The sharp rise in iridium prices is the result of multiple factors working together, mainly including supply and demand imbalance, green energy transition, geopolitical risks, investment behavior, and technological progress. As global demand for clean energy and high-tech materials continues to grow, iridium prices may remain high for some time in the future. For related industries and enterprises, how to cope with the rise in iridium prices, find alternative materials, or optimize production processes will become important issues.The reasons for the sharp rise in iridium prices are multifaceted and closely related to factors such as supply and demand, market environment, technological progress, and the global economic situation. Here are the major reasons for the sharp rise in iridium prices: Supply and Demand Imbalance: Limited Supply and Surging Demand Supply Side: Iridium is a rare precious metal with extremely low content in the Earth's crust, and its global annual production is only about 7-8 tons. Its main source is the mining of platinum-group metals, especially mines in countries such as South Africa and Russia. Since the production of iridium is limited by the mining volume of main ores (such as platinum and palladium), and the extraction and purification processes are complex, it is difficult to significantly increase the supply in the short term. Demand Side:In recent years, the application of iridium in the high-tech field has expanded rapidly, especially in the following industries: Hydrogen Production through Electrolysis of Water: Iridium is an indispensable catalyst material in proton exchange membrane (PEM) electrolyzers. With the rapid development of the global green energy transition and hydrogen energy industry, the demand for iridium has increased significantly. Electronics Industry: Iridium is used in the manufacture of high-performance electronic components, semiconductors, and displays. Chemical Industry: Iridium catalysts are highly efficient and stable in chemical production, and demand continues to grow.Medical Field: Iridium is used in the manufacture of radioactive medical equipment (such as cancer treatment equipment). The surge in demand in these emerging fields has exacerbated the contradiction between supply and demand for iridium, pushing up prices. Green Energy Transition Driving Demand Globally, governments and companies are accelerating the green energy transition to reduce dependence on fossil fuels. Iridium plays a key role in hydrogen production through electrolysis of water technology, and hydrogen is considered an important component of future clean energy. With the rapid development of the hydrogen energy industry, the demand for iridium has increased significantly, becoming an important driver of price increases.