NEW
YORK, June 19, 2024 /PRNewswire/ -- The
global platinum market size is estimated to grow by
USD 1.75 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 4.36% during the forecast period. Growing
demand for platinum in various industries is driving market
growth, with a trend towards growing demand for exhaust
systems in automobile industry. However, energy intensive
processing of platinum poses a challenge. Key market players
include African Rainbow Minerals Ltd., Anglo American South Africa
Investments Proprietary Ltd., Asahi Group Holdings Ltd., Chimet
Spa, Eastern Platinum Ltd., Emerald Jewel Industry India Ltd.,
Eurasia Mining PLC, Glencore Plc, Heesung PMTech Corp., Heraeus
Holding GmbH, Hindustan Platinum Pvt. Ltd., Impala Platinum
Holdings Ltd., Indian Platinum Pvt. Ltd., Johnson Matthey Plc,
Nihon Material Co.Ltd., Northam Platinum Ltd., PJSC MMC Norilsk
Nickel, Platinum Industries Pvt. Ltd, Sibanye Stillwater Ltd., and
Vale SA.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (Automotive,
Jewelry, Industrial, and Investment), Source (Primary and
Secondary), and Geography (APAC, Europe, North America, South
America, and Middle East and Africa)
|
Region
Covered
|
APAC, Europe, North
America, South America, and Middle East and Africa
|
Key companies
profiled
|
African Rainbow
Minerals Ltd., Anglo American South Africa Investments Proprietary
Ltd., Asahi Group Holdings Ltd., Chimet Spa, Eastern Platinum Ltd.,
Emerald Jewel Industry India Ltd., Eurasia Mining PLC, Glencore
Plc, Heesung PMTech Corp., Heraeus Holding GmbH, Hindustan Platinum
Pvt. Ltd., Impala Platinum Holdings Ltd., Indian Platinum Pvt.
Ltd., Johnson Matthey Plc, Nihon Material Co.Ltd., Northam Platinum
Ltd., PJSC MMC Norilsk Nickel, Platinum Industries Pvt. Ltd,
Sibanye Stillwater Ltd., and Vale SA
|
Key Market Trends Fueling Growth
Platinum is a valuable metal used primarily in the automotive
industry for exhaust systems, neutralizing harmful emissions. The
automotive sector accounts for over 35% of platinum demand.
Increasing environmental concerns and net-zero emission goals are
driving market growth. Diesel vehicles contain 3-7 grams of
platinum. Hydrogen fuel cell vehicles, using twice the amount, also
boost demand. Platinum's effectiveness in facilitating chemical
reactions in fuel cells results in zero emissions. These factors
contribute significantly to the growth of the platinum
market.
The Platinum Market is currently experiencing significant trends
in various sectors. Hydrogene and fuel cells are gaining traction
due to their eco-friendly nature. Cars and trucks are transitioning
to hydrogen power, and fuel cells are being used for electricity
generation. Macroeconomic conditions and automotive industry trends
are driving this shift. Catalysts are essential for the efficient
operation of fuel cells, and companies are investing in their
research and development. The demand for durable and efficient
catalysts is increasing. Additionally, the use of electrification
in various industries is a growing trend. Exhaust heat recovery
systems are being employed to increase efficiency and reduce
emissions. The automotive industry is also focusing on producing
more efficient and cost-effective electric vehicles. Overall, the
Platinum Market is witnessing a surge in demand for hydrogen and
fuel cells, as well as electrification technologies.
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Market Challenges
- Platinum production involves mining ore using heavy machinery,
which consumes substantial energy. Energy-intensive processes like
smelting, refining, and chemical processing increase manufacturing
costs. Rising energy prices further escalate expenses, potentially
leading to higher platinum prices and decreased demand. The complex
and costly production process poses challenges for the growth of
the global platinum market.
- In the Platinum Market, production and procurement of certain
goods and services pose significant challenges. These include
cells, exhaussts, semiconductors, and sensors. The automobile
industry, for instance, faces challenges in sourcing certain
catalytic converters and rare earth materials. Additionally,
insufficient supply of key components like batteries and microchips
can hinder progress. The global supply chain disruptions caused by
the pandemic have further complicated matters. To mitigate these
challenges, companies must adopt innovative strategies such as
diversifying suppliers, investing in research and development, and
implementing agile supply chain management. By staying proactive
and adaptable, businesses can navigate the complexities of the
Platinum Market and thrive in an ever-changing environment.
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challenges - Download a Sample Report
Segment Overview
This platinum market report extensively covers market
segmentation by
- End-user
- 1.1 Automotive
- 1.2 Jewelry
- 1.3 Industrial
- 1.4 Investment
- Source
- 2.1 Primary
- 2.2 Secondary
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Automotive- At Platinum Market, we provide
top-tier business solutions. Our team of experts collaborates to
deliver effective strategies, enhancing your company's productivity
and profitability. We focus on market analysis, competitive
research, and customer engagement to ensure your business thrives.
Our commitment is to help you succeed in your industry.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2018 - 2022) - Download a Sample Report
Research Analysis
The Platinum market is experiencing significant shifts due to
various factors. Production halts in the chemical sector have led
to a decrease in supply, resulting in a surge in product prices.
The automobile industry, a major consumer of platinum, has seen
production halts due to stricter emission regulations. The demand
for platinum group metals in exhaust systems for electric vehicles
and fuel cells is on the rise. The circular economy is gaining
momentum, with recycling facilities playing a crucial role in
sourcing platinum. Regulatory authorities are pushing for joint
ventures to ensure sustainable production and reduce the
environmental impact. Platinum is also used in catalytic
converters, jewelry segment, and electronic equipment. Spanish
explorers discovered platinum as a rare precious metal, and it
continues to be a valuable element in various applications.
Market Research Overview
The Platinum Market refers to the global trade and commerce of
the precious metal, platinum. This valuable metal is primarily used
in various industries such as automotive, jewelry, electrical
contacts, and catalytic converters. Platinum is known for its high
melting point, malleability, and resistance to corrosion, making it
an essential element in numerous applications. The production of
platinum mainly comes from South
Africa and Russia, with
other significant contributors being the
United States, Canada, and
Australia. The demand for platinum
is driven by its industrial uses, particularly in the automotive
sector, where it is used in catalytic converters to reduce
emissions. The price of platinum is influenced by various factors,
including supply and demand, geopolitical risks, and economic
conditions. The market for platinum is expected to grow due to
increasing industrialization and urbanization in developing
countries, leading to an increase in demand for platinum in various
sectors.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Automotive
- Jewelry
- Industrial
- Investment
- Source
-
- Geography
-
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio