IMARC Group, a leading market research company, has recently released a report titled "Rhodium Market Report by Source (Mineral Source/PGM Mining, Recycling), Product Type (Alloys, Metals and Compounds), Application (Catalysis, Jewelry Making, Platinum and Palladium Alloying, and Others), End Use Industry (Automotive, Chemical, Glass, Electricals and Electronics, and Others), and Region 2025-2033", The study provides a detailed analysis of the industry, including the global rhodium market size, share, growth, trends, and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Rhodium Market Overview
The global rhodium market size reached USD 2.1 Billion in 2024. The market is expected to reach USD 3.4 Billion by 2033, exhibiting a CAGR of 5.18% during 2025-2033. The growth is driven by soaring demand for catalytic converters in the automotive sector, increasing popularity of electric vehicles with catalytic technologies, and expanding applications in industries such as electronics, chemicals, and jewelry.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Rhodium Market Key Takeaways
- Current Market Size: USD 2.1 Billion (2024)
- CAGR: 5.18% (2025-2033)
- Forecast Period: 2025-2033
- Rhodium is primarily used as a catalyst in automotive catalytic converters to reduce emissions.
- Growing global emission regulations drive increased rhodium use in vehicles.
- Demand for hybrid and fuel-cell electric vehicles supports rhodium growth.
- Unique properties make rhodium valuable across chemical, electronics, and jewelry industries.
- North America currently dominates the rhodium market.
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Market Growth Factors
The global rhodium market is largely propelled by the automotive industry's demand, where rhodium acts as a crucial catalyst in catalytic converters. These converters reduce harmful vehicle emissions, including nitrogen oxides (NOx), carbon monoxide (CO), and hydrocarbons (HC). The enforcement of stringent emission regulations worldwide compels manufacturers to implement advanced emission control technologies, further accelerating rhodium consumption. Governments' commitment to cleaner transportation solutions ensures sustained growth in this sector.
The surging interest in electric vehicles (EVs), especially hybrid electric vehicles (HEVs) and fuel cell vehicles (FCVs), stimulates rhodium demand despite pure battery EVs not requiring catalytic converters. These hybrid technologies incorporate catalytic converters to control emissions from internal combustion engines or fuel cells, thus promoting rhodium usage. The expanding adoption of such EV types bolsters the overall automotive sector's growth and positively impacts the rhodium market.
Rhodium's distinctive chemical and physical properties, including exceptional corrosion resistance and a high melting point, underpin its value across several industries. Its catalytic role in the chemical sector facilitates key processes like acetic acid production and hydroformylation. Additionally, the metal's application in electrical contacts in the electronics sector is driven by its low contact resistance and excellent conductivity. Rhodium is also widely used in jewelry for plating silver and white gold, enhancing appearance and preventing tarnishing. These diverse end-use applications ensure a steady demand trajectory.
