Rhenium Market to Undertake Strapping Growth by the End 2030

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Introduction

• Rhenium is one of the rarest metals available in the Earth's crust. It is a low volume metal, which does not have any substitute for various applications where it is used.
• Certain ores contain small traces of rhenium. Extraction of rhenium takes place in an exclusive manner as a by-product of the processing of these ores.
• It is important to recover rhenium through recycling of used materials that contain it. It is one of the precious metal, which requires high degree of expertise for its quality and purity.
• Rhenium is considered a green element in aerospace applications, as it is used in hot zones of jet engines to obtain higher operating temperatures
• Rhenium pellets and high quality rhenium powder are used as elementary alloying additions in the manufacture of turbine blades in jet engines

Key Drivers of Rhenium Market

• Rise in demand for commercial air travel, especially in emerging economies around the globe, with addition in civil helicopters and business aircraft along with spacecraft is expected to be one of the major drivers of the global rhenium market. Rhenium is used in various aerospace and defense applications throughout the value chain.
• The global health care industry has been expanding at a rapid pace of late. Growth in the elderly population across the globe, high prevalence of chronic diseases, and advancements in innovative digital technologies are some of the major factors driving the global health care industry. This, in turn, is boosting the global rhenium market. Unique properties of rhenium make it essential for usage in various medical applications such as Magnetic Resonance Tomography (MRT) systems.

Key Developments and Policies

• In February 2019, Ravindra-Heraeus, one of the leading precious metal service providers in India, announced that it had set up the first pyrometallurgical smelter (Plasma Metal Recovery System) in India. The Indo-German joint venture is investing significantly to expand its precious metals recycling capacity to meet demand.
• In January 2020, a new patent was filed by Cannon-Muskegon, a producer of superalloys. It indicates that the rhenium content of single crystal superalloy for turbine blades can be ideally lowered to 1.4–1.6%, while maintaining high-temperature creep resistance and other properties. Total refractory elements (tungsten, molybdenum, tantalum, and rhenium) were balanced at 18%–19% by weight to achieve good creep-rupture mechanical stability and acceptable alloy phase stability.

Regional Analysis of Global Rhenium Market

• Based on region, the global rhenium market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• Asia Pacific is expected to hold major share of the global rhenium market during the forecast period. Increase in aircraft & jet engine production, mainly in emerging countries such as China and India in Asia Pacific, is driving the market in the region.
• North America is also an important region of the global rhenium market. Rapid production of rhenium and growth in the medical sector are key factors boosting the rhenium market in the region.
• Europe is likely to be a high potential region of the global rhenium market during the forecast period. Growth in various industrial sectors such as automotive, construction, medical electronics, and renewable industries is estimated to drive the rhenium market in the region.