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 2023-2035

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Report ID: 4192 | Published On: Feb 24, 2023
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Global Ruthenium Tetroxide Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global ruthenium tetroxide market is estimated to garner a revenue of ~USD 2 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 1 Billion in the year 2022. The primary growth factor for the 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 share of dye-sensitized solar cells is projected to be approximately 9% of the total solar photovoltaic panels worldwide by 2030.


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 for ruthenium to manufacture dye-sensitized solar cells in the forecast period. As per recent estimates, the demand for solar photovoltaic power globally is expected to rise to 125 gigawatts in 2024. Moreover, as ruthenium tetroxide is considered to be one of the most basic components for high power conversion productivity, its demand is projected to increase in the next few years, thus, expanding market size. Furthermore, a recent escalation in the awareness level of ruthenium tetroxide among companies across the world is also anticipated to surge the production rate of ruthenium tetroxide during the analysis period. In addition, the rising government support to manufacture and produce ruthenium tetroxide is also estimated to create a positive outlook for market growth in the analysis period.

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Global Ruthenium Tetroxide Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2022)

~ USD 1 Billion

Forecast Year Market Size (2035)

~ USD 2 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Ruthenium Tetroxide Market: Growth Drivers and Challenges

Growth Drivers

  • Increase in Demand for Electronics Goods – Ruthenium tetroxide has various properties that are considered useful for manufacturing electronic goods. It is hard, robust, durable, and has high resistance power against corrosion. Furthermore, ruthenium tetroxide is considered to be a good conductor of electricity. Thus, as the demand for electronic goods is projected to increase, the production rate of ruthenium tetroxide is also estimated to escalate in the upcoming years. As per the India Brand Equity Foundation, as of January 2022, the exports of electronic goods in India 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 from United Nations Organization, about 55% of the global population was living in urban areas. Further, by 2050, approximately 68% are anticipated to be living in urban areas.

  • Growth in Research and Development Expenditure – With the growing economies, major key players of the market and governments are focusing on investing to develop ruthenium tetroxide that could be used for varied purposes across different spectrums of industries. Hence, the growth in the expenditure made in the research and development sector is expected to bring lucrative growth opportunities for market expansion. 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 – As ruthenium tetroxide is very rare and is limited in quantities, the production process of ruthenium tetroxide is very costly. As a result, the price of ruthenium tetroxide is increased, making it less accessible to the population with middle-income and small enterprises with low funds. This trend is anticipated to hamper the market growth in the forecast period.
  • Found in Rare Quantity
  • Stringent Rules Regarding Environment Protection

 Market Segmentation

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 to the largest revenue by 2035 by holding almost ~49% of the global ruthenium tetroxide market. The major factor that is attributed to segment growth is the huge consumption of chemicals across the globe. Recent statistics show that in 2020, global chemical consumption accounted for more than USD 3 trillion. The various properties of ruthenium tetroxide make it beneficial for being used in the chemical industry for numerous activities. Further, the presence of chemical factories across the world along with the rapid growth in the chemical sector is also considered an indicator of segment growth in the next few years.

The global ruthenium tetroxide market is also segmented and analyzed for demand and supply by function into chemical intermediate, staining agent, resisting agent, catalyst, and others. Out of these, the staining agent segment is projected to hold the second-largest share with a ~29% share by the end of the assessment period. Ruthenium tetroxide is considered to be an effective staining agent. Moreover, the usage of ruthenium tetroxide in exposing latent fingerprints by turning to the brown/black ruthenium dioxide when in contact with fatty oils or fats contained in sebaceous contaminants of the print, is also estimated to create a positive outlook for segment expansion. Other reasons for segment growth is attributed to the rising number of chemical process in end-use industries and increased demand for ruthenium tetroxide for mining, pharmaceutical, solar cells, and others.

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%


Global Ruthenium Tetroxide Market Regional Synopsis

The North America ruthenium tetroxide market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The swift escalation of the utilization of ruthenium tetroxide in the pharmaceuticals and chemical sectors is the main factor for market growth in the region. Thus, with the high demand for medicines and chemical products, it is projected to expand the market size. According to a recent study, the pharmaceutical industry of the U.S. accounts for around ~46% of the global pharmaceutical market in 2020. Additionally, it is calculated that in 2019, Americans spent 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. In addition to that, the presence of a large consumer base coupled with major key players is another factor that is anticipated to boost the market growth in the recent period.

On the other hand, the Asia Pacific ruthenium tetroxide market is also projected to hold approximately 24% by the end of 2035. The major factors attributed to market growth in the region are the presence of major exporters and importers such as India and China, the rapid development of industries of every spectrum, along with rising support. To meet the supply and demand gap of consumers for electricity and electronics, the utilization rate of ruthenium tetroxide is anticipated to increase. In addition, the ease of commercialization of chemicals like ruthenium tetroxide is also another factor to impetus a noteworthy revenue generation.


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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
    • FURUYA METAL Co., Ltd
    • Career Henan Chemical Co.
    • American Elements

In The News

  • 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 sustainable economic growth in the Murmansk Region, and the need to build a favorable financial as well as administrative environment for business development.

  • Reade International Corp has finally received International Organization for Standardization (ISO) 9001:2015 certification. The 2015 revision is estimated to ensure that ISO 9001 continues to adapt to the dynamic environments and the way manufacturers operate.

Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the ruthenium tetroxide market?

Ans: The increase in demand for electronic goods, rise in pharmaceutical sales, rapid industrialization, and urbanization is estimated to drive market growth during the forecast period.

2) What would be the CAGR of ruthenium tetroxide market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2023 – 2035.

3) What are the challenges affecting the ruthenium tetroxide market growth?

Ans: Less availability of the chemical along with the high costs associated with the chemical is expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of ruthenium tetroxide market in future?

Ans: The market in the North America region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

5) Who are the major players dominating the ruthenium tetroxide market?

Ans: The major players in the market are J&K Scientific LLC, 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 other key players.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the ruthenium tetroxide market?

Ans: The market is segmented by function, application, type, and by region.

8) Which segment captures the largest market size in application in the ruthenium tetroxide market?

Ans: The chemical segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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