Ryan Stark
Platinum Group Metals Market Size, Share and Industry Analysis, Report 2024-2032
Platinum Group Metals Industry
Summary:
- The global platinum group metals market size reached USD 40.2 Billion in 2023.
- The market is expected to reach USD 55.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- Based on the metal type, the market has been divided into platinum, palladium, rhodium, iridium, ruthenium, and osmium.
- On the basis of the application, the market has been segregated into auto catalysts, electrical and electronics, fuel cells, glass, ceramics and pigments, jewellery, medical (dental and pharmaceuticals), chemicals, and others.
- The rising demand in the jewelry industry is a primary driver of the platinum group metals market.
- Significant technological advancements in electronics and electrical devices, along with the supply constraints and geopolitical factors are reshaping the platinum group metals market.
Industry Trends and Drivers:
- Growing demand in the automotive industry for catalytic converters:
The automotive industry plays a pivotal role in driving the platinum group metals (PGMs) market, particularly due to the use of these metals in catalytic converters. Catalytic converters are critical components in vehicles designed to reduce harmful emissions by converting toxic gases into less harmful substances. Platinum, palladium, and rhodium are the primary PGMs used in this process due to their excellent catalytic properties. As governments worldwide enforce stricter emissions regulations, the demand for these metals continues to rise. For instance, in Europe and China, stringent emissions standards such as Euro 6 and China 6B require advanced catalytic converters that often rely on PGMs. Additionally, hybrid and gasoline-powered vehicles, which continue to dominate global markets, are highly reliant on palladium and rhodium in particular. As a result, any fluctuations in vehicle production, emissions regulation, or shifts toward electric vehicles have a direct impact on the demand for PGMs.
- Growing adoption of hydrogen fuel cells and green technologies:
Hydrogen fuel cells, particularly those utilizing platinum, represent another significant driver of the PGM market. As the world transitions toward cleaner and more sustainable energy solutions, hydrogen fuel cells are gaining traction as an alternative to traditional combustion engines, particularly in heavy-duty transportation and industrial sectors. Platinum plays a crucial role in fuel cells by acting as a catalyst for the electrochemical reaction that converts hydrogen into electricity, with water and heat as by-products. This makes it an attractive solution for reducing greenhouse gas emissions, especially in sectors such as trucking, shipping, and even stationary power generation. Governments and industries are heavily investing in hydrogen infrastructure as part of their decarbonization strategies. For instance, the European Union’s hydrogen strategy aims to install at least 6 GW of renewable hydrogen electrolysers by 2024 and 40 GW by 2030, significantly boosting the demand for platinum.
- Increasing investment in renewable energy and electrical applications:
The global shift toward renewable energy sources is another important driver of PGM demand. Platinum and other PGMs are increasingly used in various renewable energy technologies, including wind turbines, solar panels, and particularly in hydrogen production through electrolysis. Electrolysis requires a robust catalyst to split water into hydrogen and oxygen, with platinum being one of the most effective materials for this purpose. With the global push toward achieving net-zero carbon emissions, investments in renewable energy infrastructure are escalating. Countries are adopting ambitious targets to reduce their carbon footprint, which further accelerates the adoption of platinum-dependent technologies. For instance, the U.S., China, and European nations are all significantly increasing their renewable energy capacities, which indirectly boosts the demand for PGMs in energy storage systems, electrical grid infrastructure, and renewable power generation technologies. In addition to energy production, platinum is also gaining importance in energy storage solutions, including batteries and capacitors, as these sectors continue to expand.
For an in-depth analysis, you can request a sample copy of the report: https://www.imarcgroup.com/platinum-group-metals-market/requestsample
Platinum Group Metals Market Report Segmentation:
Breakup By Metal Type:
- Platinum
- Palladium
- Rhodium
- Iridium
- Ruthenium
- Osmium
Based on the metal type, the market has been divided into platinum, palladium, rhodium, iridium, ruthenium, and osmium.
Breakup By Application:
- Auto Catalysts
- Electrical and Electronics
- Fuel Cells
- Glass, Ceramics and Pigments
- Jewellery
- Medical (Dental and Pharmaceuticals)
- Chemicals
- Others
On the basis of the application, the market has been segregated into auto catalysts, electrical and electronics, fuel cells, glass, ceramics and pigments, jewellery, medical (dental and pharmaceuticals), chemicals, and others.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Region-wise, the market has been classified into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
Top Platinum Group Metals Market Leaders:
- African Rainbow Minerals Limited
- Anglo American Platinum Limited
- Eastern Platinum Limited
- Glencore plc
- Impala Platinum Holdings Limited
- Johnson Matthey
- Northam Platinum Limited
- Royal Bafokeng Platinum Ltd.
- Sibanye-Stillwater
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
by Ryan Stark on 2024-10-10 03:53:48
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