Platinum Group Metals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 4.48 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Platinum Group Metals Market Analysis
The Platinum Group Metals Market size is estimated at 625.03 tons in 2024, and is expected to reach 778.16 tons by 2029, growing at a CAGR of 4.48% during the forecast period (2024-2029).
- The COVID-19 pandemic negatively impacted the market in 2020. However, the market is estimated to have reached pre-pandemic levels and grow steadily during the forecast period.
- Over the short term, the growing demand for catalytic converters from the automotive industry, increasing demand for platinum, palladium, and ruthenium from the electronics industry, and growing jewelry consumption in Asia-Pacific countries are expected to drive market growth.
- However, the high costs involved in production and maintaining platinum group metals are expected to hinder the market's growth.
- Nevertheless, the usage of platinum in green technology and increasing investment in the platinum industry in African countries are likely to create opportunities for the market during the forecast period.
- Asia-Pacific is expected to dominate the global market during the forecast period. It is also expected to register the highest CAGR during the forecast period due to rising demand for antimony, mainly in autocatalysts and jewelry applications.
Platinum Group Metals Market Trends
Autocatalysts Segment to Dominate the Market
- Platinum group elements or platinum group metals (PGMs), including platinum, palladium, and rhodium, are widely used as autocatalysts in the automotive industry. Autocatalysts, or catalytic converters, are devices integrated into the exhaust systems of vehicles to reduce harmful emissions.
- These metals are placed in the exhaust system between the engine and the muffler, and when the engine heats the metals, the process neutralizes the pollutants.
- Platinum profited from increased car manufacture in 2022 as economical automakers increasingly attempt to swap it for more expensive palladium. Platinum is preferred in diesel catalytic converters, while palladium is preferred in gas-powered automobiles. Nevertheless, both metals may be exchanged, one for the other, in diesel- and gas-powered vehicles, which is common when one of the metals is somewhat expensive.
- According to the Organisation Internationale des Constructeurs d'Automobiles (OICA) (International Organization of Motor Vehicle Manufacturers), global sales of all vehicles in 2022 were 81.62 million, compared to 82.75 million in 2021. According to the OICA, total production statistics for all vehicles was 85.02 million in 2022, compared to 80.21 million in 2021.
- According to the World Trade Organization, the United States overtook Japan as the second-largest automotive exporter in 2022. China increased its exports the most among the top ten exporters by 30%. One notable development in the manufacturing sector is that China increased the value of its automotive product exports by 7% year on year in November 2023.
- Increased investments and advancements in the Indian automobile industry are expected to boost demand for the automotive catalyst market. The automobile industry accounts for 49 percent of India's manufacturing GDP and 7.1 percent of its overall GDP. The Indian auto market was ranked third in the world, surpassing Japan in 2022 and fourth in commercial vehicle manufacturing in 2023.
- All the factors above are expected to drive the autocatalysts segment, enhancing the demand for platinum group metals during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region accounted for the largest share in the market for platinum group metals, with almost half of the global share. It is expected to be the fastest-growing market.
- In the electronics industry, platinum, palladium, rhodium, and iridium are used to coat electrodes, the tiny components in all the electronic products that help in controlling the flow of electricity. Palladium metal is contained in most microprocessors and printed circuit boards. The industry majorly uses platinum in electronic components of computers, televisions, mobile phones, and others.
- The number of smartphone users in China is increasing. By 2023, the country's smartphone user base had risen to 868.2 million.
- Similarly, the Indian electronics market is expected to reach USD 400 billion over the next three years. Additionally, India is expected to become the world's fifth-largest consumer electronics and appliances industry by 2025.
- Additionally, according to Platinum Guild International (PGI), in 2022, the sales of platinum in Japan exceeded the mark of JPY one trillion (USD 10 billion) for the first time in 14 years. The country remains the biggest platinum market per capita.
- Japan is now considered the second largest jewelry market in the world, after only the United States. The country is also the world's second-largest consumer of platinum, with 14.06 tons of the metal used for jewelry creation.
- Thus, all the above factors will likely increase the demand for the platinum group metals market during the forecast period.
Platinum Group Metals Industry Overview
The platinum group metals market is consolidated in nature. The major players (not in any particular order) include Anglo American Platinum Limited, Norilsk Nickel, Implats Platinum Limited, Sibanye-Stillwater, and African Rainbow Minerals Limited, among others.
Platinum Group Metals Market Leaders
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Anglo American Platinum Limited
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Norilsk Nickel
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Implats Platinum Limited
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Sibanye-Stillwater
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African Rainbow Minerals Limited
*Disclaimer: Major Players sorted in no particular order
Platinum Group Metals Market News
- November 2023: Sibanye-Stillwater agreed to acquire Reldan, a metal recycler based in the United States. Reldan is a Pennsylvania-based recycling group that reprocesses various waste streams, including industrial and electronic waste, to recycle green precious metals such as platinum and palladium.
