converters, which are essential in lowering hazardous emissions from vehicles. As the automotive industry continues to shift toward cleaner, more fuel-efficient technologies, there is a growing demand for sophisticated catalytic materials that improve the performance of emission control systems.

Moreover, the rise of electric vehicles (EVs) is aiding the U.S. ruthenium market growth in the country. The metal is utilized to improve the performance and endurance of supercapacitors, which play a vital role in EV batteries. With the increasing use of EVs and stricter pollution laws, the automotive industry in the country is expected to offer significant prospects for the growth of the market.

U.S. Ruthenium Market Growth Factors

Increasing Product Adoption in the Electronics Industry to Drive Market Growth

Ruthenium is a vital component in the manufacturing of memory devices and semiconductors. Its particular qualities, such as high-temperature stability and silicon compatibility, make it crucial for developing faster, smaller and more efficient electronic components. As the Internet of Things (IoT) and consumer electronics sectors continue to evolve, ruthenium-based materials are expected to be in demand due to the adoption of miniaturization and high-performance products.

The rise of upcoming technologies, such as quantum computing and 5G technologies, is expected to bolster the growth of the market. The deployment of 5G networks necessitates improved semiconductor materials with ruthenium’s role in enhancing chip performance. The electronics industry in the U.S. is a driving force behind the sustained product demand, supporting innovation and advancement in the technological sector.

RESTRAINING FACTORS

Limited Availability and Small Quantity Usage May Hinder Market Growth

Ruthenium is a rare and valuable metal with few natural reserves. As this metal is mostly produced as a byproduct of platinum mining, its supply is intrinsically linked to platinum mining. Moreover, fluctuations in platinum demand and mining activity can have a direct impact on the availability and metal cost.

The product is frequently utilized in small quantities for specialized applications such as catalysis and electronics, making it difficult to ensure a steady supply chain. Furthermore, due to its rarity and restricted usage, price fluctuation might occur, making it less effective in an industry seeking cost-effective alternatives.

U.S. Ruthenium Market Segmentation Analysis

By Type Analysis

On the basis of type, the market is segmented into liquid and dry. The dry segment held the dominant U.S. ruthenium market share in 2022, owing to its rising demand in the electrochemical and electronics industries. It is also utilized in chip resistors and electrical contacts.

Whereas liquid type is used as a catalyst in chemical reactions. This type is also used in coating anodes of electrochemical cells for chlorine manufacturing. Furthermore, several manufacturers convert dry to liquid form with numerous processes to make it liable for different applications. This factor is expected to drive the liquid segment growth.

By Application Analysis

By application, the market is categorized into electrical & electronics, chemicals, pharmaceuticals, and others.

The electrical & electronics segment accounted for the largest share in 2022 owing to increasing demand for chemical products. The product is vastly utilized in electrical & electronics applications due to its high cyclability, reversibility, high theoretical capacitance value, and wide working potential window characteristics.

The chemicals segment plays a vital role in the U.S. market due to increasing product adoption in catalytic converters. The product possesses good temperature stability, resistance to poisoning, and proper functioning, which makes it an ideal material for catalytic converters.

Whereas in the pharmaceutical industry, it is used to manufacture anti-cancer drugs and anti-inflammatory agents. Hence, the growing chemical and pharmaceutical industries are expected to create growth opportunities for the product in the U.S. market.

List of Key Companies in U.S. Ruthenium Market

Within the competitive framework, the market showcases the existence of both well-established entities and nascent enterprises. Prominent companies include American Elements, Sibanye-Stillwater, Colonial Metals, Inc., Heraeus, and Johnson Matthey, among others. Industry players compete primarily to offer a wide range of products in the market. Several players are engaging in offering exhaustive product offerings to cater to the demand for different applications from industries such as electronics and chemicals.

LIST OF KEY COMPANIES PROFILED:

• American Elements (U.S.)


• Colonial Metals, Inc. (U.S.)


• Heraeus (Germany)


• Johnson Matthey (U.K.)


• Stanford Advanced Materials (U.S.)


• Ereztech LLC (U.S.)


• Atlantic Equipment Engineers (U.S.)


• Sibanye-Stillwater (South Africa)


• TANAKA Holdings Co., Ltd. (Japan)


• FURUYA METAL Co., Ltd. (Japan)

REPORT COVERAGE

The study report thoroughly examines key factors such as leading companies, applications, and product types. It also highlights market trends and significant industry advancements. The study includes market analysis covering different variables that have contributed to the market's growth in recent years and the factors listed above. It examines the industry's newest market dynamics and opportunities, historical data and revenue growth estimates at the country level.

Report Scope & Segmentation