Rhenium Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for rhenium is expected to grow at a CAGR of more than 5.1% globally during the forecast period. Rhenium is a chemical element with atomic number 75. With an estimated average concentration of 1 part per billion (ppb), rhenium is one of the rarest elements of the Earth's crust. The growth in the production of aircraft and increasing demand from the power industry have been driving market growth.

Key Highlights

• However, the growing usage of substitutes and the outbreak of coronavirus across the globe are likely to hinder the growth of the studied market.
• Rising demand from biomedical applications is likely to provide opportunities for the rhenium market over the next five years.
• Aerospace is the most dominating end-user industry of the market studied.
• North America dominated the market across the globe and Asia-Pacific expected to be the fastest-growing region over the forecast period.

Key Market Trends

Aerospace to Dominate the Market

• Aerospace stands to be the dominating segment as modern jet engines usually employ rhenium as an alloying element, which is critical to the performance of commercial, military, and even rocket engines used for space exploration.
• All engine manufacturers use rhenium, as it improves the creep resistance of superalloys, resulting in more durable components, and allows engines to reach higher temperatures required in jet flight. This function ensures greater fuel efficiency at elevated temperatures, which is an important contribution toward lowering fuel consumption in the aerospace industry
• Rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for both solid and liquid rocket engines). These coatings can be used to enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination.
• Rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for both solid and liquid rocket engines). These coatings can be used to enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination.
• All the aforementioned factors are expected to drive the rhenium market during the forecast period.

North America Region to Dominate the Market

• North America region stands to be the largest market for rhenium. Factors, such as increasing demand from the production of aircraft have been driving the rhenium requirements in North America.
• Lockheed Martin, which is the largest domestic manufacturer of fighter jets, announced its plan to triple its annual production, to more than 160 jets, by 2023.
• According to U.S. Geological Survey, during 2019, ores containing 8,400 kilograms of rhenium were mined at six operations (four in Arizona and one each in Montana and Utah) which is 2.18% more than the previous year.
• In 2020, the United States government proposed an airforce budget of USD 165.6 billion for 2020. It registered an increase of 6%, as compared to the airforce spending in 2019. In 2019, the United States had the largest defense budget, with a spending of USD 684.6 billion.
• Hence, all such market trends are expected to drive the demand for rhenium market in the region during the forecast period.

Competitive Landscape

The global rhenium market is consolidated in nature. Some of the major companies are American Elements, H Cross Company, Heraeus Holding, MOLYMET S.A., and Rhenium Alloys, Inc amongst others.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support