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Iridium Market Outlook

Five-year iridium price forecast

Our latest iridium price view from an expert team

A comprehensive quarterly report on iridium market fundamentals and integration of future technologies for new and existing end-users. SFA (Oxford) is the only company in the world to have derived iridium supply from PGM mine production volumes and developed detailed demand modelling of all major end-uses to provide an authoritative view of the current and future iridium market. Iridium has recently performed strongly and the metal is well established in several processes and components where it will be quite difficult to substitute out. However, prospective end-users remain wary of committing to a metal perceived as having limited long-term supply and a track record of volatile prices.

The only quarterly iridium price report

In response to requests for more regular iridium market intelligence, we now produce a quarterly iridium market report that allows you to keep up to date of iridium supply and iridium demand impacts. The Iridium Quarterly Market Report offers an independent iridium price outlook to 2026. It provides an update of the technological developments and underlying evolution of demand and end-use applications – LEDs, catalysis, biomedical, jewellery and automotive sectors.

Released four times a year on a subscription basis, this is a risk-focused iridium market report that details on-the-horizon, price-impacting factors, and is the only regular research report covering the iridium market on a quarterly basis, offering analytical charts and scenarios as an essential guide to today’s iridium market, and provide you with a competitive edge. The report provides you with SFA’s hands-on, forward-looking commentary and analysis on the events and trends currently impacting iridium supply, demand and pricing, and their market implications.

The content of each market report will vary according to iridium industry events, market developments, and demand updates by end-use but is tailored to incorporate an individual client’s specific strategic requirements. Typically, the reports will include...


Iridium demand impacts and new market threats:
  • Macroeconomic outlook and impact on supply and demand fundamentals and technology with assessments of monthly trade flow statistics of iridium exports and imports.

  • Highlighting positive and negative metal demand implications by end-use. 

  • Tracking and reporting on the evolution of iridium crucible (crystal growing) end-uses and iridium tooling equipment markets such as sapphire-based substrates for LED manufacturing (backlighting for LCD TVs and other types of lighting) and opportunities for iridium in OLEDs where iridium complexes are effective for electroluminescence, as well as RF filters, SAW filters (single crystal-Li tantalate), BAW filters, YAG crystals, optics, GGG crystals, LSO crystals and antenna switches.

  • Tracking and reporting on the usage of iridium in catalysis, biomedical, jewellery, and automotive sectors, market intelligence on capacity by region and consumption, growth areas, and demand upside from capacity expansions, new end-uses and threats.

  • Iridium catalysts in proton exchange membrane (PEM) technologies used in electrolysers to produce hydrogen from water (using electricity from renewable energy). As as the market for green hydrogen develops tracking iridium's use in PEM electrolysers and iridium loadings innovations will be critical for the cost-effective uptake to meet long-term national decarbonisation goals to cut global CO2 emissions.

  • Relevant processes and technology developments in the chemicals sector from the production of chlorine, chlor-alkali and water purification, as well as BP's Cativa process (acetic acid production).

  • Future evolution and development of industrial technologies, both emerging and in decline, and identifying where new technology may substitute or thrift current iridium demand (within the substrate, and the tooling sector), and with substitution by molybdenum and tungsten etc.

  • Other industrial end-use markets which use iridium such as electrical. medical alloy uses, reforming catalysts, spark plugs and glow plugs, fine chemicals and pharmaceuticals.

  • Legislation as a driver of demand, where it affects certain processes.

  • Companies identifying mergers and acquisitions, joint ventures and any other activities that may influence technology choices.


Iridium supply and mine economic impacts:
  • Updates on the present and future stability and growth of primary iridium supply from the main producers, the implications of iridium supply, and notable proprietary (discreetly derived) estimates of above-ground iridium stocks (stockpiles, working inventories and risk positions) that currently exist with producers, traders and recyclers.

  • The economics of primary iridium supply, including factors influencing cost inflation and exchange rate and volume impacts.

  • Commentary on the political and socio-economic risks impacting primary iridium supply in politically sensitive iridium-producing regions (Russia, South Africa and Zimbabwe).
  • Iridium supply forecasts for nine probable projects, and nine possible projects.


Iridium price forecasts:
  • Price history and performance drivers of metal prices with a five-year outlook to 2026.

  • 'What if' scenario analysis and threats to current prices (substitution and new technologies).

Who should read this report?

  • Iridium-/PGM-focused end-users and fabricators in need of a quarterly iridium price outlook, independent picture of iridium supply, iridium demand, iridium stocks and its evolving technologies and new applications. 

  • Producers and fabricators requiring an independent, quarterly iridium market review of end-use evolution, including opportunities, threats and substitutes, as well as an understanding of iridium price risks.


Live Q&A with the analysts

  • Each quarterly Iridium Market report is supported by a video call, most often hosted through MS Teams, which is led by Dr Jenny Watts to run through our latest iridium price view, and address any further questions your team may have.

The minor PGM metals team

Contact one of our team for more details.

Dr Jenny Watts

Head of Clean Energy & Sustainability

Lee Hockey

Precious Metals Expert

Alex Biddle

Senior Mining Analyst

Jamie Underwood

Principal Consultant

Dr Sandeep Kaler

Market Strategy Analyst

Other PGM market reports

Explore other reports our clients use regularly.

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