Rhodium: Market Size & Forecast 2026

The global rhodium market sits at approximately USD 4.5 billion in 2025 (base year), structurally tight on the supply side and exposed to a demand pivot from automotive exhaust catalysis as battery-electric vehicle penetration accelerates. The reference price for rhodium sponge 99.95% min purity averaged roughly USD 14,500 per troy ounce through the base year, with spot benchmarks in the USD 14.0-14.5M/MT band in early 2026 [Claight estimate: Johnson Matthey and industry pricing benchmarks, Q1 2026]. The category is overwhelmingly a byproduct of South African platinum-group metal (PGM) basket mining; no standalone rhodium mine exists at commercial scale, and supply elasticity is structurally near-zero regardless of price. > **Analyst Take.** The consensus that EVs destroy rhodium demand inside a decade is wrong; the volume effect is real but the formulation substitution is slow. HEV and

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