The sales of gallium are projected to rise significantly, increasing from US$ 2.45 billion in 2024 to US$ 21.53 billion by the end of 2034. The market is expected to experience a robust growth rate, with a forecasted compound annual growth rate (CAGR) of 24.3% from 2024 to 2034. Gallium is one of the metals with a very low melting point, just above room temperature, and finds its major use in the fields of electronics and semiconductors, and solar energy applications. With the rapidly growing demand for state-of-the-art technological devices, the gallium market is growing correspondingly.
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Market Dynamics
Demand Drivers
Electronics and Semiconductors: The major use of gallium occurs in the industries of electronics and semiconductors, and it is one of the major driving factors for the gallium market. Gallium arsenide and gallium nitride hold the key to high speeds and high-frequency electronics. GaAs finds wide application in the fabrication of microwave and millimeter-wave devices, while GaN is vital for high-power and high-temperature applications.
Solar Energy: Gallium, again, becomes the key in the making of solar panels, mostly thin-film photovoltaic cells. Copper indium gallium selenide solar cells are very efficient and flexible; hence, they find their application in many areas, from large solar farms to portable solar chargers.
LED Technology: Gallium, specifically, comes to the rescue of the LED industry in great measure. GaN LEDs are much more efficient and resilient than traditional lighting solutions, and thus their adoption rates residentially, commercially, and industrially keep on rising.
Medical Devices: Gallium finds a growing usage in medical devices and pharmaceuticals. The properties make it possible to produce high-resolution imaging devices and treatments for targeted cancers.
Supply Constraints
The supply for gallium is somewhat limited as it is not freely available in nature, but is produced as a by-product of aluminum and zinc processing. This makes the gallium market vulnerable to mining industry fluctuations. According to FactMR, disruptions in the supply chain, coupled with mining regulations, have a considerable impact on the availability and hence on the price of gallium.
Key Players
Aluminium Corp. of China Ltd.
Nalco
Sumitomo Electric Device Innovations, Inc.
GEO Gallium
NXP Semiconductors
Texas Instruments Incorporated
STMicroelectronics N.V.
Toshiba Corporation
Wolfspeed, Inc.
Kaiman
Infineon Technologies AG
Qorvo, Inc.
MACOM
East Hope
Jinjiang Group.
Regional Insights
North America
North America holds a considerable share of the gallium market due to the presence of a large number of industries associated with electronics and semiconductors. The United States, in particular is a high volume consumer of gallium for its technological advancement and vigorous research and development activities.
Europe
The other important market for gallium is Europe. The region has huge demand coming from industries related to renewable energy and LEDs. Germany and the United Kingdom are some of the forerunners when it comes to the adoption of gallium-based technologies.
Asia-Pacific:
The Asia-Pacific region is likely to achieve the fastest growth rate in the gallium market. This growth is attributed to the booming electronics industry in countries like China, Japan, and South Korea. In addition, the growing investment in renewable energy projects is boosting the demand for gallium in this region.
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Competitive Landscape
Rio Tinto’s Investment in Mineral Recovery Research
In April 2024, Rio Tinto, a leading multinational mining company, awarded US$ 875,000 to a professor at Missouri University of Science and Technology (Missouri S&T). The grant supports a two-year study focused on developing innovative methods to recover essential minerals from the waste byproducts generated during copper extraction and refinement. This research aims to enhance the efficiency and sustainability of mineral recovery processes, potentially increasing the availability of gallium and other critical minerals.
Guerrilla RF, Inc. Acquires GaN Power Technology
Also in April 2024, Guerrilla RF, Inc. completed the acquisition of a comprehensive portfolio of GaN power amplifiers and front-end modules from Gallium Semiconductor. As of April 26th, 2024, this acquisition includes all previously released components, newly developed GaN cores, and the associated intellectual property (IP). Guerrilla RF plans to leverage these assets to advance its development of a new range of GaN devices, targeting applications in satellite communications, military systems, and wireless infrastructure.
NSF Grant for Research on Gallium Oxide Power Modules
In February 2024, Xiaoqing Song, an associate professor in the Department of Electrical Engineering and Computer Science, received a US$ 300,000 grant from the National Science Foundation (NSF). The grant supports Song’s research into high-density, high-operation-temperature traction inverters. His study focuses on integrating gallium oxide-packed power modules to enhance the power density and temperature performance of electric vehicles, aiming to push the boundaries of electric car technology.
Indigenous GaN Power Switch Developed by IISc Researchers
In September 2023, researchers at the Indian Institute of Science (IISc) unveiled a completely indigenous gallium nitride (GaN) power switch. Developed at the IISc Center for Nano Science and Engineering (CeNSE), this switch has potential applications in wireless communications, power converters for laptops, and electric vehicles. The development process, including material growth, device fabrication, and packaging, was carried out entirely in-house, marking a significant achievement in local innovation.
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