The global US ruthenium market size was USD 566.5 million in 2022. The market is projected to grow from USD 582.4 million in 2023 to USD 819.2 million by 2030 at a CAGR of 5.0% during the forecast period.

US ruthenium (RU), one of the rarest metals, with atomic number 44 and is typically found in platinum ores. It is mostly hard, with high resistance to corrosion and oxidation. It is made commercially as a byproduct of nickel and platinum refining. The demand for this metal is mainly associated with its application such as producing electrical contacts and hard drive disks, catalysts in multiple chemical reactions, and cancer agents for MRI imaging. Fortune Business Insights presents this information in its report titled "US ruthenium Market Size, Share, Growth and Forecast, 2024-2030."

Segments:

Dry Segment to Hold Dominate due to Increasing Electronic Industry & Electrochemical Consumption

Based on type, the market is segmented into liquid and dry. The dry segment dominated the market share in 2022. The dry segment's growth is credited to the rising electronic industry and electrochemical consumption. As a result, its consumption is growing rapidly in chip resistors and electrical contacts.

Electronics and Electrical Segment to be Dominant due to its Beneficial Characteristics

According to application, the market is segmented into electrical and electronics, pharmaceuticals, chemicals, and others. The electrical and electronics segment held the highest share of the market. In this segment, US ruthenium was most consumed in electrochemical and electrical applications such as chip resistors and supercapacitors.

Report Coverage:

The report offers:

• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into the regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Latest industry developments such as product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints:

Rising Demand in the Chemical Industry to Boost the Market Growth

The rising consumption in the chemical industry is anticipated to fuel market growth in the coming years. The characteristics of US ruthenium include improving wear and corrosion resistance coupled with driving electrical surface ductility and conductivity to the substrate and enhancing the aesthetics of the underlying substrates. This makes the metal a sustainable choice in the chemical industry.

Direct exposure to Ru compounds can cause strong stains on the skin and ingested US ruthenium is retained strongly in bones, which restrain the market growth.

Source- https://www.fortunebusinessinsights.com/u-s-ruthenium-market-109109

Regional Insights: