Platinum Group Metals Market Size to Boost USD 58.04 Billion By 2032 | CAGR 4.0% Published by Emergen Research

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. Rising demand for jewelry, increase in use of fuel cells, growing sales of electronic items, and increasing need for catalytic converters in the automotive industry are the key factors driving market revenue growth.

The platinum group metals (PGMs) market encompasses six metallic elements: platinum, palladium, rhodium, ruthenium, iridium, and osmium. These rare and valuable metals are primarily used in industries such as automotive, electronics, jewelry, and chemical manufacturing. PGMs are known for their high resistance to corrosion, excellent catalytic properties, and durability, making them indispensable in various industrial applications, particularly in catalytic converters for vehicles, where they help reduce harmful emissions. The market for platinum group metals is poised for growth, driven by rising demand from the automotive sector, technological advancements, and increasing focus on green energy solutions.

 The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.

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Drivers of the Platinum Group Metals Market :

Several factors are fueling the growth of the platinum group metals market. One of the primary drivers is the increasing demand for PGMs in the automotive industry, particularly in catalytic converters. With stringent environmental regulations being implemented worldwide, automobile manufacturers are under pressure to reduce vehicle emissions. PGMs, especially platinum, palladium, and rhodium, are critical in reducing emissions of nitrogen oxides (NOx), carbon monoxide (CO), and hydrocarbons from internal combustion engines. As governments continue to enforce tighter emission standards, the demand for PGMs in automotive applications is expected to remain robust.

 Restraints of the Platinum Group Metals Market :

Despite the promising growth potential, the platinum group metals market faces certain challenges. One of the key restraints is the volatility in PGM prices. PGMs are among the rarest metals in the world, with limited sources of supply. South Africa, Russia, and Zimbabwe are the primary producers of PGMs, and any disruptions in supply from these regions, whether due to labor strikes, political instability, or mining challenges, can lead to sharp fluctuations in metal prices. These price fluctuations create uncertainty for end-users and may limit the adoption of PGMs in cost-sensitive industries.

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Growth Factors of the Platinum Group Metals Market :

Despite these challenges, several growth factors and opportunities exist for the platinum group metals market. One of the key growth factors is the increasing demand for platinum in hydrogen fuel cells, as the world shifts toward greener energy solutions. Hydrogen fuel cell technology is gaining momentum as an alternative to traditional fossil fuels, and platinum is essential in the production of these fuel cells. As countries invest more in renewable energy infrastructure and seek to reduce their carbon footprints, platinum demand for fuel cell applications is likely to grow significantly.

 The report also discusses the key players involved in the market such as:

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

The report provides a thorough estimation of the overall impact of the pandemic on the Platinum Group Metals Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Platinum Group Metals Market

Platinum Group Metals Market Segment Analysis :

For the purpose of this report, 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)
Mined
Recycled

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

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

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

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