The global Ru/C Catalyst Market is likely to attain a market value of USD 26.10 billion in 2027 from USD 19.04 billion in 2020. The CAGR for this market is likely to reach over 5.4% during the forecast period.
Ru/C is a rare element contained in the earth's crust that naturally occurs in the form of platinum ores. It ranks sixth on the list of rare elements on the planet. Separating Ru/C from other platinum metals, including palladium, osmium, and platinum, allows it to be extracted from the ore. The rare metals are formed as a result of a series of chemical reactions during the separation process. Credence Research is offering holistic information and absolute accuracy in the report titled "Global Ru/C Catalyst Market."
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.
Various Factors Driving the Market Growth
The chemical industry's increasing demand for Ru/C is projected to fuel market growth. A substrate metal, when electroplated with precious metals, such as Ru/C, improves the primary substrate's aesthetics while offering additional benefits such as improved corrosion resistance, wear resistance, electrical conductivity, and sturdiness.
Additionally, Ru/C oxide is used to coat the anodes of electrochemical cells and in the chemical industry to produce chlorine. Finally, Ru/C is often alloyed with palladium or platinum as a hardener to increase the metal hardness to manufacture wear-resistant electrical contacts. This allows for a much thinner coating to be applied, which enhances electroplating when these metals are used.
Asia-Pacific to lead the global market in geographic regions
On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Asia-Pacific topped the market by acquiring a 29.34% share in 2020.
Global Market is led by the Non-Homogeneous in terms of Type.
By Type, the market is segmented into homogeneous and non-homogeneous types. Due to complete product use in the polymer industry, the non-homogeneous sector of the form segment has the largest market share. It is also used to manufacture sulfuric acid in the form of vanadium oxide, which is improving due to increased demand for acid in chemical synthesis, wastewater treatment, and oil refining. This is likely to increase the demand for non- homogeneous Types.
Chemical Production will dominate the global market in 2020 in terms of Applications.
Automotive, Aerospace, and Chemical Production are the three applications of this market. Chemical Production dominated the Application segment in 2020.
Ru/C has extensive chemical industry applications in various chemical reactions and processes, such as electroplating. Also, Ru/C used as a catalyst offers a way for converting light energy into electrical energy. Besides, aerospace is expected to be the fastest growing segment due to its high adoption in aerospace.
