LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global rhenium market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global rhenium market will grow at a CAGR of over 7% during the forecast period. The rising demand for rhenium in aerospace engines is a major factor driving the market’s growth.
Rhenium is extensively used in the aircraft engines such as Boeing 787 Dreamliner and Airbus A380. It is used to boost the efficiency of jet engines and is in high demand in the aviation industry. Rhenium is also used in jet-engine turbines and for shielding spaceships due to its ability to withstand very high temperature and high chemical resistance.
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In this report, Technavio highlights the growing use of rhenium-188 in healthcare industry as one of the key emerging trends driving the global rhenium market:
Growing use of rhenium-188 in healthcare industry
Rhenium-188 is a high energy emitting radioisotope obtained from the tungsten-188 generator. It is applied in a wide range of therapeutic applications such as nuclear medicine, preparation of radiopharmaceuticals for radionuclide therapy, oncology, interventional radiology, and cardiology. Diseases such as bone metastasis, rheumatoid arthritis, and primary cancers use rhenium-188 for diagnosis and treatment. Rhenium-188 is used to produce phosphonates, antibodies, peptides, and lipiodol. The high energy generated from the β-emission of rhenium-188 is effective in treating tumors.
“In countries such as, the UK, the US, Germany, and China it is primarily used in medical facilities. However, in many countries, the effective use of rhenium-188 for medical purposes is in its emerging stages. It is expected that the use of rhenium-188 will increase during the forecast period which will foster the growth of the global rhenium market,” says a senior analyst at Technavio for research on metals and minerals.
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Global rhenium market segmentation
This market research report segments the global rhenium market into the following applications (superalloys and catalysts) and key regions (the Americas, APAC, and EMEA).
The superalloys segment held the largest market share in 2017, accounting for nearly 72% of the market. The market share for this application is expected to increase by 2022, leading to a proportionate decrease in the market share for catalysts.
The Americas was the leading region for the global rhenium market in 2017, accounting for a market share of 78%. By 2022, APAC and EMEA will witness a decline in their market share while the market share for the Americas will increase further.
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