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Iridium Market size is set to grow at a CAGR of 9.57% between 2020-2026 driven by increasing demand from end-user industries, upsurge adoption of consumer electronics, and stringent government regulations over carbon emissions.
Iridium is a stimulating alternative to gold alloys, platinum or rhodium with potential to wear and corrosion resistance such as sliding and plugs contacts. Further, increasing demand for Iridium owing to factors including resistance to chemical attack, excellent high-temperature characteristics, long-term stability, and stable electrical properties boosts the market growth.
In addition, iridium ingredient is used as crucible materials for the growth of single crystals, particularly oxides which drive its market value over the forecast period.
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Mounting investment in the automotive sector associated with iridium spark plugs offers significant opportunities in the Iridium market for key players in the coming years. Moreover, increasing demand for platinum-iridium alloys used for electrical contacts, special types of electrical wires, and electrodes to create key opportunities for key players. For example, Autolite’s Iridium XP Enhanced Alloy Technology spark plug delivers optimum performance and a more focused ignition for better overall ignitability.
Although there are many prospects in this market, challenges such as high cost and socio-economic factors remain hindrance to the market growth.
Iridium market application insights over the forecast period
Abundant field of application for iridium as a contact material boosts the related industry during the forecast period.
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Iridium oxide films exhibit significantly compact edge impedance in comparison to bare metal resulting to facilitate greater electric-field applications. Further, industrialized efficient electrochemical process unlocks potential of iridium layers and expands it scope of application.
Platinum-iridium alloys are readily effective metals that are much harder, stiffer and more resistant to chemical attack and are used for electrical contacts and sparking points.
Regional Iridium market share during the forecast period till 2026
South Africa is the major producer of the Iridium and is set to hold the majority of the market shares in terms of production. Sibanye-Stillwater is the third-largest producer of palladium and platinum in South Africa, also with the proposed acquisition of Lonmin one of the key players in Europe to increase its production of palladium and platinum in South Africa.
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Europe’s active players aim to strengthen their position by investments in the global mining industry for the production of platinum group metals. For example, Russia’s metals and mining major players like Russian Platinum PLC, Norilsk Nickel to invest in billions in product development in order to boost iridium production volumes.
Whereas, a specialized agency UNIDO in the United Nations system based in Vienna to assist in the Iridium market and industrialization across emerging countries. It is focussed to provide assistance by coordinating the UN to capitalize and strengthen synergies between enterprises and the metals industry.
Iridium Market to flourish Worldwide with presence of key market players
Technology-focused partnership among key market players is observed to trigger the performance of Iridium Market growth. For instance, in 2018, Sibanye-Stillwater entered into a partnership with Wits Mining Institute (WMI) concerning technology in support of safer and more efficient mining operations.
Further, in 2019, Russian Platinum, PLC invest $15 billion in the new Arctic Palladium joint venture with Norilsk Nickel for platinum & palladium production.
In addition, in 2019, the United Nations Industrial Development Organization (UNIDO) collaborated with Norilsk Nickel (Nornickel) to support environmentally-sound technologies and developments in the metals industry.
Key players of the Iridium market include Anglo American Platinum Ltd., Lonmin PLC, Norilsk Nickel Group, Royal Bafokeng Platinum Ltd., Sibanye-Stillwater Gold, Umicore N.V., Vale S.A., Zimplats Holdings Ltd.
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