The average price for iridium in 2023 was nearly ***** U.S. dollars per troy ounce, an increase compared to the previous year. This figure was still lower than the peak of ***** U.S. dollars recorded in 2021. Iridium is a transition metal and a platinum group metal. It is one of the most corrosion-resistant metals and is also one of the rarest elements in the Earth's crust.
Gold and silver prices increased over the course of 2021, but these did not grow as fast as the prices of iridium and, especially, rhodium. According to a comparison of price indices, the price for rhodium - a precious metal similar to platinum and used especially in catalytic converters of cars - was ten times higher in April 2021 than it was in January 2019. The price hike for rhodium was apparently caused by coronavirus-related lockdowns implemented in South Africa, where mining companies had to close for several weeks.
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Report Attribute/Metric | Details |
---|---|
Market Value in 2025 | USD 847 million |
Revenue Forecast in 2034 | USD 1.36 billion |
Growth Rate | CAGR of 5.4% from 2025 to 2034 |
Base Year for Estimation | 2024 |
Industry Revenue 2024 | 803 million |
Growth Opportunity | USD 556 million |
Historical Data | 2019 - 2023 |
Forecast Period | 2025 - 2034 |
Market Size Units | Market Revenue in USD million and Industry Statistics |
Market Size 2024 | 803 million USD |
Market Size 2027 | 941 million USD |
Market Size 2029 | 1.05 billion USD |
Market Size 2030 | 1.10 billion USD |
Market Size 2034 | 1.36 billion USD |
Market Size 2035 | 1.43 billion USD |
Report Coverage | Market Size for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends |
Segments Covered | Product Type, End Use Industry, Application, Technology |
Regional Scope | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa |
Top 5 Major Countries and Expected CAGR Forecast | U.S., Germany, China, Japan, India - Expected CAGR 3.5% - 5.2% (2025 - 2034) |
Top 3 Emerging Countries and Expected Forecast | Mexico, Brazil, South Africa - Expected Forecast CAGR 6.2% - 7.5% (2025 - 2034) |
Top 2 Opportunistic Market Segments | Electrical & Electronics and Aerospace & Defense End Use Industry |
Top 2 Industry Transitions | Reinforcement of Satellite Communication, Evolution in Weather Forecasting Technologies |
Companies Profiled | Iridium Communications Inc, Thermo Fisher Scientific, Anglo American plc, Norilsk Nickel, Impala Platinum Holdings, North American Palladium Ltd, Lonmin plc, Sibanye-Stillwater Ltd, Aquarius Platinum Ltd, Glencore International AG, Group Ten Metals Inc. and Canada Nickel Company Inc. |
Customization | Free customization at segment, region, or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement (10% of report value) |
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The catalytic activity of the iridium complexes involved in methanol carbonylation is significantly enhanced when the carbonyliodoplatinum dimer [PtI2(CO)]2 (10‘) is added to the reaction mixture. Under CO this complex readily affords the monomeric species PtI2(CO)2. The turnover frequency value, which is 1450 h-1 for iridium alone, reaches 2400 h-1 for a Pt/Ir = 3/7 molar ratio, under 30 bar of CO and at 190 °C. To get a deeper insight into the role of the platinum cocatalyst, model conditions (dinitrogen, ambient temperature, CH2Cl2, PPN+ as counterion) have been adopted. [PtI2(CO)]2 (10‘) interacts with [PPN]IrI3(CH3)(CO)2, affording the monoiodo-bridged anionic species [IrI2(CH3)(CO)2(μ-I)PtI2(CO)]- (11), which undergoes cleavage under CO to provide IrI2(CH3)(CO)3 and [PtI3(CO)]- (9). Although we have to take into account the possible iodide dissociation from 4 in the polar reaction medium (CH3COOH, CH3OH, CH3I, HI, H2O), which can be scavenged by platinum to give 9, we should not discard the intermediacy of 11, even under working catalytic conditions. The crystal structures of [PPN]IrI3(COCH3)(CO)2 and [PPN]PtI3(CO), which are both involved in the overall process, were determined by X-ray diffraction analysis. A catalytic cycle is herein proposed, in which the cooperative effect between the platinum promoter and the iridium catalyst is depicted.
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The average price for iridium in 2023 was nearly ***** U.S. dollars per troy ounce, an increase compared to the previous year. This figure was still lower than the peak of ***** U.S. dollars recorded in 2021. Iridium is a transition metal and a platinum group metal. It is one of the most corrosion-resistant metals and is also one of the rarest elements in the Earth's crust.