Rhenium Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Rhenium Market Analysis
The market for rhenium is expected to grow at a CAGR of more than 5.1% globally during the forecast period. Rhenium is a chemical element with atomic number 75. With an estimated average concentration of 1 part per billion (ppb), rhenium is one of the rarest elements of the Earth's crust. The growth in the production of aircraft and increasing demand from the power industry have been driving market growth.
- However, the growing usage of substitutes and the outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
- Rising demand from biomedical applications is likely to provide opportunities for the rhenium market over the next five years.
- Aerospace is the most dominating end-user industry of the market studied.
- North America dominated the market across the globe and Asia-Pacific expected to be the fastest-growing region over the forecast period.
Rhenium Market Trends
This section covers the major market trends shaping the Rhenium Market according to our research experts:
Aerospace to Dominate the Market
- Aerospace stands to be the dominating segment as modern jet engines usually employ rhenium as an alloying element, which is critical to the performance of commercial, military, and even rocket engines used for space exploration.
- All engine manufacturers use rhenium, as it improves the creep resistance of superalloys, resulting in more durable components, and allows engines to reach higher temperatures required in jet flight. This function ensures greater fuel efficiency at elevated temperatures, which is an important contribution toward lowering fuel consumption in the aerospace industry
- Rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for both solid and liquid rocket engines). These coatings can be used to enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination.
- Rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for both solid and liquid rocket engines). These coatings can be used to enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination.
- All the aforementioned factors are expected to drive the rhenium market during the forecast period.
North America Region to Dominate the Market
- North America region stands to be the largest market for rhenium. Factors, such as increasing demand from the production of aircraft have been driving the rhenium requirements in North America.
- Lockheed Martin, which is the largest domestic manufacturer of fighter jets, announced its plan to triple its annual production, to more than 160 jets, by 2023.
- According to U.S. Geological Survey, during 2019, ores containing 8,400 kilograms of rhenium were mined at six operations (four in Arizona and one each in Montana and Utah) which is 2.18% more than the previous year.
- In 2020, the United States government proposed an airforce budget of USD 165.6 billion for 2020. It registered an increase of 6%, as compared to the airforce spending in 2019. In 2019, the United States had the largest defense budget, with a spending of USD 684.6 billion.
- Hence, all such market trends are expected to drive the demand for rhenium market in the region during the forecast period.
Rhenium Industry Overview
The global rhenium market is consolidated in nature. Some of the major companies are American Elements, H Cross Company, Heraeus Holding, MOLYMET S.A., and Rhenium Alloys, Inc amongst others.
Rhenium Market Leaders
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American Elements
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H Cross Company
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Heraeus Holding
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MOLYMET S.A.
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Rhenium Alloys, Inc
*Disclaimer: Major Players sorted in no particular order
Rhenium Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.1.1 Growth in the Production of Aircraft
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4.1.2 Increasing Demand from the Power Industry
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4.1.3 Mounting Prominence in Catalyst Applications
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4.2 Restraints
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4.2.1 Growing Usage of Substitutes
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4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Threat of New Entrants
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4.4.2 Bargaining Power of Buyers
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4.4.3 Bargaining Power of Suppliers
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4.4.4 Threat of Substitute Products
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Application
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5.1.1 Superalloys
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5.1.2 Catalysts
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5.1.3 Other Applications
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5.2 End-User Industry
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5.2.1 Aerospace
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5.2.2 Industrial Gas Turbines
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5.2.3 Automotive
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5.2.4 Healthcare
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5.2.5 Other End-user Industries
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 France
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5.3.3.4 Italy
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5.3.3.5 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Saudi Arabia
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 American Elements
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6.4.2 Buss & Buss Spezialmetalle GmbH
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6.4.3 Colonial Metals Inc.
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6.4.4 H Cross Company
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6.4.5 Heraeus Holding
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6.4.6 Höganäs AB
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6.4.7 KGHM
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6.4.8 MOLYMET S.A.
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6.4.9 NEO
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6.4.10 Rhenium Alloys Inc.
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6.4.11 Umicore
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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7.1 Rising Demand from Bio-medical Applications
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7.2 Other Opportunities
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Rhenium Industry Segmentation
The rhenium market report include:
| Application | |
| Superalloys | |
| Catalysts | |
| Other Applications |
| End-User Industry | |
| Aerospace | |
| Industrial Gas Turbines | |
| Automotive | |
| Healthcare | |
| Other End-user Industries |
| Geography | |||||||
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Rhenium Market Research FAQs
What is the current Rhenium Market size?
The Rhenium Market is projected to register a CAGR of greater than 5.10% during the forecast period (2024-2029)
Who are the key players in Rhenium Market?
American Elements, H Cross Company, Heraeus Holding, MOLYMET S.A. and Rhenium Alloys, Inc are the major companies operating in the Rhenium Market.
Which is the fastest growing region in Rhenium Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Rhenium Market?
In 2024, the North America accounts for the largest market share in Rhenium Market.
What years does this Rhenium Market cover?
The report covers the Rhenium Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Rhenium Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Rhenium Industry Report
Statistics for the 2024 Rhenium market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Rhenium analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
