Press release
Platinum Group Metals (PGMs) Market - Tightening emissions standards and expanding hydrogen economy investments sustain demand for platinum group metals across industrial value chains
Vancouver, BC, June 24, 2026 - The global Platinum Group Metals (PGMs) market was valued at USD 26.50 Billion in 2025 and is expected to reach USD 42.35 Billion by 2035 at a revenue CAGR of 4.8% during the forecast period.
Demand for platinum group metals continues to be supported by their critical role in automotive emissions control systems, hydrogen technologies, and industrial catalysts. Stricter vehicle emission regulations across major automotive markets are increasing the use of platinum, palladium, and rhodium in catalytic converters. In addition, government-backed hydrogen strategies are supporting investment in fuel cells and electrolyzers that rely on platinum-based materials. According to the International Energy Agency (IEA), global hydrogen project announcements have continued to increase as countries pursue long-term decarbonization targets and energy security objectives.
KEY GROWTH DRIVERS
The market is benefiting from expanding applications across transportation, energy, chemical processing, and electronics industries. Automotive manufacturers continue to require platinum group metals for catalytic converter systems that help comply with increasingly stringent emission standards. Growth in hydrogen fuel cell deployment is creating additional demand for platinum-based catalysts used in fuel cell stacks and electrolyzer technologies. Supply chain diversification efforts by manufacturers are also encouraging long-term procurement agreements for strategic metals. Industrial users continue to invest in catalyst technologies to improve process efficiency and reduce emissions. For instance, in May 2024, Anglo American Platinum, South Africa, announced continued investment initiatives supporting platinum demand development in hydrogen mobility and fuel cell applications. These are some of the key factors driving revenue growth of the Platinum Group Metals (PGMs) market.
MARKET RESTRAINTS
However, the market faces challenges associated with supply concentration and price volatility. A substantial share of global platinum group metal production originates from a limited number of mining regions, particularly South Africa and Russia, creating supply risks linked to geopolitical developments, labor disruptions, and operational constraints. High capital requirements for mining projects and complex refining processes can also limit production expansion. In addition, substitution trends in certain industrial applications and fluctuations in automotive production volumes may affect demand patterns. These factors are expected to limit Platinum Group Metals (PGMs) market growth to some extent over the forecast period.
SEGMENT HIGHLIGHTS
Based on metal type, the platinum segment accounted for the largest share of the global market in 2025. Platinum remains widely used across automotive catalysts, petroleum refining, chemical manufacturing, jewelry, and emerging hydrogen technologies. Its broad application base and growing role in fuel cell systems continue to support market leadership.
The palladium segment is expected to register the fastest growth over the forecast period. Palladium remains a key component in gasoline vehicle catalytic converters and continues to benefit from demand across electronics and industrial applications. Ongoing technology development aimed at improving catalyst performance is also supporting adoption across end-use industries.
Based on application, automotive catalysts represented the leading segment due to continued regulatory requirements for vehicle emissions control. Hydrogen fuel cells and electrolyzers are expected to emerge as one of the fastest-growing application segments as governments and industry participants accelerate investments in low-carbon energy infrastructure.
REGIONAL OUTLOOK
North America accounted for a considerable share of the global Platinum Group Metals (PGMs) market in 2025. Demand is supported by automotive manufacturing, chemical processing, and expanding hydrogen infrastructure investments. The U.S. Department of Energy has increased funding commitments for clean hydrogen hubs and related projects, supporting long-term demand for platinum-based technologies. Companies including Honeywell continue to develop catalyst and advanced materials solutions that utilize platinum group metals across industrial applications.
Europe remains an important market due to strict environmental regulations and established automotive manufacturing capabilities. The European Union's climate and emissions reduction targets continue to encourage adoption of advanced catalyst technologies and hydrogen systems. Companies such as BASF maintain active investments in catalyst production and precious metal recycling operations, supporting regional supply chain development and resource efficiency objectives.
Asia Pacific is expected to register the fastest market growth during the forecast period. China, Japan, and South Korea continue to expand investments in fuel cell technologies, clean transportation, and industrial manufacturing. The China Association of Automobile Manufacturers reports continued vehicle production growth, supporting catalyst demand across the region. Companies including Toyota Motor Corporation and Hyundai Motor Group continue to advance hydrogen mobility initiatives that rely on platinum-based fuel cell technologies.
MEDIA CONTACT
Contact: Debanjan Biswas
Company: Emergen Research Global LLP
Email: sales@emergenresearch.com
Website: www.emergenresearch.com
ABOUT EMERGEN RESEARCH GLOBAL LLP
Emergen Research Global LLP is a market research and consulting firm that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics and industries to help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market.
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