Platinum Group Metals Market Size 2022-27: Global Industry Share, Trends, Growth and Forecast

The latest research study "Platinum Group Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" by IMARC Group, finds that the global platinum group metals market size reached US$ 36.97 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 47.63 Billion by 2027 exhibiting a CAGR of 4.10% during 2022-2027.

Covid-19 Impact:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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Industry Definition and Application:

Platinum group metals (PGMs) refer to six chemically and structurally similar elements, namely iridium (Ir), osmium (Om), platinum (Pt), palladium (Pd), rhodium (Rh), and ruthenium (Ru), grouped together in the periodic table. They possess exceptional catalytic properties, high melting points, purity, and resistance to heat, corrosion, and oxidation. They are more ductile, easy to shape, and unreactive than other metals. As a result, PGMs are widely used to produce glass, oxygen sensors, fuel cells, jewelry, electronic parts, flat-panel computers, medical equipment, computer hard drives, and razors.

Platinum Group Metals Market Trends and Drivers:

The global platinum group metals market is primarily driven by its increasing applications across the automotive industry. For instance, PGMs are extensively used to manufacture auto catalysts employed in the exhaust system of vehicles to reduce harmful emissions. Besides this, the surging product adoption in producing car sensors and spark plugs that ignite the air-fuel mixture to generate power has propelled the market growth.

Additionally, there has been widespread product adoption in the medical sector for platinum-based anti-cancer medicines and other medical devices, such as pacemakers. In line with this, technological advancements, such as the development of handheld X-ray fluorescence (XRF) instrument that facilitates accurate, fast, and non-destructive analysis of platinum group metals in catalytic converters, have catalyzed the market growth.

Other factors, including the escalating product demand for manufacturing various active pharmaceutical ingredients (APIs), growing usage in electroplating jewelry, emerging electronics applications, and increasing vehicle sales, are also anticipated to drive the market further.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Metal Type:
• Platinum
• Palladium
• Rhodium
• Iridium
• Ruthenium
• Osmium

Breakup by Application:
• Auto Catalysts
• Electrical and Electronics
• Fuel Cells
• Glass, Ceramics and Pigments
• Jewellery
• Medical (Dental and Pharmaceuticals)
• Chemicals
• Others

Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

List of Major Key Players:

The major players in the market are African Rainbow Minerals Limited, Anglo American Platinum Limited, Eastern Platinum Limited, Glencore plc, Impala Platinum Holdings Limited, Johnson Matthey, Northam Platinum Limited, Royal Bafokeng Platinum Ltd. and Sibanye-Stillwater

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