Rhenium is a silvery metal but is rarely seen as such on account of its high melting point, which is the third highest after carbon and tungsten. According to BlueQuark Research & Consulting, the global Rhenium market is expected to witness a significant growth rate during the forecasted period. Factors such as the rise in demand for commercial air travel, especially in developing economies around the globe, with the addition of civil helicopters and business aircraft along with spacecraft, are expected to be one of the prime drivers of the global rhenium market in the forecasted period. Further, rising demand from biomedical applications will likely provide opportunities for the rhenium market in the forecasted period. Furthermore, growth in various industrial sectors such as construction, medical electronics, automotive, and renewable industries is expected to drive the rhenium market in the forecasted period. However, the growing usage of substitutes and the coronavirus outbreak across the globe are likely to hinder the growth of the Rhenium market in the forecasted period.

Rhenium is increasingly used in various sectors owing to its advantages, such as ductility, high melting point, strength, stable chemical properties, etc. Rhenium alloys were used in crucibles, electrical contacts, electromagnets, electron tubes and targets, heating elements, ionization gauges, mass spectrographs, metallic coatings, semiconductors, temperature controls, thermocouples, vacuum tubes, and other applications.

Aerospace is the most dominating end-user industry in the market. Aerospace stands to be the dominating segment as modern jet engines usually employ rhenium as an alloying element, critical to the performance of commercial, military, and even rocket engines used for space exploration. All engine manufacturers use rhenium, which 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 essential to lowering fuel consumption in the aerospace industry. In addition, rhenium is an attractive coating material for missile propulsion and space systems (in nozzles for solid and liquid rocket engines). These coatings can enhance the heat resistance of carbon and graphite parts in low-oxygen environments while avoiding carbon contamination. Demand for rhenium in the aerospace industry, although more unpredictable, was expected to continue to increase. The major aerospace companies, however, were expected to continue testing superalloys that contain one-half the quantity of rhenium used in engine blades as currently designed, as well as testing rhenium-free alloys for other engine components. The high-temperature alloys used in rhenium include several nickel-base superalloys primarily used to manufacture turbine blades for jet aircraft engines and power-generation applications. All the above factors are expected to drive the rhenium market during the forecasted period.

North America region stands to be the largest market for rhenium. Factors such as increasing demand for aircraft production have been driving the rhenium demand in North America. An increase in aircraft & jet engine production, mainly in emerging countries such as China and India in the Asia Pacific, is driving the market in the region. More than 80% of it is used in high-temperature superalloys for the aircraft applications such as engine parts and turbine blades. It is also widely used in the equipment of the petrochemical refining industry. Rhenium catalysts are highly resistant to poisons, such as nitrogen oxides, sulfur, and phosphorus, and are utilized for the hydrogenation of fine chemical substances. In addition, rhenium is used in nickel combinations to make single-gem turbine blades. It is broadly utilized as fiber for mass spectrographs. It is also utilized as an electrical contact material. These alloys are used for oven filaments, x-ray machines, and as an electrical contact material as they oppose wear and withstand arc corrosion. In addition, it possesses high strength, good ductility, cold working, and others. The global healthcare industry has been expanding at a rapid pace of late. The rise in the elderly population across the globe, the high prevalence of chronic diseases, and advancements in innovative digital technologies are some of the major factors driving the global healthcare industry. This, in turn, is enhancing the global rhenium market. The unique properties of rhenium make it essential for usage in various medical applications such as Magnetic Resonance Tomography (MRT) systems. Rhenium, along with iron, cobalt, nickel, tungsten, and molybdenum, is often used as an additive in producing superalloys. The overall tensile strength of a superalloy is increased by its addition of it, which makes it an excellent material for gas turbine engines and the parts of jet engines. Due to their incredible strength and oxidation resistance, nickel-based alloys containing 1% to 3% rhenium are employed as aircraft turbine blades. Furthermore, platinum-rhenium catalysts are critical in a chemical process known as catalytic reforming in petroleum refineries. This method turns low-octane petroleum naphtha into high-octane, unleaded, antiknock gasoline products for internal combustion engines and aromatic hydrocarbons for various syntheses. In addition, technological advancements leading to the development of new equipment and processes, and strengthening extraction capacities from ores of different major companies, are other factors contributing to market revenue growth during the forecast period.

The market's key players are KGHM, Molymet S.A., American Elements, H Cross Company, and Ultramet.

In January 2020, Cannon-Muskegon, a producer of superalloys, filed a new patent. It indicates that the rhenium content of single crystal superalloy for turbine blades can be ideally lowered to 1.4–1.6% while maintaining high-temperature creep resistance and other properties. In addition, total refractory elements (tungsten, molybdenum, tantalum, and rhenium) were balanced at 18%–19% by weight to achieve good creep-rupture mechanical stability and good rhenium alloy phase stability.

The Global Rhenium Market report provides deep insight into the market's current and future state across various regions. The study comprehensively analyses the market by segmenting it based on By Application (Superalloys, Catalysts, and Other Applications), by End-User Industry (Aerospace, Industrial Gas Turbines, Automotive, Healthcare, and Others), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report examines the market drivers and restraints and the impact of COVID-19 on market growth in detail. The research examines emerging market size, trend, developments, opportunities, and challenges in the industry. This report also covers extensively researched sections on the competitive landscape with prominent companies and profiles, including their market shares and projects.