Rhodium is considered a scarce, silver-white, and chemically inert transition metal and one of the minor available metals and is also comparatively costly to known metals such as gold and silver. According to BlueQuark Research & Consulting, the global rhodium market is expected to witness growth at quite a significant rate during the forecast period. Factors such as the increasing market growth would be a steady surge in demand for catalytic converters utilized in the automotive industry and the growing demand for rhodium in many other industrial sectors, which is expected to drive the Rhodium market in the forecasted period. Further, the rising demand for thermoelectric devices and spectrometers is expected to drive the global Rhodium market in the forecasted period. However, limited resources and growing strain on its supply due to the increasing appetite for its applications are expected to challenge the global rhodium market. Price volatility, government regulations, consolidated stature, and difficulty in synthetic processing of rhodium will be restraining factors to the global market's growth.

Rhodium, as an alloying agent, is used for hardening and improving the corrosion resistance of platinum and platinum-based products. Due to its silvery-white, complex, and corrosion-resistant metal, rhodium is vastly used in the jewelry industry. 

The automotive fragment holds the largest market share and is expected to continue the trend during the forecasted period. Emission of nitrogen oxide by automobiles, motorbikes and other vehicles is called a hazard to the environment and rhodium limits and lowers the same and helps in offering a sustainable solution. The demand for rhodium is soaring in the industry, majorly to meet the rising and stringent emission norms laid by the government. It is considered the most unusual and valuable precious metal in the world. About 88% of the global rhodium manufactured is used for making catalysts that reduce the release of harmful substances from vehicle exhausts. About 55.5% of the total rhodium produced (both mineral source and recycling included) comes from South Africa, contributing to 81% of the entire mine supply. The Russian Federation's 7% contributes to the following most significant percentage of the world's rhodium supply. The USA and Canada mines contribute about 2.1%, while Zimbabwe mines contribute approx 3.5% of the world's annual rhodium supply. 31% of the world's rhodium provide is through open-loop recycling. Moreover, the market is witnessing rapid growth in the number of automotive users, which in turn is supporting the demand for rhodium production.

Europe dominated the global rhodium market owing to stringent environmental policies influencing the higher need for automotive catalytic converters, closely accompanied by North America. North America is called to be the leader in producing rhodium through recycling. About 89% of the rhodium used as an auto-catalyst is replenished here. Asia Pacific has extensive scope for further explorations in the market, making it the fastest-growing market. The surging demand for rhodium for several applications will likely sustain the market growth. In pieces of jewelry, owing to its rigid characteristics, it is used as a protective layer that aids in shielding jewelry from any external damage. As a blowing agent, the product finds its significant usage in laboratory crucibles, electrodes for aircraft spark plugs, and furnace coils. Platinum-rhodium alloys are utilized as effective catalysts in chemical reactions. Nitric acid production involves one such stimulus. Rhodium electroplating builds jewelry shine as rhodium can reflect 80% of visible rays, besides having hypoallergenic characteristics and being scratch and tarnish-resistant. Rhodium is utilized with platinum to make durable heat-resistant lab vessels as both these elements are inert. They also make scientific equipment such as thermoelectric measuring devices, spectrometers, and neutron flux level detectors. Plating connectors and contacts in electrical appliances, plating floodlight reflectors, and some technical mirrors in dentistry are some of the rhodium's uses. Rhodium alloyed with iridium and platinum is utilized to manufacture thermocouples for measuring high temperatures of up to 2,200 °C. Soldering and corrosion-resistant coatings are some other fields where rhodium's application comes in handy. According to Northam Platinum, rhodium is predicted to be the metal of the next decade. In August 2020, He said, "A cleaner, greener world required platinum group metals (PGMs). We demand PGMs and rhodium, in particular, has the robust fundamentals". "If you look at loadings. Looking back five years ago, loadings per vehicle for rhodium were perhaps 0.3 g per vehicle on average for light-duty vehicles, and we believe that it will rise to 0.45 g per vehicle. So, you're looking at a 50% surge in rhodium loadings from five years past to five years forward, which is very important." he continued. While the demand rises, he concluded that the manufacturing is constrained as most supplies come from the Bushveld Complex of South Africa.

The rhodium market is predicted to tighten further and see prices gain traction following the announcement by Anglo American Platinum in November 2020 that it will close its Anglo Convertor Plant Unit B at its Waterval smelter complex for a complete rebuild, which will last through 2021. The announcement removed 34,000 oz rhodium supply in 2020, apart from removing 350,000 oz platinum and 250,000 oz palladium, tightening the PGM markets and pushing prices higher.

The Global Rhodium Market report provides deep insights into the current and future state of the rhodium market across various regions. The study comprehensively analyzes the rhodium market by segmenting based on source (Mineral Source/ PGM Mining and Recycling), type (Alloys, Metal, and Compounds), end-user industry (Automotive, Chemical, Glass, Electricals and Electronics, and Others), application (Catalysis, Jewelry, Platinum and Palladium Alloying, and Others), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market's growth, in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.