Iridium Market: Trends, Opportunities and Competitive Analysis [2023-2028]

Iridium Market Trends and Forecast

The future of the global iridium market looks promising with opportunities in the catalyst, chemical manufacturing, electrical and electronic, and jewellery applications. The global iridium market is expected to reach an estimated $2.0 billion by 2028 with a CAGR of 5.1% from 2023 to 2028. The major drivers for this market are 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.

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Iridium Market by Segment

The study includes a forecast for the global iridium market by product type, application, and region, as follows:

Iridium Market by Product Type [Value ($B) Shipment Analysis from 2017 to 2028]:

• Mineral Source
• Recycling Source

Iridium Market by Application [Value ($B) Shipment Analysis from 2017 to 2028]:

• Catalyst
• Chemical Manufacturing
• Electrical and Electronics
• Jewellery
• Others

Iridium Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Iridium Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies iridium companies cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the iridium companies profiled in this report include.

• Anglo American
• Russian Platinum
• Norilsk Nickel
• Umicore
• Impala

Iridium Market Insights

• Electrical and electronics is expected to witness highest growth over the forecast period 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 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.

Features of the Iridium Market

• Market Size Estimates: Iridium market size estimation in terms of value ($B)
• Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
• Segmentation Analysis: Iridium market size by various segments, such as by product type, application, and region
• Regional Analysis: Iridium market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth Opportunities: Analysis on growth opportunities in different by product type, application, and regions for the iridium market.
• Strategic Analysis: This includes M&A, new product development, and competitive landscape for the iridium market.
• Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the iridium market size?

Answer: The global iridium market is expected to reach an estimated $2.0 billion by 2028.

Q2. What is the growth forecast for iridium market?

Answer: The global iridium market is expected to grow with a CAGR of 5.1% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the iridium market?

Answer: The major drivers for this market are 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.

Q4. What are the major segments for iridium market?

Answer: The future of the iridium market looks promising with opportunities in the catalyst, chemical manufacturing, electrical and electronics, and jewellery applications.

Q5. Who are the key iridium companies?

Answer: Some of the key iridium companies are as follows:

• Anglo American
• Russian Platinum
• Norilsk Nickel
• Umicore
• Impala

Q6. In iridium market, which region is expected to be the largest in next 5 years?

Answer: 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.

Q7. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the 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)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?