The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The platinum group metals market is expected to register a CAGR of over 4% during the forecast period. Major factors driving the market studied are the growing demand for catalytic converters from the automotive industry and the increasing demand for platinum, palladium, and ruthenium from the electronics industry. However, the high costs involved in the production are expected to hinder the growth of the market.
- By metal type, palladium accounted for the largest market share and is expected to grow during the forecast period, owing to the growing automotive and electrical and electronics industries all over the world.
- Growth in R&D activities in the electronics sector is likely to act as an opportunity in the future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China, Japan, and South Korea.
Key Market Trends
Platinum to Dominate the Market
- Platinum is a grayish-white-colored precious metal, which is primarily used for manufacturing autocatalysts, jewelry, and chemicals. The most important application of platinum is considered to be in the jewelry category, as it represented about 40% of the overall platinum consumption. The application of catalytic converters contributes to about 37% of the global demand. The rest of the global demand is attributable to various industrial applications.
- Platinum has a high melting point and temperature stability, great corrosion resistance, and is a good oxidation catalyst, and conductive. Furthermore, platinum in certain compounds can inhibit the growth of cancerous cells, and it is an important component in many medical applications, as it is biologically compatible.
- In the medical industry, the demand for platinum-based anti-cancer drugs is increasing significantly, while cardiac problems are treated with the help of medical devices, such as the pacemaker, which contains platinum electrodes.
- Platinum is employed as a catalyst in motor cars, as it regulates the emission of greenhouse gases. Moreover, it contributes to waste reduction, as it is highly durable, strong, and reliable. Furthermore, the high recyclability of PGMs minimizes the load on the environment.
- Companies, such as Johnson Matthey, WC Heraeus, and BASF SE are involved in the fabrication of platinum products, while the key platinum jewelry manufacturers include Tiffany & Co. and Tanishq. The major companies that are engaged in the manufacturing of platinum catalysts are Honeywell International Inc., Sud Chemie AG, Toshiba, and Delphi Technologies.
- All the aforementioned factors are likely to increase the market over the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
- Asia Pacific has accounted for the largest share in the market for platinum group metals with almost half of the global share and is expected to be the fastest-growing market.
- China is the major holder and accounted for nearly 50% share of this regional market. The demand for platinum in chemical and petroleum refining applications may continue to benefit from investment in large integrated petrochemical complexes in China. China is the largest hard disk drive (HDD) producer in the world, which is successful in creating the stupendous demand for platinum group metals.
- Japan is Asia’s oldest market for platinum group metals and is now the world’s highest per capita consuming market of platinum jewelry. Platinum jewelry has a share of almost 55% of all jewelry that is purchased in Japan.
- South Korea is presenting new growth markets in Asia for fuel cell technology. Due to this, the country is also one of the key markets to create demand for platinum group metals in fuel cell applications.
- Furthermore, India and ASEAN countries are also becoming the major factors for the market growth in the Asia-Pacific platinum group metals market. The huge growth of Asia-Pacific is quite instrumental in the expansion of the global platinum group metals market.
The global market for platinum group metals market is highly consolidated, as there are only a few players in the market and top five players in the market control nearly 88% share of the market. The major companies include Anglo American Platinum, Norilsk Nickel, Impala Platinum, Lonmin, and Northam Platinum Limited.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client’s requirements
- 3 months of analyst support