Global Iridium Supply Chain and Substitution Market to Reach $2.43 Billion by 2035 | Electrochemical Applications Held 44% of the Iridium Market in 2025, Driven by PEM Electrolyzer Demand

The global iridium supply chain and substitution market is projected to grow from $1.45 billion in 2025 to $2.43 billion by 2035 at a CAGR of 5.90%. Growth is driven by increasing PEM electrolyzer adoption, recycling investments, and catalyst optimization. The electrochemical application segment held 44% market share in 2025 and is expected to grow at 8.34% CAGR, while secondary supply (recycled iridium) is anticipated to expand at 9.27% CAGR through 2035.