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Ruthenium Tetroxide Market Analysis by Function (Chemical Intermediate, Resisting Agent, Catalyst, and Others); by Application (Electronic Resistors, Metal Alloys, Pharmaceutical, Solar Cells, and Others); and by Type (Over 99% and Below 99%) – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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  • June, 2022: PJSC MMC Norilsk Nickel and the Government of the Murmansk Region have entered into a partnership for implementing local investment and social projects. This collaboration is expected to boost a sustainable economic growth in the Murmansk Region, and the need to build a favorable financial as well as administrative environment for business development.

  • May, 2018: Reade International Corp has finally received International Organization for Standardization (ISO) 9001:2015 certification. The 2015 revision is intended to ensure that ISO 9001 continues to adapt to the changing environments in which manufacturers operate.

Global Ruthenium Tetroxide Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Ruthenium Tetroxide Market Size & Forecast

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.

Ruthenium Tetroxide Market Size & Overview By 2031

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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.

Global Ruthenium Tetroxide Market: Growth Drivers and Challenges

Growth Drivers

  • 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.


  • Expensive Chemical Compound
  • Found in Rare Quantity
  • Stringent Rules Regarding Environment Protection

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.

Major Macro-Economic Indicators Impacting the Market Growth

Ruthenium Tetroxide Market Size

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.

Global Ruthenium Tetroxide Market Regional Synopsis

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.

Ruthenium Tetroxide Market Size Share

Source: Research Nester

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The global ruthenium tetroxide market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global ruthenium tetroxide market includes the following segments:

By Function

  • Chemical Intermediate
  • Staining Agent
  • Resisting Agent
  • Catalyst
  • Others

By Application

  • Electronic Resistors
  • Metal Alloys
  • Chemical
  • Pharmaceuticals
  • Solar Cells
  • Others

By Type

  • Over 99%
  • Below 99%

Top Featured Companies Dominating the Global Ruthenium Tetroxide Market

  • J&K Scientific LLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • PJSC MMC Norilsk Nickel
  • Aspira Scientific, Inc.
  • Metakem GmbH
  • Reade International Corp.
  • Johnson Matthey
  • Ames Goldsmith Corporation
  • Career Henan Chemical Co.
  • American Elements


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