Iridium is one of the six platinum group metals, and it stands out as one of the rarest elements on Earth. It has extremely unique physical properties — it’s hard, brittle, white, and incredibly dense — which makes it highly desirable in advanced manufacturing and industrial applications. As recyclers of iridium-tipped spark plugs, Ed and Rich bring a firsthand perspective on where iridium comes from, how it’s used, and why global supply is so limited. 

Why Iridium Is So Rare 

Iridium is rare because very little of it is produced each year. It is not mined as a primary metal but instead recovered as a byproduct of platinum mining, similar to rhodium — but even scarcer. 

To put this into perspective, if approximately 30 metric tons of rhodium are produced annually, only about 6 to 7 metric tons of iridium are mined each year. That means iridium production is roughly one-fifth of rhodium’s, making it one of the most supply-constrained precious metals in existence. 

How Deep Mining Limits Future Supply 

Most iridium comes from deep platinum mines, primarily in South Africa. Decades ago, these metals were closer to the surface. Today, mines must go much deeper, increasing costs and reducing ore grades. As mining shafts continue deeper, they become less economically viable, raising serious concerns about long-term iridium availability. 

As these mines eventually shut down, above-ground iridium stocks will become increasingly scarce. 

Where Iridium Is Found Globally 

The vast majority of iridium production comes from: 

• South Africa 

• Smaller amounts from Russia 

• Limited production from Canada 

There is virtually no meaningful iridium production in the United States. 

How Iridium Is Used in Industry 

Iridium is not an investment metal and is not sold in bars, coins, or ingots for retail investors. Instead, it is used almost entirely in industrial applications: 

• Jewelry: Alloyed with platinum to increase strength and durability 

• Electronics: Used in electrical contacts due to hardness and corrosion resistance 

• LCD and display manufacturing: Crystal growth crucibles are made from iridium and recycled in closed-loop systems 

• Aerospace and defense: Used in sputtering targets and reflective cockpit coatings 

• Automotive spark plugs: Iridium-tipped spark plugs withstand high temperatures and pressures better than other metals 

Closed-Loop vs Open-Loop Recycling 

Many industries that use iridium operate closed-loop recycling systems, where the metal is continuously recovered and reused. Spark plugs, however, represent an open-loop system — most are discarded or lost in steel recycling, despite containing valuable iridium. 

Noble6 is one of the few recyclers in the world actively recovering iridium and platinum from used spark plugs. 

How Iridium Is Refined and Traded 

Iridium is separated through wet chemical refining, where it is dissolved, selectively precipitated, and purified into a black powder or sponge. The refined metal is held in pool accounts at refineries, similar to platinum, palladium, and rhodium. 

Iridium is not used in catalytic converters, which separates it from other PGMs in the automotive recycling space. 

Why Iridium Matters for Hydrogen Production 

Iridium plays a critical role in PEM (Proton Exchange Membrane) electrolyzers, which are used to split water into hydrogen and oxygen. As the hydrogen economy grows, demand for iridium is expected to increase significantly. 

While newer technologies are reducing iridium loadings, extremely low loadings make recycling uneconomical. Redirecting iridium recovered from spark plugs into PEM electrolyzers could help create a closed-loop supply chain for hydrogen production. 

Supply, Demand, and the Outlook Ahead 

With annual production shrinking and demand from hydrogen infrastructure expected to rise over the next 3 to 5 years, Ed and Rich believe iridium pricing could increase substantially. While exact price predictions are uncertain, continued supply contraction combined with expanding industrial demand suggests long-term upward pressure. 

Iridium’s rarity, durability, and irreplaceable role in advanced technologies make it one of the most strategically important metals in the modern economy. 

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