Iridium and ruthenium and are very similar metals and are frequently used together. Their synergy can increase performance even at low metal loadings, reducing the risk of substitution to other metals and technologies, so supporting demand despite high prices.
Iridium crucibles remain key to the production of several single crystal materials, thanks to its high melting point and chemical stability. Crystal materials are essential in a range of technology sectors. Sapphire crystals serve as high purity substrate materials for some LCD backlights, used in screens and lighting. Yttrium aluminium garnet (YAG) crystals are widely used in solid-state lasers, optics and electronics. Lithium tantalate for SAW filters for smartphones is also well established.
Both iridium and ruthenium are used together in varying ratios in electrode coatings able to withstand the very harsh operating conditions of a wide range of electrochemical processes, including the production of bulk chemical intermediates including chlorine and sodium hydroxide.
The hydrogen economy remains an important long-term market for iridium, but growth has moderated with over-dependence on subsidies and as companies consolidate. Development of highly effective iridium-ruthenium catalysts for PEM electrolysers continues.
Iridium demand 2025
Source: SFA (Oxford)
Information above provided by SFA (Oxford)
