Platinum Group Metals Market Expected to Reach USD 55.3 Billion by 2032, Driven by Growing Demand Across Key Industries

The global Platinum Group Metals (PGMs) market, valued at USD 39.40 billion in 2022, is projected to grow at a steady CAGR of 4.0% during the forecast period, according to a recent study. The rising demand for PGMs is being fueled by their widespread use across various industries, including automotive, electronics, fuel cells, and jewelry.

PGMs, which include platinum, palladium, rhodium, iridium, ruthenium, and osmium, are known for their high melting points, durability, and catalytic properties. These metals are essential components in products such as catalytic converters, medical devices, hard disks, dental tools, and fuel cells.

Key Growth Drivers

The automotive industry remains a significant growth area, with PGMs being used in catalytic converters to reduce emissions. Major companies like BASF have developed advanced technologies, such as the Tri-Metal Catalyst, that optimize the use of platinum in emission systems. In addition, the formation of BASF Environmental Catalyst and Metal Solutions highlights continued investment in emission-reducing technologies.

Fuel cells also represent a fast-growing application. Platinum is vital in hydrogen fuel cell vehicles, where it helps convert hydrogen into electricity. Collaborations, like the one between Anglo American Platinum, BMW South Africa, and Sasol, are contributing to advancements in hydrogen-powered vehicles.

The jewelry sector is another major driver. With consumers increasingly choosing platinum for its purity and durability, brands like PGI India are launching new collections to meet demand. India's export of gems and jewelry reached USD 28.6 billion between April and December 2022, up 6.28% from the previous year.

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Challenges Impacting the Market

Despite the positive outlook, environmental concerns linked to mining operations pose a challenge. Mining PGMs consumes significant amounts of energy and water, and generates waste and emissions. Safety risks to workers and the limited global supply also hinder large-scale production.

Source and Metal Type Insights

In 2022, recycled PGMs accounted for the largest market share, driven by environmental benefits and energy efficiency. Companies like Johnson Matthey are leading initiatives to recycle fuel cell components and recover valuable metals.

Meanwhile, the mined segment is expected to grow steadily, backed by rising imports and investments. For example, Russian Platinum Group has expanded its mining operations with support services from Nornickel to increase production capacity.

Among the metal types, platinum led the market in 2022 due to its diverse applications in electronics, medical devices, and automotive catalysts. Its role in fuel cells and ongoing research into asteroid mining, as seen with AstroForge's planned missions, reflects future potential for platinum sourcing.

Application Trends

Fuel cells accounted for the largest application share in 2022, thanks to PGMs' efficiency and reliability under high-temperature and corrosive conditions. The growing push for clean energy is expected to sustain this trend.

The glass, ceramics, and pigments segment is projected to see the fastest growth. Platinum's use in flame spray technologies and as a coating for ceramics is enhancing product quality. Companies like Vestige Marketing have also introduced products like Mach-Drive Nanoenergizer, which use platinum-coated ceramic particles to reduce engine emissions and improve performance.

Some major players included in the global platinum group metals market report are:

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
Nel ASA

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