Rhenium Market - Global Forecasts from 2023 to 2028

The global rhenium market was valued at US$63.945 million in 2021.

Rhenium is a rare metal used in the manufacture of superalloys, catalysts, and other products to be used across aerospace, automotive, healthcare, industrial gas turbines, and other industries. The aerospace and healthcare sectors are the two end-user industries that extensively use rhenium metal alloys and elements. In the industrial gas turbine sector, rhenium is utilized by engine manufacturers to enhance the resistance power of alloys. The evolution of space exploration projects is generating a need for the manufacture of military and commercial rocket engines which is stimulating the consumption of rhenium across the aerospace sector. Therefore, the rising demand for rhenium in the pharmaceutical field and aviation sector is expected to result in the steady growth of the rhenium market over the forecast period.

Market Drivers

Increasing importance in the medical field

The biomedical and healthcare sector is one of the most predominant consumers of the rhenium market. Rhenium is used to manufacture alloys made using molybdenum and tungsten to be used in X-ray machines and oven filaments. In addition, specific types of rhenium radioisotopes such as Rhenium-188 are being tested for their compatibility to create therapies based on radiopharmaceuticals. Several essential areas of the biomedical field such as oncological drug development, and imaging and scanning equipment are utilizing rhenium tricarbonyl complexes. In addition, a collaboration between Cornell University and the University of Vienna researchers has revealed the adoption of slight levels of rhenium metal complexes has the potential of eliminating ovarian cancer in October 2022. Consequently, in January 2023, Plus Therapeutics, a newly emerged medical company focusing on the development of radiotherapeutics technology to target CNS cancer revealed that it has commenced patient trials to investigate the effectiveness of rhenium obisbemeda, a rhenium-186 isotope to cure recurrent glioblastoma. Therefore, the rise in research involving rhenium in oncological and other biomedical fields is anticipated to drive the demand for the rhenium market.

Extensive application in the aerospace sector

The aerospace sector employs metal alloys made using rhenium and molybdenum to manufacture aviation parts and aerospace components such as heat measurement equipment and space reactor parts. The rise in consumption of air travel and the development in aviation technology is fueling the production of enhanced aircraft products which are resulting in the increase in the consumption of rhenium. The net sales of Lockheed and Martin Company, a leading aircraft manufacturing company increased from US$65,398 million in 2020 to US$67,044 million in 2021 demonstrating the increase in the production of aviation parts using rhenium alloys. The development in the travel and tourism industry around the world post-pandemic is creating the need for an increase in the number of operating airplanes and aviation fighter jets. In addition, the active investment by leading economies around the world to create enhanced fighter planes requires the use of aviation parts made using rhenium alloy to withstand drastic temperature rise. In addition, rhenium is also employed as a coating substance for rocket engine nozzles and missile propulsions to prevent carbon corrosion. Therefore, the expansion of the aerospace sector and the extensive application of rhenium in the aerospace sector will fuel the expansion of the rhenium market over the forecast period.

The recyclability and availability of substitutes could restrict the growth of the rhenium market.

The rhenium employed in certain nickel alloy scraps and catalysts is recycled to extract used rhenium to be further used in the production of new alloy metals. The recycling of rhenium to generate secondary rhenium could lower the consumption of nee rhenium metal elements across different application areas which restrains the market demand for rhenium. In addition, the availability of different substitutes for rhenium uses in several fields could also stunt rhenium consumption. For instance, tantalum and tungsten metals could be used in place of rhenium in electron emitters. Therefore, these factors have the potential of restricting the increase in the size of the rhenium market.

Market Developments

In March 2023, Heraeus Precious Metals, a subsidiary company of a conglomerate, Heraeus Holding, that consists of several business divisions including the processing and distribution of metals such as rhenium, announced its partnership with Alfred Kochen for distribution purposes.

North America contributes majorly to the international rhenium market and is expected to remain steady over the forecast period.

The North American rhenium market is dominated by the consumption of rhenium in the US and Canada. The US Geological Survey Department revealed that the consumption of rhenium in the US amounted to 32,000 kgs in 2021, out of which 23,000 kgs of rhenium was imported. Japan, Canada, and Kazakhstan are the countries contributing to the majority of rhenium imports in the US. In addition, the US retained its position as one of the top manufacturers of secondary rhenium by producing approximately 19 tons of secondary rhenium and increased its primary rhenium production by 4% from 2020 to reach approximately 9,100 kgs of rhenium produced from its mining, extraction, and production activities to meet the nation’s demand for rhenium to the extent possible. In addition, the increasing importance of rhenium in the oncological department is expected to increase the consumption of rhenium due to the abundance of biomedical and pharmaceutical companies dedicated to the development of oncological drug pipelines such as Abbvie Inc., Johnson & Johnson Services Inc., and Merck & Co. Inc.

Key Market Segments:

By Application

• Superalloys
• Catalysts
• Others

By End-User

• Aerospace
• Industrial Gas Turbines
• Automotive
• Healthcare
• Other

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• Israel
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Vietnam
• Others