Market Size of Platinum Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 4.52 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Platinum Market Analysis
The Platinum Market size is estimated at 8.14 Million ounces in 2024, and is expected to reach 10.15 Million ounces by 2029, growing at a CAGR of 4.52% during the forecast period (2024-2029).
The COVID-19 outbreak caused nationwide lockdowns around the world, disruptions in manufacturing activities and supply chains, and production halts, all of which had a negative impact on the market in 2020. However, conditions began to improve in 2021-2022, which is expected to boost market growth during the forecast period.
- Over the long term, increasing usage of platinum in industrial applications will drive the market.
- On the flip side, the high product prices are hampering the growth of the market studied.
- Electric vehicles (EVs) are becoming more popular, which is driving up the demand for fuel cells. This, in turn, is driving up the demand for platinum, which is good for the market during the forecast period.
- Asia-Pacific was the biggest market in the world because of how much platinum was needed for exhaust systems, electronics, making glass, and other things.
Platinum Industry Segmentation
Platinum is a highly unreactive, dense, precious, ductile, silverish-white transition metal that is mostly used in automotive exhaust systems and jewelry. The platinum market is segmented by application and geography. By application, the market is segmented into exhaust systems, jewelry, chemical catalysts, glass production, electronics, and other applications. The report also covers the market size and forecasts for the platinum metal market in 12 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (thousand ounces).
| Application | |
| Exhaust Systems | |
| Jewelry | |
| Chemical Catalysts | |
| Glass Production | |
| Electronics | |
| Other Applications |
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Platinum Market Size Summary
The platinum market is poised for growth over the forecast period, driven by increasing industrial applications and the rising demand for fuel cells in electric vehicles. Despite challenges such as high product prices, the market is expected to benefit from the recovery post-COVID-19 disruptions and the growing popularity of electric vehicles. The Asia-Pacific region, particularly countries like China, India, and Japan, is anticipated to dominate the market due to its substantial demand for platinum in automotive exhaust systems, electronics, and glass production. The automotive sector remains the largest consumer of platinum, with a significant portion used in catalytic converters, although supply chain issues and geopolitical tensions have impacted demand in recent years.
The global platinum market is characterized by consolidation, with major players like Anglo American Platinum Limited, Impala Platinum Holdings Limited, and Sibanye-Stillwater holding significant market shares. Strategic moves such as acquisitions and joint ventures, like Impala's acquisition of Royal Bafokeng Platinum and Heraeus Holding's partnership with BASF SE, are shaping the competitive landscape. These developments aim to enhance production capabilities and market positions, particularly in regions with growing demand. The market's future growth is supported by the increasing use of platinum in various sectors, including automotive, electronics, and jewelry, as well as government initiatives in key regions.
Platinum 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 Increasing Usage in the Industrial Applications
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1.1.2 Growing Demand for Applications in the Automotive Industry
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1.2 Restraints
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1.2.1 High Product Prices
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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 Consumers
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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 Application
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2.1.1 Exhaust Systems
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2.1.2 Jewelry
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2.1.3 Chemical Catalysts
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2.1.4 Glass Production
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2.1.5 Electronics
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2.1.6 Other Applications
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Rest of Europe
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2.2.4 Rest Of The World
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2.2.4.1 South America
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2.2.4.2 Middle-East and Africa
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Platinum Market Size FAQs
How big is the Platinum Market?
The Platinum Market size is expected to reach 8.14 million ounces in 2024 and grow at a CAGR of 4.52% to reach 10.15 million ounces by 2029.
What is the current Platinum Market size?
In 2024, the Platinum Market size is expected to reach 8.14 million ounces.
