Ruthenium, which naturally occurs in the form of platinum ores, is considered to be a rare element found in the Earth’s crust and ranks sixth on the list of rare elements on the earth. Ruthenium is extracted from the ore by separating it from other platinum metals such as platinum, palladium, and osmium. The separation process involves a series of chemical reactions which results in the formulation of these rare metals. A major use of ruthenium is in the production of alloys (which is made by melting and mixing of two or more metals). Ruthenium is added to the alloy mixture and oxygen and other materials resistant mixture is derived. The most commonly employed metals for alloy mixtures, along with ruthenium, include platinum or palladium. The usage of these alloys primarily takes place in electrical contacts and devices that are employed for measuring very high and very low temperatures. Several medical instruments and jewelry are also manufactured using ruthenium alloys.

Ruthenium is widely utilized in the electrical sector; however, a new application of ruthenium has emerged for the last few years. This application involves its usage as a catalyst in chemical reactions. Ruthenium, being used as a catalyst, is likely to provide a way for changing light energy into electrical energy.

The usage of ruthenium in the electrical sector for the production of hard disks, thick film chip resistors, and plasma display panels is driving its market, globally. However, the demand for ruthenium in the electrochemical sector is projected to further drive its market during the forecast period. The major factor attributing to this growth includes its strong demand from the chlor-alkali industry, as it is continuously replacing its mercury-based technology with diaphragm or membrane cells. Other potential emerging applications of ruthenium such as aerospace, super alloys, and fuel cells technology are driving the market. However, factors such as adverse health effects to humans is anticipated hamper the expansion of the market.

In terms of application, the market can be segmented into electrical, chemical catalyst, electrochemical, and others. Among several applications of ruthenium in the electrical industry, some of its uses include Perpendicular magnetic recording technology (PMR) to increase the data to be stored on hard disk, in the chip resistor, and in the production of plasma display panels for flat screen televisions.

In terms of form, the global ruthenium market can be segmented into dry/powder, gas, and liquid forms. Several manufacturers offer ruthenium in dry/powder form, as it reduces the reaction time, thereby increasing the yield in a chemical reaction.

In terms of geography, North America is anticipated to lead the global ruthenium market. The production of ruthenium is high in platinum deposits near Ural Mountains in Russia and in North America and Latin America. It is also obtained as a by-product of the nickel mining in the Sudbury Basin in Ontario, Canada. Consequently, the consumption for this domestically-produced ruthenium is witnessed in the electronic and chemical industry in the region, thereby increasing its demand year on year. This, in turn, is propelling the region as a prominent consumer of ruthenium in the global market. Latin America and Europe are anticipated to be lucrative regions for ruthenium market due to the large amount of platinum metals mined in Russia and Brazil. Furthermore, the usage of ruthenium in radiotherapy for eye tumors and as an aid to cancer treatment is projected to drive its demand.

Key players operating in the global ruthenium market include Johnson Matthey (U.K.) American Elements (U.S.), Tanaka Kikinzoku Kogyo K.K. (Tokyo), OXKEM (U.K.), Nordt Engineered Precious Metals (U.S.), and Dyesol (Australia).

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Ruthenium Market

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