Over 80% of rhodium demand comes from gasoline catalytic converters where rhodium's NOx reduction ability is irreplaceable.
Heraeus expects automotive demand to fall ~5% in 2026. Slower EV adoption in US and Europe is the main upside scenario.
The low recycling rate of <20% limits secondary supply growth, maintaining dependence on primary South African mining.
Industrial applications including chemical catalysts, electronics, and glass manufacturing provide demand diversity.
Rhodium's irreplaceable function provides a more resilient demand floor than palladium, but ICE production decline is the defining trend.
Rhodium's irreplaceable function provides a more resilient demand floor than palladium, but ICE production decline is the defining trend.