Press release
Platinum Group Metals (PGMs) Market Value Growth US$ 41.3 billion by 2031 | Jewelry, Investment & Technology
Platinum Group Metals (PGMs) Market Size
Platinum Group Metals Market reached US$ 32.1 billion in 2023 and is expected to reach US$ 41.3 billion by 2031, growing with a CAGR of 3.2% during the forecast period 2024-2031.
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United States: Recent Industry Developments
✅ February 2026: U.S.-based mining companies expanded platinum and palladium recovery projects to strengthen domestic supply for catalytic converters and hydrogen applications.
✅ January 2026: The Department of Energy funded research programs focused on platinum-based catalysts for green hydrogen production.
✅ December 2025: Automotive manufacturers increased long-term procurement agreements for palladium and rhodium to secure supply amid emission regulation updates.
Japan: Recent Industry Developments
✅ February 2026: Japanese refiners enhanced recycling capabilities for platinum and rhodium from end-of-life automotive catalysts.
✅ January 2026: Major electronics manufacturers increased use of platinum group metals in advanced semiconductor and sensor technologies.
✅ December 2025: Government-backed initiatives supported research on reducing PGM usage in fuel cell systems while maintaining efficiency.
Latest Mergers & Acquisitions (M&A)
• New Age Metals acquires the Platreef PGM Project (Ontario, Canada) - expanded its platinum group metals-nickel-copper exploration portfolio via staking of the property in the Lac des Îles Igneous Complex (Feb 11 2026).
• New Age Metals acquires Northern Shield PGM-Cu-Ni Project - added a new platinum group metals-copper-nickel exploration property in Ontario's Ring of Fire region (Jan 21 2026).
Key Players:
African Rainbow Minerals, Anglo American Platinum, Aquarius Platinum, Eastern Platinum, Glencore, Implats, Johnson Matthey, Norilsk Nickel, Sibanye-Stillwater and Northam Platinum Limited.
Growth Forecast Projections:
The Global Platinum Group Metals Market is anticipated to rise at a considerable rate during the forecast period, between 2026 and 2033. In 2025, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Key Market Developments:
✅ February 2026: Leading producers including Anglo American Platinum and Impala Platinum accelerated investment in low-carbon smelting technologies to reduce emissions and align with global decarbonization targets.
✅ January 2026: Automotive OEMs expanded long-term supply agreements for platinum and palladium to secure catalytic converter demand amid tightening global emission regulations in Europe and Asia-Pacific.
✅ December 2025: Hydrogen economy projects in the United States and Japan boosted demand for platinum-based fuel cell catalysts, strengthening the strategic importance of PGMs in clean energy applications.
✅ November 2025: Recycling companies increased recovery rates of platinum and rhodium from end-of-life vehicles and industrial catalysts, supporting circular economy initiatives and supply stability.
✅ October 2025: Mining firms in South Africa and Zimbabwe enhanced underground automation and digital monitoring systems to improve operational efficiency and worker safety in deep-level PGM mines.
✅ August 2025: Jewelry manufacturers in China and India expanded platinum collections, driven by premiumization trends and rising consumer preference for durable luxury metals.
✅ June 2025: Strategic exploration projects in the Bushveld Complex and North American deposits advanced resource expansion plans to offset supply risks and meet projected clean mobility demand.
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Major Regional Growth Share:
✅ North America: 29% - Leads the PGM market driven by strong automotive catalytic converter demand, mining activities, and industrial applications.
✅ Japan: 12% - Significant share supported by automotive manufacturing, hydrogen fuel cell technology, and advanced electronics demand.
✅ Europe: 21% - Robust demand from automotive emission control regulations and expanding green hydrogen initiatives.
✅ Asia-Pacific (Excl. Japan): 18% - Growing consumption led by China and India's automotive and industrial catalyst production.
✅ Germany: 7% - Key European hub for automotive catalysts and clean mobility technologies.
✅ South Korea: 4% - Rising use in fuel cells, semiconductors, and automotive catalytic systems.
✅ Middle East & Africa: 5% - Supported by mining production, especially platinum extraction in South Africa.
✅ United Kingdom: 2% - Demand driven by automotive technology and precious metal trading activities.
✅ Canada: 2% - Contributes through platinum and palladium mining and industrial usage.
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Key Segmentations:
By Type: Palladium, Platinum, Ruthenium, Others
By Application: Automotive, Jewellery, Carbon Material, Industrial, Chemical, Electrical, Glass, Medical and Biomedical, Petroleum, Others
Market Growth Drivers
• Automotive Emission Norms - Stricter standards like Euro 7 and BS-VI boost PGM demand in catalytic converters.
• Hydrogen & Clean Energy Growth - Platinum and iridium drive fuel cells and green hydrogen electrolyzers.
• Industrial & Electronics Expansion - Semiconductor, 5G, and chemical processing industries increase PGM consumption.
• Recycling Momentum - Secondary supply is rising to strengthen supply chains and reduce price volatility.
• Emerging Market Vehicle Sales - Growing incomes in India and ASEAN fuel automotive-driven PGM demand.
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