Rhenium Market Analysis:
Rhenium (Re) is one of the rarest elements on the earth’s crust with the atomic number 75. It is utilized as an additive tungsten and molybdenum-based alloy to provide useful characteristics. Rhenium catalysts are highly resistant to poisons, such as nitrogen oxides, sulfur, and phosphorus, and are utilized for the hydrogenation of fine chemical substances. In addition, rhenium is utilized in nickel combinations to make single-gem turbine blades. It is broadly utilized as fibers for mass spectrographs. It is also utilized as an electrical contact material. These alloys are utilized for oven filaments, x-ray machines, and as an electrical contact material as it opposes wear and withstands arc corrosion. It possesses properties such as high strength, good ductility, cold working, and others.
COVID-19 scenario analysis:
- COVID-19 has uneven impact on various industries such as aerospace, transportation, automotive, electronics, and others.
- The widespread coronavirus across the globe has shutdown manufacturing operations across the globe, which has affected the growth of the rhenium market for the next one year.
- There is less impact on the healthcare and medical sectors due to the increase in demand for medical equipment from hospitals, labs and other applications.
- There is impact on the supply chain of rhenium products due to the temporary ban on the import and export of various products in the highly affected regions.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rhenium is increasingly used in various sectors, owing to its advantages such as ductility, strength, high melting point, stable chemical properties, and others. More than 80% of it is used in high temperature superalloys for the aircraft applications such as engine parts and turbine blades. It is also widely used in the equipment of the petrochemical refining industry. However, the variation in the price of rhenium across the globe is the key factor that restrains the growth of the market in the analyzed timeframe. One of the key superalloys producers, Cannon Muskegon, filed a patent to reduce the rhenium content in single crystal superalloys for turbine blades and vane applications. This is expected to increase the investment in R&D toward rhenium use in superalloys and other applications.
Drivers and expansion of the market
North America, Europe, and Asia-Pacific are the primary markets of rhenium. Rhenium makers bring down their production cost and provide increasingly high-quality products to users. Moreover, they are attempting to widen the uses of rhenium.
Rhenium is among the rarest metals in the world. It doesn't occur uncombined in nature or as a compound in a mineable mineral group. It is broadly spread across the earth's outside layer to the degree of about 0.001 parts per million. Commercial supply of rhenium is by extraction from the flue dusts of molybdenum smelters.
Increase in demand from the aerospace and defense industry is expected to drive the growth of the market during the forecast period. In addition, rise in demand from the healthcare industry is projected to fuel the market growth globally.
Key benefits of the report:
- This study presents the analytical depiction of the rhenium market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the rhenium market share.
- The current market is quantitatively analyzed to highlight the rhenium market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the rhenium market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Rhenium Market Report Highlights
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 Key Market Players | Antofagasta PLC, Jiangxi Copper Corporation, Grupo Mexico, Canon Muskegon, KAZ Minerals PLC, American Elements, Jinduicheng Molybdenum Co., Ltd., Freeport-McMoRan, Codelco, H Cross Company, Thompson Creek Metal Company Inc., China Rhenium Co., Ltd., Molymet S.A., KGHM, Ultramet, Rhenium Alloys, Inc., LS-Nikko Copper Inc., China Molybdenum Co., Ltd. |
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