- October 2023: Anglo-American collaborated with BMW Group South Africa and Sasol South Africa Limited. Under the collaboration agreements, BMW will provide the hydrogen fuel-cell electric vehicles (FCEVs), Sasol will supply the green hydrogen and mobile refueler, and Anglo American will provide platinum group metals (PGMs) used in FCEVs.Anglo-American
Platinum Group Metals Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand for Catalytic Converters from the Automotive Industry
- 4.1.2 Increasing Demand for Platinum, Palladium, and Ruthenium from the Electronics Industry
- 4.1.3 Growing Jewelry Consumption in Asia-Pacific Countries
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4.2 Restraints
- 4.2.1 High Costs Involved in Production and Maintenance
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Metal Type
- 5.1.1 Platinum
- 5.1.2 Palladium
- 5.1.3 Rhodium
- 5.1.4 Iridium
- 5.1.5 Ruthenium
- 5.1.6 Osmium
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5.2 Application
- 5.2.1 Auto Catalysts
- 5.2.2 Electrical and Electronics
- 5.2.3 Fuel Cells
- 5.2.4 Glass, Ceramics, and Pigments
- 5.2.5 Jewellery
- 5.2.6 Medical (Dental and Pharmaceuticals)
- 5.2.7 Chemical Industry
- 5.2.8 Other Applications (Aircraft Turbines, Water Treatment, Sensors, Photography, Screens, and Forensic straining)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 ASEAN Countries
- 5.3.1.6 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 African Rainbow Minerals Limited
- 6.4.2 ANGLO AMERICAN PLATINUM LIMITED
- 6.4.3 GLENCORE
- 6.4.4 Implats Platinum Limited
- 6.4.5 Johnson Matthey
- 6.4.6 Norilsk Nickel
- 6.4.7 Northam Platinum Holdings Limited
- 6.4.8 Platinum Group Metals Ltd
- 6.4.9 Sibanye-Stillwater
- 6.4.10 Vale
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Usage of Platinum in Green Technology
- 7.2 Increasing Investment in the African Countries
Platinum Group Metals Industry Segmentation
Platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), osmium (Os), and iridium (Ir) are the six elements that comprise the platinum group metals (PGMs). They are widely used in various applications, such as electronics, jewelry, the chemical industry, and the medical industry, among others.
The platinum group metals market is segmented by metal type, application, and geography. By type, the market is segmented into platinum, palladium, rhodium, iridium, ruthenium, and osmium. By application, the market is segmented into autocatalysts, electrical and electronics, fuel cells, glass, ceramics and pigments, jewelry, medical (dental and pharmaceuticals), chemical industry, and other applications (aircraft turbines, water treatment, sensors, photography, screens, and forensic straining). The report also covers the market sizes and forecasts in 15 countries across the major region.
For each segment, the market sizing and forecasts have been done based on volume (tons).
| Metal Type | Platinum | |
| Palladium | ||
| Rhodium | ||
| Iridium | ||
| Ruthenium | ||
| Osmium | ||
| Application | Auto Catalysts | |
| Electrical and Electronics | ||
| Fuel Cells | ||
| Glass, Ceramics, and Pigments | ||
| Jewellery | ||
| Medical (Dental and Pharmaceuticals) | ||
| Chemical Industry | ||
| Other Applications (Aircraft Turbines, Water Treatment, Sensors, Photography, Screens, and Forensic straining) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| ASEAN Countries | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Platinum Group Metals Market Research FAQs
How big is the Platinum Group Metals Market?
The Platinum Group Metals Market size is expected to reach 625.03 tons in 2024 and grow at a CAGR of 4.48% to reach 778.16 tons by 2029.
What is the current Platinum Group Metals Market size?
In 2024, the Platinum Group Metals Market size is expected to reach 625.03 tons.
Who are the key players in Platinum Group Metals Market?
Anglo American Platinum Limited, Norilsk Nickel, Implats Platinum Limited, Sibanye-Stillwater and African Rainbow Minerals Limited are the major companies operating in the Platinum Group Metals Market.
Which is the fastest growing region in Platinum Group Metals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Platinum Group Metals Market?
In 2024, the Asia Pacific accounts for the largest market share in Platinum Group Metals Market.
What years does this Platinum Group Metals Market cover, and what was the market size in 2023?
In 2023, the Platinum Group Metals Market size was estimated at 597.03 tons. The report covers the Platinum Group Metals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Platinum Group Metals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the future trends for the Platinum Group Metals Market?
The future trends for the Platinum Group Metals Market are a) Substitution of PGMs with cheaper materials or technological advancements could affect demand b) Development of new applications for PGMs beyond traditional uses could open new markets
Platinum Group Metals Industry Report
The platinum group metals (PGMs) market is poised for significant expansion, driven by its diverse applications across multiple industries. The market size and market growth are heavily influenced by the demand for auto catalysts, which dominate the industry due to stringent emissions standards. In addition, the electrical and electronics sector is expanding its use of PGMs, owing to their superior conductivity. The industry analysis indicates that the burgeoning automotive sector, particularly advancements in electric and fuel cell vehicles, continues to drive the demand for PGMs.
The market forecast suggests that despite potential supply risks due to fluctuating platinum production and geopolitical instabilities, the market outlook remains positive. Industry reports highlight that emerging technologies and stricter environmental regulations are pushing the market towards cleaner and more sustainable industrial applications. The market overview shows that PGMs are indispensable in various applications, including medical devices, jewelry, and chemicals, further contributing to the market's growth rate.
The industry research reveals that market leaders are focusing on innovation and sustainability to maintain their competitive edge. Industry statistics and market data provide a comprehensive view of the market segmentation, indicating significant contributions from regions such as Asia-Pacific, North America, and Europe. The market review and industry information underscore the importance of PGMs in modern technology and their critical role in future advancements.
Industry trends and market predictions suggest a steady increase in market value, driven by continuous industrial demand and technological innovations. The industry outlook remains optimistic, with industry size and industry sales expected to grow. The report example and report pdf from Mordor Intelligence™ offer detailed insights into market share, market segmentation, and the overall industry landscape, making it a valuable resource for research companies and stakeholders.
