Rhenium Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMMM344 | Last Updated On: Jul 14 2022 | Available Formats

> Global Rhenium Market Expected to reach at a high CAGR by 2029: DataM Intelligence

Global Rhenium Market is segmented By Application (Super Alloys, Catalysts, Others), By End-user (Electrical and Electronic manufacturing Devices, Medical Types of equipment, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The Global Rhenium Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

  • Rhenium is one of the rarest elements in Earth's continental crust; its estimated average crustal abundance is less than 1 part per billion.
  • The annual world mine production of rhenium is about 50 metric tons. During 2016, ores containing 7,600 kilograms of rhenium were mined at six operations (four in Arizona, and one each in Montana and Utah). The value of rhenium consumed in 2017 was about 80 million as measured by the number of imports of rhenium metal and APR.

What’s trending in this market?

  • More than 80 percent of the rhenium consumed in the world is used in high-temperature superalloys, especially those used to make turbine blades for jet aircraft engines. Rhenium’s other primary application is in platinum-rhenium catalysts used in petroleum refining.
  • Rhenium alloys were used in crucibles, electrical contacts, electromagnets, electron tubes and targets, heating elements, ionization gauges, mass spectrographs, metallic coatings, semiconductors, temperature controls, thermocouples, vacuum tubes, and other applications.

Market Outlook

  • The estimated value of rhenium consumed in 2016 was about 69 million. Consumption of catalyst-grade APR by the petroleum industry was expected to remain at high levels.
  • Demand for rhenium in the aerospace industry, although more unpredictable, was expected to continue to increase. The major aerospace companies, however, were expected to continue testing superalloys that contain one-half the quantity of rhenium used in engine blades as currently designed, as well as testing rhenium-free alloys for other engine components.
  • During 2017, the United States continued to rely on imports for much of its supply of rhenium. Canada, Chile, Germany, Kazakhstan, and the Republic of Korea supplied most of the imported rhenium. Rhenium imports for consumption increased by 7% from those of 2016.
  • Primary rhenium production in the United States remained virtually unchanged compared with that in 2016. A new molybdenum processing plant in Chile shipped its first molybdenum concentrate in the fourth quarter of 2016.
  • The plant could produce 16,500 tons per year of molybdenum trioxide and 8,000 kilograms of rhenium per year. Germany and the United States continued to be the leading secondary rhenium producers. Secondary rhenium production also took place in Canada, Estonia, France, Japan, Poland, and Russia.

Industry Share Analysis

  • Premium is primarily used in superalloys, and this extensive usage will drive the growth of the market in this industry segment. Demand for rhenium in the aerospace industry, although more unpredictable, was expected to continue to increase.
  • The processing of scrapped engine parts to generate engine revert increased worldwide, and this increase in engine revert supply was expected to continue to have a significant impact on the rhenium market.

Market Segmentation

  • The high-temperature alloys in which rhenium is used include several nickel-base superalloys that are primarily used in the manufacture of turbine blades for jet aircraft engines and power-generation applications.
  • Over 80 percent of the rhenium consumed worldwide is used in superalloy production. Rhenium improves the high-temperature (1,000° C) strength properties of some nickel-based superalloys.
  • The scrapped parts were also processed to generate engine revert—a high-quality, lower-cost superalloy meltstock by a growing number of companies, mainly in the United States, Canada, Estonia, Germany, and Russia. Rhenium-containing catalysts were also recycled.
  • The major aerospace companies, however, were expected to continue testing superalloys that contain one-half the rhenium used in engine blades as currently designed, as well as testing rhenium-free alloys for other engine components.

Rhenium Market Report Scope

By Application

  •  Super Alloys
  •  Catalysts
  •  Others

By End-User

  •  Aerospace
  •  Electrical and Electronic manufactures
  •  Medical Equipment
  •  Others

By Region

  •  Asia Pacific
  •  Europe
  •  North America
  • South America
  •  Rest of the World

Trending Topics

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