Rhenium is a crucial alloying element for its special strengthening effects through very high melting point, high density and an extremely high elastic modulus. Rhenium is used as an additive in making superalloys together with iron, cobalt, nickel, tungsten and molybdenum. The addition of rhenium improves the overall creep strength of a superalloy, making it an excellent material for jet engine parts and gas turbine engines.
Rhenium applications in medical technology, chemical industry, superalloy and aerospace industries will also add to rhenium demand in the near future.
- high-temperature superalloys in aircraft engines
- Rhenium-SCT® (Skin Cancer Therapy)
- heating elements, electrical contacts, electrodes, electromagnets, vacuum and X-ray tubes, flashbulbs, metallic coatings, and rocket engine components.
From March 2020 to February 2021 rhenium prices decreased by about 23% from $1630 to $1256 per kg and it is difficult to identify the fundamental support level of its price. In our view the recovery in the global economy after the covid pandemic will stabilize the price near the current level, and the expected growth in rhenium demand will be the fundamental basis for positive price dynamics in 2021-2026.
Rhenium Price Chart:
The rhenium market is expected to grow by USD 49.12 million during 2021-2025, according to Technavio. The global rhenium market is driven by powerful industries: superalloys, catalysts markets, healthcare and aerospace. According to Global Market Insights, the Aerospace Superalloys Market size was valued at USD 1.98 billion in 2020 and will grow at a CAGR of 9.2% from 2021 to 2027. Moreover, the global digital health market size is expected to reach USD 295.4 billion by 2028 and is projected to expand at a CAGR of 15.1% over the forecast period. progressing at a CAGR of 11% during the forecast period.
- U.S. Geological Survey, Mineral Commodity Summaries, January (2021)
- Rhenium discovery adds fresh intrigue to Alaska Pebble mine decision (2020)
- Critical Mineral Resources of the United States—Economic and Environmental Geology and Prospects for Future Supply
- Rhenium Facts
- Rhenium Market Research 2021-2025
- OncoBeta Announces Approval and ARTG Listing of Rhenium-SCT (Rhenium-188 paste) in Australia for the treatment of skin cancer lesions and skin tumors
- Aircraft Engines Market- growth, trends (2021-2026)
- Rhenium Outlook to 2029
- Airbus forecasts need for over 39,000 new aircraft in the next 20 years
- Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
- Global Digital Health Market Size, Share & Trends Analysis Report 2021-2028