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Tellurium is mainly obtained as a by-product of copper and lead production. It is a brittle, rare, silvery-white metalloid. Interestingly, it is much more common in the universe than on Earth. Its extreme rarity in the Earth's crust, comparable to platinum, is partly due to the formation of volatile hydroxide, which caused tellurium to be released into space as a gas during the hot formation of Earth's nebulae.
Compounds containing tellurium were first discovered in 1782 in a gold mine in Kleinschlatten, Transylvania, by Austrian mineralogist Franz-Joseph Müller von Reichenstein.
In industry, tellurium is mainly used in solar panels and thermoelectric devices. A significant portion of tellurium production is also absorbed by its traditional use in steel alloys, as the addition of this element improves their machinability.
Why could tellurium be an interesting investment?
- Cadmium telluride (CdTe) is the leading technology for thin-film solar cells. CdTe accounts for almost 4% of the global market for various thin-film materials. In the US, this share reaches as high as 21%. Forecasts predict an increase in demand for CdTe in the US, as CdTe production is expected to grow to 14 gigawatts by 2027.
- According to estimates by the International Energy Agency (IEA), photovoltaics will become the most important source of renewable energy in the world by 2029. Demand for thin-film modules, and thus for tellurium, should also benefit from this, as photovoltaics is the most important area of application in terms of market share.
- Photovoltaics is a rapidly growing market: the compound annual growth rate (CAGR) of cumulative photovoltaic installations between 2014 and 2024 was approximately 27%. Thin-film photovoltaic cells currently account for 2–3% of the photovoltaic market. However, the efficiency of CdTe modules has more than doubled over the past 15 years, and global deployment of this technology has grown from megawatts to gigawatts. The US Department of Energy sees even greater potential for further efficiency gains, particularly in commercial and large-scale systems.
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