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crucibles) sectors are reportedly already substituting some iridium. Source: WPIC forecastsĮconomic factors drive substitution decisions, and the iridium price has outperformed other PGMs over the past three years. This growth, WPIC estimates, could see incremental platinum demand from PEM electrolysis reach 500 koz per annum by the early 2030s.Ĭumulative iridium demand from PEM electrolysers is met in the next three decades, with 1,550 gigawatts of projected capacity by 2050. However, research from the World Platinum Investment Council (WPIC) shows that through a combination of: substitution of alternative PGMs for iridium in other applications thrifting and recycling, iridium supply will be sufficient to meet PEM electrolyser demand as it grows – even to the 2050 level envisaged by the IEA.
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There have been some concerns that a shortage of iridium could potentially impede the growth of PEM electrolyser capacity and, consequently, associated platinum demand, given that PEM electrolysis is a growing new end-use segment for platinum. Should capacity growth continue at the pace expected, iridium demand from electrolysis alone could equal current annual supply by 2030, implying that a shortfall in iridium supply will occur. Global iridium supply is about 250 koz per year – roughly in balance with current demand, which includes its use in spark plugs, crucibles and acetic acid production.įor every gigawatt of PEM electrolyser capacity, around 400 kg of iridium is currently required. Iridium is some 20 times scarcer than platinum. Hydrogen momentum remains strong, and looking ahead to 2050, the International Energy Agency (IEA) estimates total electrolyser capacity will reach 4,000 gigawatts, implying 1,550 gigawatts of cumulative installed PEM electrolyser capacity if the current market share of PEM electrolysis is maintained. PEM electrolysis represents around 30 per cent of this market. During electrolysis, water is split into its constituent parts, oxygen and hydrogen, using electricity.Īccording to the Hydrogen Council, electrolyser capacity grew by 30 per cent in 2022 to 170 megawatts, bringing total capacity to 700 megawatts. When produced using renewable electricity, this is termed ‘green hydrogen’, a carbon-free energy carrier that is increasingly viewed as essential to the energy transition.
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They have complementary properties that can be leveraged and combined to meet specific requirements, depending on the application.Įlectrocatalysts containing the PGMs platinum and iridium are used in proton exchange membrane (PEM) electrolysis to make hydrogen. The weight of iridium metal makes it a good choice when you buy in bulk on from the same ore, the Platinum Group Metals (PGMs) – platinum, palladium, rhodium, ruthenium, iridium and osmium – are a family of six individual elements that have similar chemical and physical characteristics. Iridium metal is a good investment when it comes to manufacturing and construction. Iridium is a stronger and more corrosion-resistant metal, which makes it a good choice for your investment. The global iridium metal market size was valued at USD 31.1 billion in 20, growing, at a CAGR of 8.8% from 2021 to 2030, at a CAGR of 4.71% during the forecast period of 2021 to 2030, growing at a CAGR of 4.71% during the forecast period of 2021 to 2030, at a CAGR of 5.71% from 2021 to 2030.
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Iridium metal is one of the most common corrosion-resistant metal and the one used for a purpose. Iridium metal can be made as a compound of iron, brass, because it is a compound of iron, chromium, and nickium, that is used for a variety of purposes. It is one of the most common corrosion resistant metal and is commonly used in a variety of industries. Iridium metal is non-toxic, safe, and environmentally friendly.