Market Size of Platinum Group Metals Industry
| 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 |
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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 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 | ||||||||
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Platinum Group Metals Market Size Summary
The platinum group metals (PGMs) market is poised for steady growth, driven by increasing demand from various industries. The automotive sector, in particular, is a significant contributor to this demand, as PGMs are essential components in catalytic converters that reduce vehicle emissions. The electronics industry also plays a crucial role, with metals like platinum, palladium, and rhodium being used in electronic components such as microprocessors and circuit boards. Additionally, the jewelry market in Asia-Pacific, especially in countries like Japan, is witnessing a rise in consumption of these metals. Despite the high production costs associated with PGMs, their application in green technologies and the growing investments in the platinum industry in Africa present promising opportunities for market expansion.
The Asia-Pacific region is expected to dominate the global PGMs market, with the highest growth rate anticipated during the forecast period. This growth is attributed to the increasing demand for PGMs in automotive and electronics applications, as well as the burgeoning jewelry market. The region's robust automotive industry, particularly in India and China, is a key driver, with significant contributions to the demand for autocatalysts. The market is characterized by a consolidated structure, with major players like Anglo American Platinum Limited, Norilsk Nickel, and Sibanye-Stillwater leading the industry. Recent strategic moves, such as acquisitions and collaborations, further underscore the dynamic nature of the market, positioning it for continued growth in the coming years.
Platinum Group Metals Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Catalytic Converters from the Automotive Industry
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1.1.2 Increasing Demand for Platinum, Palladium, and Ruthenium from the Electronics Industry
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1.1.3 Growing Jewelry Consumption in Asia-Pacific Countries
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1.2 Restraints
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1.2.1 High Costs Involved in Production and Maintenance
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Metal Type
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2.1.1 Platinum
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2.1.2 Palladium
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2.1.3 Rhodium
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2.1.4 Iridium
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2.1.5 Ruthenium
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2.1.6 Osmium
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2.2 Application
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2.2.1 Auto Catalysts
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2.2.2 Electrical and Electronics
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2.2.3 Fuel Cells
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2.2.4 Glass, Ceramics, and Pigments
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2.2.5 Jewellery
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2.2.6 Medical (Dental and Pharmaceuticals)
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2.2.7 Chemical Industry
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2.2.8 Other Applications (Aircraft Turbines, Water Treatment, Sensors, Photography, Screens, and Forensic straining)
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 ASEAN Countries
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2.3.1.6 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Saudi Arabia
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Platinum Group Metals Market Size 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.
