The global ruthenium tetroxide market is estimated to garner a revenue of USD 2 Billion by the end of 2031 by growing at a CAGR of ~9% over the forecast period, i.e., 2022 – 2031
Further, the market generated a revenue of USD 1 Billion in the year 2021. The primary growth factor for ruthenium tetroxide market is the increased usage of ruthenium tetroxide-based dyes for dye-sensitized solar cells across the globe. As per a recent estimate, the market share of dye-sensitized solar cells is projected to be approximately 9% of the total solar photovoltaic panels worldwide by 2030.
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Ruthenium tetroxide is a member of the ruthenium compound family. This inorganic chemical compound is yellow in color and is a volatile solid that melts when kept at room temperature. It is a type of inorganic chemical compound whose physical appearance is yellow. It is soluble in a few solvents and is often generated by using a combination of a catalytic quantity of ruthenium source in organic reactions and an inexpensive re-oxidant to produce ruthenium tetroxide in-situ. Ruthenium tetroxide is used in various sectors such as electronics, pharmaceuticals, chemicals and solar cells, which is anticipated to create growth opportunities for the market in the future. The demand for solar power is expected to increase the demand of ruthenium to manufacture dye-sensitized solar cells in the forecast period. As per recent estimates, the demand for solar photovoltaic power globally rose to 125 gigawatts in 2024.
Increase in Demand of Electronics Goods – As per the India Brand Equity Foundation, as of January 2022, the exports of electronic goods stood at USD 1.32 billion. Further, it is estimated that the demand for electronic goods will rise to USD 400 billion in FY25 from USD 33 billion in FY20.
Rise in Pharmaceutical Sales – Organization for Economic Co-operation and Development estimated that in the United Kingdom, pharmaceutical sales were 447.5 per capita in 2018. This was an increase from 410.4 per capita in 2016.
Rapid Industrialization and Urbanization – Speedy industrialization has fostered a rise in per capita income which in turn has further advanced prompt urbanization. These rapid changes are expected to increase the demand for ruthenium tetroxide in various sectors such as automobiles, electronics, chemicals, pharmaceuticals and others. In 2018, as per the data by United Nations Organization, about 55% of the global population was living in urban areas. Further, by 2050, approximately 68% is anticipated to be living in urban areas.
Growth in Research and Development Expenditure – According to the World Bank, global expenditure on research and development was calculated to be 2.63% of GDP in 2020 up from 2.2% in 2018.
The global ruthenium tetroxide market is segmented and analyzed for demand and supply by application into electronic resistors, metal alloys, chemical, pharmaceutical, solar cells, and others. Out of these, the chemical segment is estimated to cater the largest revenue by 2031 owing to huge consumption of chemicals across the globe. The recent statistics show that in 2020, global chemical consumption accounted for more than USD 3.0 trillion.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Program), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labor as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global ruthenium tetroxide market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these, the market in the North America region is projected to hold the largest market share by the end of 2031 on the back of an expansion in the utilization of ruthenium tetroxide in pharmaceuticals and chemical sectors. According to the recent study, the pharmaceutical market of the U.S. accounts for around 46% of the global pharmaceutical market in 2020. Additionally, it is calculated that in 2019, Americans spent across USD 511 billion on medicine, which is further projected to rise to USD 635 billion in 2025. Also, in North America, chemical consumption accounted for 485 billion euros in 2022. Additionally, the value of chemical imports and exports in the region both stood at USD 153 in 2020.
Source: Research Nester
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The global ruthenium tetroxide market is further classified on the basis of region as follows:
Our in-depth analysis of the global ruthenium tetroxide market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increase in demand of electronic goods, rise in pharmaceutical sales, rapid industrialization, and urbanization is estimated to drive the market growth
The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2022 – 2031.
Less availability of the chemical along with the high costs associated with the chemical is expected to hamper the market growth.
The market in North America region is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are PJSC MMC Norilsk Nickel, Aspira Scientific, Inc., METAKEM GmbH, Reade International Corp., Johnson Matthey, Ames Goldsmith U.K. Limited, FURUYA METAL Co., Ltd, Career Henan Chemical Co., American Elements and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by function, application, type, and by region.
The chemical segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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