According to the recent study the iridium market is projected to reach an estimated $2.0 billion by 2028 from $1.6 billion in 2023, at a CAGR of 5.1% from 2023 to 2028. Growth in this market is primarily driven by growing demand for satellite-based communication service, increasing adoption of IOT, and significantly increasing usage of iridium in spark plug connections owing to its high melting point and low reactivity.

A more than 150 – page report is developed to understand trends, opportunities and forecast in iridium market by product type (mineral source and recycling source), application (catalyst, chemical manufacturing, electrical and electronics, jewellery, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).

“Electrical and electronics market is expected to remain the largest segment during the forecast period.”

Based on application, the iridium market is segmented into catalyst, chemical manufacturing, electrical and electronics, jewellery, and others. Lucintel forecasts that the electrical and electronics market is expected to remain the largest segment due to the significant use of iridium for electrode coatings in the chlor-alkali process and catalysts, thus leading in high demand from the electronics industry.

“Asia pacific will dominate the iridium market in near future”

Asia Pacific is expected to witness highest growth over the forecast period due to the growing demand of satellite based communication service and increasing trend of IoT technology in the region.

Major players of iridium market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Anglo American, Russian Platinum, Norilsk Nickel, Umicore, and Impala are among the major iridium providers.

This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.com