Ruthenium

Key Applications:

• Resistors
• Electrical Contacts
• Electrochemical Cells
• Solar cells
• Catalytis
• Hard-drives

Key Producers of PGMs:

• Johnson Matthey
• American Elements
• Tanaka Kikinzoku Kogyo K.K.
• OXKEM
• Nordt Engineered Precious Metals
• Dyesol

Key End Markets:

Primary factors driving growth of the key end ruthenium market is its wide use in the electrochemical and aerospace industries. Ruthenium is also an important material in electronics and semiconductor industry, used as barrier layer in fabrication of microelectronic chip fabrication, which is expected to fuel growth of the global ruthenium market significantly in the coming years.

Ruthenium is a key material for the next-generation semiconductor memory known as spin-transfer torque magneto-resistive random-access memory (STT-MRAM) and it is used in hard-disk drives (HDDs) to help orientate the magnetic grains and reduce the interference between layers of the hard disk. In addition, its usage as a catalyst in chemical reactions is projected to drive growth of the global ruthenium market.

Supply Characteristics:

Ruthenium is referred to as a minor precious metal, with osmium, rhodium and iridium and has a relative supply risk of around 7.6 (A score attributed based on risk of supply reduction and demand increase, market concentration and political risk) . There are top 3 ruthenium reserve holders: South Africa, Russia, USA. This element is generally found in ores with the other platinum group metals in the Ural Mountains and in North and South America. A major use of ruthenium is in the production of alloys (which is made by melting and mixing of two or more metals). Ruthenium is added to the alloy mixture and oxygen and other materials resistant mixture is derived. The most commonly employed metals for alloy mixtures, along with ruthenium, include platinum or palladium. The usage of these alloys primarily takes place in electrical contacts and devices that are employed for measuring very high and very low temperatures. Several medical instruments and jewelry are also manufactured using ruthenium alloys.

According to the Statista, in 2020, the global demand for ruthenium amounted to some 980,000 ounces (27,8 tonnes) including 381,000 ounces for the electrical industry. In 2021, the global demand for ruthenium is expected to increase to approximately 1,031,000 ounces (29,2 tonnes).

Last year saw some delays in the purchasing of ruthenium catalysts for catalytic wet air oxidation (CWAO), with demand deferred into 2021. This process is used to treat effluent streams from petrochemical and pharmaceutical plants with high concentrations of aromatics and other organic chemicals. Ruthenium catalysts have been widely adopted for this application, because they provide excellent reactivity and are more environmentally friendly compared to base-metal alternatives. According to the PGM market report May 2021, the demand for ruthenium in the electrochemical sector is projected to further drive its market during 2021. The major factor attributing to this growth includes its strong demand from the chlor-alkali industry, as it is continuously replacing its mercury-based technology with diaphragm or membrane cells.