Ruthenium Tetroxide Market size is poised to cross USD 2 Billion by the end of 2035, growing at a CAGR of 9% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of ruthenium tetroxide was over USD 1 Billion. 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.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~9% |
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Base Year Market Size (2022) |
USD 1 Billion |
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Forecast Year Market Size (2035) |
USD 2 Billion |
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Regional Scope |
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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:
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By Function |
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By Application |
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By Type |
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North America Market Forecast
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.
Asia Pacific Market Forecast
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.
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.
Author Credits: Smruti Ranjan, Rajrani Baghel
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