Global Iridium Metal Market Expected to reach a high CAGR By 2029: DataM Intelligence
Iridium is a hard, brittle, and lustrous platinum group metals which high stability in extreme temperature 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 a higher temperature.
Global iridium metal market is anticipated to grow owing to growing demand from 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 segment consist application such as medical, aerospace, and industrial radiography. Others segment is anticipated to show significant growth in next few years owing to increased applications of iridium. Geographically the market is segmented as North America, Europe, Asia Pacific, South America and Rest of the World. South Africa is the largest producer of the iridium metal and holds the majority of the market share in term of 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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