Platinum Group Metals Market
Global Platinum Group Metals Market is segmented By Type (Palladium, Platinum, Ruthenium, and Others), By Application (Autocatalyst, Jewellery, Industrial (Chemical, Electrical, Glass, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029
Platinum Group Metals Market Overview
Platinum Group Metals Market is one of the emerging markets within the mining sector and is anticipated to grow at a CAGR of 3.72% from 2022-2029.
Platinum group metals are a vital component of the automotive catalytic converter which reduced the carbon emission of the vehicle.
Platinum Group Metals Market Scope and Summary
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Metrics |
Details |
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Market CAGR |
3.72% |
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Segments Covered |
By Type, By Application, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Platinum Group Metals Market Dynamics and Trends
- Increasing automotive production and consumption is the prime factor boosting the growth of the PGM market. Further, high purity, high melting points, unique catalytic properties, and corrosion resistance are vital factors enhancing PGM application within industrial processes, technologies, and commercial applications.
- Global vehicle sales are increasing at a rapid pace. Global automobile manufacturers are estimated to sell more than 82 million cars by the end of 2018; almost double the 53 million total automobiles that were sold between 2000 and 2013.
- Specifically, the Asia-Pacific markets have seen passenger vehicle sales double over the past several years. In China, sales quadrupled to 24 million vehicles in 2016, representing more than 25 percent of the global market. The stringent government rules regarding carbon emissions would push the PGM market further. However, the high cost of PGM metals might hamper the market growth.
- Automotive is a leader within the application segment. The increased use of PGM within automotive would drive the market towards steady growth. Moreover, industrial platinum usage experienced a sharp increase and is the fastest-growing application segment.
Global Platinum Group Metals Market Geographical Share
- Geographically, Africa is the largest shareholding region regarding supply. South African production of PGM metals was slightly higher than in 2016 which would reduce the supply-demand gap further.
- Moreover, Asia-Pacific would dominate the demand of the PGM market. Japan is one of the hilly regions driving the need for the PGM metals market.
- Sales of platinum bars to Japanese investors were remarkably strong during 2015–2016 and are anticipated to normalize in the next couple of years. Europe would drive the market within the automotive segment owing to the rapid adoption of automotive catalysts within vehicles.
- DataM analyses the complete scenario of the Platinum Group Metals market, market segmentationgeographicalhy analysis, companies, trends,s and opportunities in the market.
- The market is further categorized based on the type such as Palladium, Platinum, Ruthenium, and Others. The market is segmented by application, which includes autocatalyst, jewelry, industrial, and Others. The report segments the geographies by region, which include North America, South America, Europe, Asia Pacific, and RoW.
- The report covers the factors impacting the market, Porter 5 Forces, Market Share Analysis, Price trend analysis, Product Benchmarking, and company profiles.
- The report profiles the following companies, which includes African Rainbow Minerals, Anglo American Platinum, Aquarius Platinum, Eastern Platinum, Glencore Xstrata, Impala Platinum, Johnson Matthey, JSC MMC Norilsk Nickel, Lonmin, North American Palladium, and Stillwater Mining.
Frequently Asked Questions
What is the Platinum Group Metals Market growth?
The market is growing at a CAGR of 3.72%.
What is the Platinum Group Metals Market size in 2021
The Platinum Group Metals Market size was valued at USD YY million in 2021.
Who are the key players in Platinum Group Metals Market?
Major Players are African Rainbow Minerals, Anglo American Platinum, Aquarius Platinum, Eastern Platinum, Glencore Xstrata, Impala Platinum, Johnson Matthey.