Platinum Group Metals Market Size Worth USD 58.04 Billion in 2032 | African Rainbow Minerals Limited, Glencore, Johnson Matthey & more

The global platinum group metals market size was USD 39.40 Billion in 2022 and is expected to register a revenue CAGR of 4.0% during the forecast period, according to latest analysis by Emergen Research. Rising demand for jewelry, increasing purchase of electronic items, and growing adoption of catalytic converters for the automotive industry are some of the key factors driving the global platinum group metals market revenue growth.

Key factors propelling market growth include rising demand for jewelry, increased adoption of electronic items, and the growing use of catalytic converters in the automotive industry. Platinum group metals, comprising six transitional metal elements, possess unique properties such as high melting points, heat and corrosion resistance, and catalytic capabilities, making them indispensable in various industrial applications.

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The strategic initiatives taken by companies and governments across various countries globally is another factor driving market revenue growth. For instance, on 28 November 2023, the government of India announced the commencement of its first-ever tranche auction of 20 blocks of strategic and vital minerals, such as molybdenum, potash, and platinum from 29 November 2023. This major project is expected to boost the country's security, stimulate its economy, and aid in the country's shift to renewable energy. In addition, these metals are utilized to meet the different material criteria that are vital to the effective and ongoing development of microelectronic technology because of their distinctive physical and chemical features. Hence, major companies are developing and launching innovative technologically advanced products consisting of PGMs for the electronic industry.

Moreover, major companies are innovating technologically advanced products containing PGMs, particularly for the electronic industry. TANAKA Kikinzoku Kogyo K.K. has developed a high-entropy alloy powder comprising platinum, palladium, iridium, ruthenium, and rhodium, which exhibits excellent composition uniformity and is anticipated to find applications in various circuits and sensors.

Key Highlights From the Report

• Recycled segment accounted for the largest revenue share in 2022. The sourcing of platinum group metals from secondary sources or through recycling provides the main advantages of reduced power consumption, lowered environmental emissions, less water consumption than raw materials and minimization of waste disposal which is a key factor driving revenue growth of the segment. The significance of recycling these rare metals is in their usage in various industries such as electronics, chemicals, fuel cells and others.

• In addition, initiatives taken by the companies for recycling metals is another factor boosting revenue growth of the segment. For instance, on 6 October 2022, Johnson Matthey (JM), a pioneer in green technology announced the commencement of recycling fuel cells in China. The plant is recycling and refining the platinum group metal content from Membrane Electrode Assemblies (MEA), an important part of an automotive fuel cell, which were supplied by Unilia, one of the world's top suppliers of fuel cell stack technology. MEAs are an essential component of fuel cells hence contributing to revenue growth of the segment.

• Platinum accounted for the largest revenue share in 2022. Rising demand for platinum owing to its applications in wires, pacemakers, and optical fibers increases their operating efficiency which is a key factor driving revenue growth of the segment. In addition, it is used extensively in chemical reactions as a catalyst owing to its high stability. It is also used as catalytic converter in vehicles to convert carbon monoxide and residual toxic compounds into carbon dioxide and water vapor and in jewelry owing to its high ductility, malleability, and inertness hence boosting revenue growth of the segment.

• Platinum group metals market in North America accounted for the largest revenue share in 2022. This is owing to significant rise in demand for development and production of batteries for electric vehicles. According to International Energy Agency (IEA), the demand for batteries increased by about 80% despite electric car sales in the United States only rising by about 55% in 2022. In addition, implementation of stricter regulations and introduction of new rules by the governments for lowering the toxic emissions from vehicles and automobiles is also driving revenue growth of the market in this region.

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Some major companies in the global market report include:- African Rainbow Minerals Limited, Glencore, Johnson Matthey, IMPALA PLATINUM HOLDINGS LIMITED, Northam Platinum Holdings Limited, Norilsk Nickel, Sibanye-Stillwater, Eastern Platinum Limited, BASF SE, Heraeus Group, DOWA HOLDINGS CO., LTD., TANAKA HOLDINGS Co., Ltd., Materion Corporation, Continental Steel and Tube Company, Ultramet, ACI Alloys, Refining Systems, Inc., Plug Power Inc., ASTROFORGE, and Nel ASA.

Emergen Research has segmented global platinum group metals market on the basis of source, metal type, application, and region:

• Source Outlook (Revenue, USD Billion; 2019-2032)
o Mined
o Recycled

• Metal Type Outlook (Revenue, USD Billion; 2019-2032)
o Platinum
o Palladium
o Rhodium
o Iridium
o Ruthenium
o Osmium

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Auto Catalysts
o Electrical and Electronics
o Fuel Cells
o Glass, Ceramics, and Pigments
o Jewelry
o Medical Devices
o Chemicals
o Other Applications

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• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA

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