Ruthenium Tetroxide Market Trends

Growth Drivers

• Increase in Demand for Electronics Goods – Ruthenium tetroxide has various properties that are considered useful for manufacturing electronic goods. It is hard, robust, durable, and has high resistance power against corrosion. Furthermore, ruthenium tetroxide is considered to be a good conductor of electricity. Thus, as the demand for electronic goods is projected to increase, the production rate of ruthenium tetroxide is also estimated to escalate in the upcoming years. As per the India Brand Equity Foundation, as of January 2022, the exports of electronic goods in India stood at USD 1.32 billion. Further, it is estimated that the demand for electronic goods will rise to USD 400 billion in FY25 from USD 33 billion in FY20.
• Rise in Pharmaceutical Sales – Organization for Economic Co-operation and Development estimated that in the United Kingdom, pharmaceutical sales were 447.5 per capita in 2018. This was an increase from 410.4 per capita in 2016.
• Rapid Industrialization and Urbanization – Speedy industrialization has fostered a rise in per capita income which in turn has further advanced prompt urbanization. These rapid changes are expected to increase the demand for ruthenium tetroxide in various sectors such as automobiles, electronics, chemicals, pharmaceuticals, and others. In 2018, as per the data from United Nations Organization, about 55% of the global population was living in urban areas. Further, by 2050, approximately 68% are anticipated to be living in urban areas.
• Growth in Research and Development Expenditure – With the growing economies, major key players of the market and governments are focusing on investing to develop ruthenium tetroxide that could be used for varied purposes across different spectrums of industries. Hence, the growth in the expenditure made in the research and development sector is expected to bring lucrative growth opportunities for market expansion. According to the World Bank, global expenditure on research and development was calculated to be 2.63% of GDP in 2020 up from 2.2% in 2018.

 Challenges

• Expensive Chemical Compound – As ruthenium tetroxide is very rare and is limited in quantities, the production process of ruthenium tetroxide is very costly. As a result, the price of ruthenium tetroxide is increased, making it less accessible to the population with middle-income and small enterprises with low funds. This trend is anticipated to hamper the market growth in the forecast period.
• Found in Rare Quantity
• Stringent Rules Regarding Environment Protection