Market Trends of Rhenium Industry
This section covers the major market trends shaping the Rhenium Market according to our research experts:
Aerospace to Dominate the Market
- Aerospace stands to be the dominating segment as modern jet engines usually employ rhenium as an alloying element, which is critical to the performance of commercial, military, and even rocket engines used for space exploration.
- All engine manufacturers use rhenium, as it improves the creep resistance of superalloys, resulting in more durable components, and allows engines to reach higher temperatures required in jet flight. This function ensures greater fuel efficiency at elevated temperatures, which is an important contribution toward lowering fuel consumption in the aerospace industry
- Rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for both solid and liquid rocket engines). These coatings can be used to enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination.
- Rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for both solid and liquid rocket engines). These coatings can be used to enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination.
- All the aforementioned factors are expected to drive the rhenium market during the forecast period.
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North America Region to Dominate the Market
- North America region stands to be the largest market for rhenium. Factors, such as increasing demand from the production of aircraft have been driving the rhenium requirements in North America.
- Lockheed Martin, which is the largest domestic manufacturer of fighter jets, announced its plan to triple its annual production, to more than 160 jets, by 2023.
- According to U.S. Geological Survey, during 2019, ores containing 8,400 kilograms of rhenium were mined at six operations (four in Arizona and one each in Montana and Utah) which is 2.18% more than the previous year.
- In 2020, the United States government proposed an airforce budget of USD 165.6 billion for 2020. It registered an increase of 6%, as compared to the airforce spending in 2019. In 2019, the United States had the largest defense budget, with a spending of USD 684.6 billion.
- Hence, all such market trends are expected to drive the demand for rhenium market in the region during the forecast period.
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