Ruthenium: Market Size & Forecast 2026

The global ruthenium market reached approximately USD 6.2 billion in 2025 (base year), trading in a structurally tight balance defined by chronic supply inelasticity, AI-driven electronics demand, and a spot price that surged from roughly USD 18.5 per gram in January 2025 to USD 50.0 per gram by January 2026. At 5.8% CAGR through 2032, we project the market to reach USD 9.3 billion by 2032. Primary supply remains concentrated in South Africa and Russia, where ruthenium is extracted as a byproduct of platinum and nickel mining respectively, leaving the category structurally unable to flex volumes to meet demand. > **Analyst Take.** The consensus view treats ruthenium as a small niche PGM with limited strategic importance; we read the market differently. AI-storage demand has pulled forward a structural supply deficit that was already visible in the 3.5, 4.0 tonne annual shortfall recorded

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