Iridium Prices

Iridium Prices H2 2023

In the second half quarter of 2023, the price of iridium in the United States reached 4577 USD/Troy Ounce.

Iridium Price Trend, Market Analysis, and News

IMARC’s newly published report, titled “Iridium Pricing Report 2024: Price Trend, Chart, Market Analysis, News, Demand, Historical and Forecast Data,” offers an in-depth analysis of iridium pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

It encompasses an in-depth review of spot price of iridium at major ports, a breakdown of prices including Ex Works, FOB, and CIF, alongside a region-wise dissection of iridium price trend across North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

The report examines the elements influencing iridium price fluctuations, such as supply-demand dynamics, geopolitical factors, and industry-specific developments. Additionally, it integrates the latest market news, providing stakeholders with up-to-date information on market shifts, regulatory changes, and technological advancements, thereby offering a comprehensive overview that aids in strategic decision-making and forecasting.

Iridium Market Analysis

The global iridium market size reached 7.106 Tons in 2023. By 2032, IMARC Group expects the market to reach 10.56 Tons, at a projected CAGR of 4.50% during 2023-2032.

• The extensive use of iridium in various industrial applications, such as electronics and automotive industries is driving the market growth. This is primarily attributed to the iridium’s high melting point, hardness, and corrosion resistance which makes it essential in high-performance spark plug electrical contacts, and crucibles for growing crystals, thus influencing the demand for iridium. According to the industry reports, the automotive industry accounts for 7.1% of India's total GDP. The Indian government wants to increase the share to 12% of GDP between 2016 and 2026, thus creating 65 billion jobs and tripling the turnover of the Indian car industry. India is therefore an interesting production destination for international car companies. It is considered the world leader in electric vehicles. In India, around 87% of car owners are willing to switch to electric makers. Commercial vehicle exports 83% in 2022 compared to 2021. Overall, India's auto exports grew 36% in 2022 people the auto parts industry accounts for 25% of 20 the manufacturing industry’s GDP. 25% of the total production of auto parts is exported.
• The increasing use of iridium in various high-tech applications, such as optical devices, coating for X-ray optics, and in the aerospace industry for aircraft engines and satellites is contributing to the growth of the market. For instance, in March 2024, Marvell Technology, Inc. a leader in data infrastructure semiconductor solutions, will outline its broad-ranging strategy to optimize optical technology to meet the rising performance and power requirements of AI and cloud data centers at OFC 2024, in San Diego, California.   Marvell CEO and Chairman, Matt Murphy, and EVP and GM of Cloud Optics, Dr. Loi Nguyen, among others, will discuss the driving forces behind the growth of optical as well as Marvell's ideas for enhancing optical PAM4 DSPs, coherent DSPs, silicon photonics, and other optical technologies for data centers to serve an expanding range of architectures, applications, use cases, performance characteristics, and customer profiles.
• The growing medical sector along with the booming consumer electronics sector is influencing the demand for iridium.

Iridium News

The report covers the latest developments, updates, and trends impacting the global iridium market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the iridium price trend.

Latest developments in the iridium industry:

• In April 2023, Midland Exploration Inc. announced the intersection of a new nickel-copper occurrence during the first drilling program completed by Rio Tinto Exploration Canada Inc. on the Tete Nord property.
• In May 2024, Kingsrose Mining and BHP signed alliance agreements through which the latter will finance mineral exploration for nickel and copper in areas of interest in Norway and Finland. The signing of the agreements follows the participation of Kingsrose Mining in BHP Xplor, a six-month, accelerator programme for early-stage explorers aiming to expedite and de-risk their geologic ideas and become investment ready.

Product Description

Iridium refers to a rare silver-white transition metal belonging to the platinum group, with the chemical symbol Ir and atomic number 77.

It is one of the densest elements and is highly corrosion-resistant, making it valuable in various industrial applications.

This metal is often found in natural alloys with platinum and osmium and it's typically obtained as a byproduct of nickel and copper mining.

Its exceptional hardness and resistance to high temperatures and chemical attacks make Iridium ideal for using high-performance spark plugs, electrical contacts, and crucibles for growing crystals.

Iridium is employed in medical devices, such as cancer treatment equipment and pacemakers, due to its biocompatibility, and stability.

Its reflective properties are also employed in optical devices and coatings for X-ray optics.

Regional Coverage

The report provides a detailed analysis of the iridium market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of ex-works, FOB, and CIF prices, as well as the key factors influencing the iridium price trend. 

Global Iridium Price

The report offers a holistic view of the global iridium pricing trends in the form of iridium price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price of iridium but also provides insights into historical price trends, enabling stakeholders to understand past fluctuations and their underlying causes.

The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed iridium demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Iridium Price

Europe's iridium pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence iridium production costs. Additionally, the region's dependency on iridium imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for iridium can also be provided for an extensive list of European countries.

North America Iridium Price

In North America, iridium prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence iridium supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific iridium historical data within the United States and Canada can also be provided.

Middle East and Africa Iridium Price

The iridium pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global iridium supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Iridium Price

In the Asia Pacific region, iridium pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of iridium, making the Asia Pacific market a complex environment for price trend analysis.

This iridium price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Iridium Price

Latin America's iridium market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in iridium prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing iridium pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of iridium pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting iridium price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The iridium price charts ensure our clients remain at the forefront of the industry.