Report on Global Iridium Metal Market is expected to grow a high CAGR during the forecast perod 2023 - 2030.
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.
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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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.
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.
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.
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.
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