Why it matters
- Proton exchange membrane electrolyzers need iridium and there is no substitute yet.
- Total annual supply would fit in a small van.
- Used to grow the sapphire crystals inside LEDs and smartphone screens.
Used in
ElectrolyzersSapphire cruciblesSpark plugsMedical implants
Supply
By-product of platinum mining in South Africa. No primary iridium mines exist anywhere.
Demand
Hydrogen electrolyzers, crystal growth crucibles, spark plugs, medical implants, and deep-sea electronics.
Role in the portfolio
Strategic allocation tied to the hydrogen build-out.
Scorecard
Scarcity97
Industrial demand70
Supply concentration95
Liquidity20
Team view, not market data.