|Market Size in 2022||Market Forecast in 2030||CAGR (in %)||Base Year|
|USD 642.93 Million||USD 856.58 Million||3.82%||2022|
The global osmium market size was worth around USD 642.93 Million in 2022 and is predicted to grow to around USD 856.58 Million by 2030 with a compound annual growth rate (CAGR) of roughly 3.82% between 2023 and 2030.
The report analyzes the global osmium market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the osmium industry.
Osmium is a chemical element with an atomic number of 76 and is represented by the symbol Os. The element is hard, brittle, and bluish-white. It falls in the platinum group of the periodic table. Osmium is one of the densest elements to occur naturally and has a high boiling and melting point. Os has been used extensively in the production of alloys, electrical contacts, fountain pen nibs, and other applications. Some of the major reasons for the high demand for Os in the end-user verticals are its hardness, corrosion resistance, and other desirable properties. A compound of osmium called osmium tetroxide is also used in microscopy and organic synthesis as a staining agent and oxidizing agent, respectively. The osmium industry deals with the production and end-use of osmium. During the forecast period, the market is expected to grow steadily.
Growing demand for osmium alloys
The global osmium market is expected to grow owing to the increasing demand for osmium alloys across end-user verticals. Osmium has been extensively researched for the production of various alloys including the materials that are used in the electrical industry. Fountain pen nibs are made of osmium. With the rising revenue in the electricals and electronics segment, the demand for osmium is expected to continue rising. In addition to this, the element has become a favorite in the research community as it is used extensively for scientific studies and development. In this sector, osmium is used as a staining agent, a catalyst, and an oxidizing agent. As the world witnesses high growth in the research & development community, the industry may also grow simultaneously. Moreover, experts and scholars with the aid of the government and large corporations are working toward improving or expanding osmium application in other industries and this could lead to more funds being diverted into the sector.
Limited availability of osmium to restrict the market growth
Osmium is not found abundantly and has only a limited supply unlike some of the other widely used elements from the periodic table. The metal is highly rare and hence the cost associated with it is also extremely high. This means that only a restricted number of products made of osmium are available in the commercial world and because of the high price, they can be purchased or used by a small group of consumers. Additionally, there are growing concerns over the safety and toxicity of the element especially if it is mishandled.
Growing application in high technology industries to provide growth opportunities
Since osmium is a rare metal, there are certain advantages associated with the products. For instance, the element is currently most used in high-tech industries such as the production of Blu-ray discs or in the manufacturing of semiconductors. This means that companies tend to invest higher in the element as compared to more readily available metals or elements. With limited numbers of players operating in the osmium market, they have the liberty to experiment with osmium and use it in resourceful ways.
High cost of production to challenge market
The production cost of osmium is extremely high, and this is a major challenge for the global osmium industry players to tackle. The production process requires the use of specialized expertise and equipment for extracting the metal and refining it to be used for other purposes. Furthermore, the lack of standardization makes it difficult to assess the metal quality, and determining fair market share is a major roadblock to unlimited market expansion.
The global osmium market is segmented based on application, type, and region.
Based on application, the global market segments are chemical manufacturing, jewelry, electricals & electronics, and others. Currently, the industry is led by the high application of osmium in the chemical manufacturing segment where it is used extensively as a catalyst for several chemical reactions. This also includes the production of acrylic acid and ammonia. Osmium is also used in the electrical & electronics segment where its main application lies in the production of electrical contacts, fountain pen tips, and other high-precision instruments. Although osmium is used in the jewelry sector, its use is marginal as compared to more traditional elements such as silver, gold, and platinum. As of April 2023, the price of osmium is between USD 15,000 to USD 20,000 per troy ounce.
Based on type, the osmium industry segments are recycling sources and mineral sources. Currently, the primary source of obtaining osmium is mining mineral sources. It can also be produced by refining ores that contain osmium. Recycling osmium is difficult but possible. However, it is not a common method of obtaining rare mineral since the procedures involving extracting osmium from a recycled source is extremely complex and expensive. Studies suggest that in the earth’s crust, it is estimated to be around 0.001 parts per million (ppm).
|Report Attributes||Report Details|
|Report Name||Osmium Market Research Report|
|Market Size in 2022||USD 642.93 Million|
|Market Forecast in 2030||USD 856.58 Million|
|Growth Rate||CAGR of 3.82%|
|Number of Pages||220|
|Key Companies Covered||Ames Laboratory, Chivine Resources Inc., Element Six, Heraeus, Johnson Matthey, KGHM Polska Miedz SA, Materion Corporation, Merck KGaA, Norilsk Nickel, Osmium Technologies Inc., Platinum Group Metals Ltd., Prochem, Inc., Reade International Corp., Shanghai Jinchuan Group Co. Ltd., Solvay SA, Sumitomo Metal Mining Co. Ltd., Super Conductor Materials, Inc., Tanaka Kikinzoku Kogyo K.K., Umicore SA, Vital Materials Co. Ltd., VSMPO-AVISMA Corporation, WS2 Co., Ltd., Yamanaka & Company Inc., Yantai Jinpeng Mining Machinery Co. Ltd., and Zhuzhou Cemented Carbide Group Corp. Ltd.|
|Segments Covered||By Application, By Type, and By Region|
|Regions Covered||North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)|
|Historical Year||2017 to 2021|
|Forecast Year||2023 - 2030|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
Africa to witness the highest growth
The global osmium market is expected to witness the highest growth in South Africa during the forecast period. The growth is mainly due to the presence of large reserves of rare metals in the South African territory. This default has led to a large number of mining companies locating bases in the region to reap the benefits of the expensive metal. However, it should be noted that although osmium is available in large numbers in the continent, the mining condition of the country is poor as miners face low pay and substandard living conditions.
Furthermore, Asia-Pacific could emerge as a significant supplier of Osmium due to Turkey being a transcontinental region with a significant part of the population being considered Asian and only 3% of the region is located in European territory. In addition to this, with the ongoing Russia-Ukraine war, companies may drive more toward the African region along with Turkey to obtain the element.
The global osmium market is led by players like:
Osmium is a chemical element with an atomic number of 76 and is represented by the symbol Os.
The global osmium market is expected to grow owing to the increasing demand for osmium alloys across end-user verticals.
According to study, the global osmium market size was worth around USD 642.93 million in 2022 and is predicted to grow to around USD 856.58 million by 2030.
The CAGR value of the osmium market is expected to be around 3.82% during 2023-2030.
The global osmium market is expected to witness the highest growth in South Africa during the forecast period.
The global osmium market is led by players like Ames Laboratory, Chivine Resources Inc., Element Six, Heraeus, Johnson Matthey, KGHM Polska Miedz SA, Materion Corporation, Merck KGaA, Norilsk Nickel, Osmium Technologies Inc., Platinum Group Metals Ltd., Prochem, Inc., Reade International Corp., Shanghai Jinchuan Group Co. Ltd., Solvay SA, Sumitomo Metal Mining Co. Ltd., Super Conductor Materials, Inc., Tanaka Kikinzoku Kogyo K.K., Umicore SA, Vital Materials Co. Ltd., VSMPO-AVISMA Corporation, WS2 Co., Ltd., Yamanaka & Company Inc., Yantai Jinpeng Mining Machinery Co. Ltd., and Zhuzhou Cemented Carbide Group Corp. Ltd.