The global rubidium market is valued at 2,569.59 Kilograms in 2020 and is projected to grow at a CAGR of over 4% during the forecast period.
COVID-19 has negatively affected the market for rubidium in 2020. The biomedical research sector has been adversely affected because of the pandemic, which slowed down new advancements in biopharmaceutical technology. The closure of many laboratories, restricted or loss of access to facilities and equipment, cancellation of scientific and technical conferences, supply chain disruptions, and problems acquiring new equipment and delayed or uncertain graduation schedules and career prospects for trainees and early career scientists resulted in high delay and loss, which, thus, negatively affected rubidium since it finds application in the biomedical sector.
Key Highlights The major factor driving the growth of the market studied is its growth in the applications of biomedical research. On the flip-side, the COVID-19 outbreak is expected to have a huge impact on the market studied.
Rubidium finds its major application in the specialty glasses. It is utilized in making rubidium carbonate which has several properties including electrical conductivity, etc.
North America is expected to be the largest market of the rubidium market due to the large-scale production in the region.
Key Market Trends
Specialty Glass to be the Largest Application Sector for Rubidium Market
Rubidium is a soft, silvery-white metallic element of the alkali metals group, which can be liquid at ambient temperature, but only on a hot day given that its melting point is about 40°C. Specialty glasses, which constitute the leading market for rubidium, are used in fiber optics telecommunications systems and in night-vision devices. The carbonate (Rb2CO3) is used as an additive to these types of glass, where it reduces electrical conductivity and improves stability and durability. Rubidium carbonate is used to reduce electrical conductivity, which improves stability and durability in fiber optic telecommunications networks. A rubidium-tellurium photoemissive surface is used in photoelectric cells, which are incorporated in a variety of electronic detection and activation devices. It is sensitive to a wide spectrum of radiation from the mid-ultraviolet through the visible into the near-infrared. Rubidium carbonate is also applied in glass lenses built in night vision devices. Rubidium is used as a getter in vacuum tubes and as a photocell component. It has been used in making special glasses. All such advantage of Rubidium is also increasing their application in Specialty Glass.
North America Accounted for the Largest Share
Rubidium was mainly extracted from salt lake brine in the United States, with Cabot as the main company. Moreover, Canadian rubidium ore and rubidium salt production are in the world’s top five. The Bernie Lake mining area in Lake Manitoba, Canada, supplies the raw materials to produce rubidium salt in the United States and other countries. The ore mined in this area is exported to several countries.
The United States was one of the first countries to produce and use rubidium. In the United States, rubidium is mostly employed in the high-tech industry, with 80% used in the creation of high-tech and 20% used in traditional fields, such as electronic devices, special glass, and catalysts.
However, data on consumption, export, and import are not available. According to industry data from the last decade, domestic consumption is around 2,000 kg per year. The United States was completely reliant on imports of rubidium materials used in different applications, such as electronics, healthcare, specialty glasses, etc.
The US electronics market is the largest market in the world, in terms of size. Moreover, it acts as one of the leading potential zones for the market studied. Furthermore, it is expected to remain the leading market over the forecast period due to the usage of advanced technology, an increase in the number of R&D centers, and rising demand from consumers.
There is a significant demand for newer and faster electronic products, due to the rapid pace of innovation, the advancement of technology, and R&D activities in the electronics industry. There is a significant increase in the number of manufacturing plants and development centers in the United States, primarily due to the focus on developing high-end products.
According to the Consumer Technology Association, the revenues from consumer home appliances in the country reached USD 398 billion in 2019, and it is likely to increase further over the forecast period. However, the COVID-19 outbreak is expected to hamper the growth of the market temporarily during 2021.
The medical device companies in the United States are highly regarded, globally, for their innovative and high technology products. The medical device industry relies on several industries where the United States holds a competitive advantage, including microelectronics, telecommunications, instrumentation, and biotechnology.
Owing to all the aforementioned factors, the region is expected to drive the demand for rubidium in the coming years.
The Global Rubidium (Rb) market is consolidated with top companies capturing major share in the market, globally. Some of the players in the market include American Elements, Sinomine Resource Group Co. Ltd, Jiangxi Special Motor Co., Ltd, Lepidico Ltd, and Lithium Australia NL, among others.
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