Iridium: Market Size & Forecast 2026

The global iridium market sits at approximately USD 1.4 billion in 2025 (base year), anchored by a supply chain that is among the most geographically concentrated of any traded commodity. Nearly 80-85% of primary iridium originates as a co-product of platinum mining in South Africa's Bushveld Complex, with no material above-ground buffer stock to smooth supply disruptions. Iridium prices surged approximately 49% between December 2025 and March 2026, reaching spot levels near USD 248,000 per kilogram as PGM ore grades deteriorated and South African power constraints constrained refinery throughput. The hydrogen economy thesis, specifically PEM water electrolysis, provides the most cited demand catalyst, but uptake is modest in tonnage terms against a market that is fundamentally shaped by the economics of platinum mining overhead. We project the market at approximately USD 2.0 billion by

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