Editor’s Note
This analysis projects significant growth for the global rhodium market, driven by its unique properties and industrial demand. The figures cited are based on a specific forecast period and model. As with any commodity, investors and industry stakeholders should consider market volatility and broader economic factors.
The global rhodium market size is expected to be worth USD 2.67 billion in 2026 and is projected to reach USD 4.01 billion by 2035, with a CAGR of 4.6% during the forecast period from 2026 to 2035.
Rhodium (Rh) is a rare and precious metal belonging to the platinum group of metals. On the periodic table, it is represented by the chemical symbol ‘Rh’ and has the atomic number 45. Rhodium is known for its exceptional corrosion resistance and high reflectivity, making it valuable in a variety of industrial applications as well as a component in jewelry. Rh is a relatively rare metal that is mined as a by-product of platinum and nickel mining. The rarity of Rh leads to its high market value. Stricter environmental regulations worldwide have increased the demand for automotive catalytic converters using Rh to minimize harmful vehicle emissions. As economies develop, the demand for Rh industrial applications such as electronics and petrochemicals also increases.
Following the fact that some investors and speculators have turned to precious metals, particularly Rh, as an alternative asset class, interest and demand for precious metals have increased. The market price of Rh, like other commodities, can be influenced by investor sentiment, global economic conditions, and perceived supply and demand dynamics. Rh is a metal belonging to the platinum group, which also includes platinum, palladium, ruthenium, osmium, and iridium. These metals are frequently found together in ore deposits. Rh is primarily obtained as a by-product of platinum or nickel mining. Once the ore containing platinum and other platinum group metals is mined, a sophisticated process is used to extract these metals. One of the most common processes is froth flotation, which separates valuable minerals from waste.
Market Size and Growth: Valued at USD 2.67 billion in 2026, it is projected to reach USD 4.01 billion by 2035, with a CAGR of 4.6%.
Key Market Driver: Approximately 80% of rhodium demand comes from automotive catalytic converters due to strict emission regulations.
Major Market Restraint: An approximately 6% decline in automotive sector consumption in 2024 led to a 4% drop in overall rhodium demand.
Emerging Trends: Recycling accounts for 20-25% of global rhodium supply, supported by circular economy and sustainability initiatives.
Regional Leadership: Asia-Pacific accounted for about 23% of the global rhodium market revenue in 2024.
Competitive Landscape: Major producers, including those from South Africa, account for over 80% of global rhodium supply.
Market Segmentation: Mineral sources constitute about 75% of rhodium supply, while recycling and other sources account for 25%.
Recent Development: Rhodium prices increased by approximately 54% in 2025, reflecting supply-demand imbalances and market volatility.
Supply Chain Disruptions Hamper Market Growth
The COVID-19 pandemic was unprecedented and staggering, with demand lower than expected in all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
