Current ruthenium demand formed by the electronic and the chemical industries, however ruthenium came to the fore for the future hydrogen energy and electrical sector as a main raw material for next-generation semiconductors.


Source: SFA (Oxford). Note: ZAR real revenues presented.

Source: SFA (Oxford).

  • MRAM market is expected US$ 4 billion by 2029 [5] 0.7%
  • HDD market is expected US$ 80 billion by 2029 [6] 14.5%
  • BWTS market is expected US$ 420 billion by 2027 [7] 76.1%
  • Catalysts market is expected US$ 48 billion by 2027 [8] 8.7%


Ruthenium (Ru) based catalysts, which possess appropriate hydrogen bonding energy and reasonable price, have demonstrated strong potential as an alternative to Pt for the hydrogen evolution reaction (HER)

  • A key material for the next-generation semiconductor memory
  • Ruthenium and iridium are key ingredients for the hydrogen economy
  • The hydrogen economy will drive new demand for iridium and ruthenium
  • A platinum-ruthenium catalyst is used in a fuel cell to generate electricity

Key areas of demand:

  • hard disk drives (HDDs) market: the global hard disc drive market revenue is expected to surpass US$ 80 Bn by 2029
  • spin-transfer torque magneto-resistive random-access memory (STT-MRAM) market:  the MRAM market revenues will grow 170X from 2018 to 2029, reaching almost $4 billion in revenues.
  • new ballast water treatment systems (BWTS) market: the Global Ballast Water Treatment Systems (BWTS) market accounted for $38.34 billion in 2019 and is expected to reach $420.52 billion by 2027 growing at a CAGR of 34.9% during the forecast period.
  • catalyst market of hydrogen revolution reactions (HER):The global catalyst market is expected to grow at a compound annual growth rate of 4.5% from 2020 to 2027 to reach USD 48.0 billion by 2027

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