Global Platinum Group Metals Market Expected to Grow at 4.0% CAGR, Driven by Rising Industrial and Automotive Demand

The global platinum group metals (PGMs) market, valued at USD 39.40 billion in 2022, is projected to expand at a steady compound annual growth rate (CAGR) of 4.0% over the forecast period. This growth is fueled by increasing demand from the jewelry sector, rising adoption of fuel cells, growing sales of electronic devices, and the essential role of PGMs in catalytic converters for the automotive industry.

Platinum group metals, which include six transition metals with similar chemical and physical properties, are known for their high melting points, heat resistance, corrosion resistance, and unique catalytic capabilities. These qualities make them vital for a wide range of industrial uses, including aircraft turbines, ethylene absorbers, ceramic capacitors, auto catalysts, cancer treatment drugs, computer hard disks, dental bridges, and electrodes.

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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

The market is also benefitting from innovative initiatives by industry leaders aimed at cost efficiency and sustainability. In March 2020, BASF announced the development of its Tri-Metal Catalyst technology, which allows automakers to substitute part of the expensive palladium used in catalytic converters with more affordable platinum, without compromising emissions compliance. This innovation not only reduces manufacturing costs but also helps balance global PGM demand.

Further supporting market expansion, BASF completed the carve-out of its mobile emissions catalysts and precious metal services businesses in July 2023, forming BASF Environmental Catalyst and Metal Solutions (ECMS). ECMS now stands as a global leader in emissions catalyst production for petrol, diesel, off-road vehicles, motorcycles, and small engines, while also serving as a major supplier and recycler of precious metals from used automotive catalysts.

With growing industrial applications, technological advancements, and strategic moves by key players, the platinum group metals market is poised for steady growth, supporting cleaner technologies and meeting the needs of multiple high-value industries worldwide.

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Platinum Group Metals Market Market Segmentation 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

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