Iridium is the smallest-volume mainstream platinum-group metal and one of the most supply-constrained. Commercial supply is a byproduct stream rather than a primary mining target: most metal comes from South African Bushveld reefs, especially UG2, with much smaller additions from Zimbabwe and nickel-copper-PGM sulfide districts in Canada and Russia. That geology matters commercially because UG2 is unusually rich in iridium relative to other major PGM ores, so the metal's supply concentration is even tighter than platinum's or palladium's.

Demand is industrial rather than decorative. DOE's breakdown shows electrochemical applications as the largest bucket, followed by a broad industrial residual category, electronics, and chemical catalysts. In practice that means MMO anodes, electrolyzer catalysts, crucibles and other high-temperature hardware, and specialized electronics components. Substitution exists only at the margin: ruthenium can reduce iridium loading in some electrochemical systems, but usually with performance or durability penalties.

The market stayed structurally tight even as the wider PGM complex softened in 2024. USGS recorded an iridium price increase to about $4,800/troy ounce while palladium, rhodium, and ruthenium all fell. That divergence fits the underlying commercial reality: iridium is tiny, concentrated, and hard to replace, while new recycling and low-iridium catalyst technologies are advancing precisely because the supply base is so narrow.