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Platinum Group Metals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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    Report

  • 150 Pages
  • August 2022
  • Region: Global
  • Mordor Intelligence
  • ID: 4771877
The platinum group metals market is projected to register a CAGR of over 4.5% during the forecast period (2022-2027).

The market was negatively impacted by the COVID-19 pandemic in 2020. However, the market has now been estimated to have reached pre-pandemic levels, and it is expected to grow steadily during the forecast period.

Over the short term, the growing demand for catalytic converters from the automotive industry and increasing demand for platinum, palladium, and ruthenium from the electronics industry are expected to drive the market growth.

The high costs involved in the maintenance of platinum group metals are expected to hinder the market's growth.

Increasing R&D activities for the application of platinum group metals in the electronics sector and increasing investments in the African countries in the field of platinum group metals are likely to create opportunities for the market in the coming years.

The Asia-Pacific region is expected to dominate the market and witness the highest CAGR during the forecast period.

Key Market Trends


Platinum is Expected to Dominate the Market


The most important application of platinum is considered to be in the jewelry category, as it represents a major share of the overall platinum consumption.

The application of catalytic converters to decrease harmful emissions from automobiles is also one of the major applications.

In the medical industry, the demand for platinum-based anti-cancer drugs is increasing significantly, while cardiac problems are treated with the help of medical devices, such as the pacemaker, which contains platinum electrodes.

Platinum is employed as a catalyst in motor cars, as it regulates the emission of greenhouse gases. Moreover, it contributes to waste reduction, as it is highly durable, strong, and reliable. Furthermore, the high recyclability of PGMs minimizes the load on the environment.

The largest platinum producing country by far is South Africa, having produced an estimated 120 metric ton of platinum in 2020. Russia is the second-largest platinum-producing country in the world, with significantly lower production of an estimated 21 metric ton in 2020.

Companies such as Johnson Matthey, WC Heraeus, and BASF SE are involved in the fabrication of platinum products, while the key platinum jewelry manufacturers include Tiffany & Co. and Tanishq.

Owing to all these factors, platinum metal is expected to dominate the market.



The Asia-Pacific Region is Expected to Dominate the Market


The Asia-Pacific region has accounted for the largest share in the market for platinum group metals, with almost half of the global share, and it is expected to be the fastest-growing market.

In March 2021, the country announced the plan to include 1 million fuel-cell vehicles in operation by 2030, according to an energy savings vehicle development plan drafted by authorities, despite only 2,700 such cars selling in the country last year and the construction of 1,000 hydrogen refueling stations by 2030, majorly focusing on heavy-duty vehicles. This is likely to drive the demand for fuel cells in the country during the forecast period.

The Indian electronics market is expected to reach USD 400 billion by 2025. Additionally, India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025.

Additionally, in India, technology transitions, such as the country planning to introduce 5G networks and the increasing use of IoT (Internet of Things), are driving the adoption of electronics products. Initiatives such as ‘Digital India’ and ‘Smart City’ projects have raised the demand for IoT in the country.

The Japanese chemical industry is the country’s second-largest manufacturing industry behind transportation machinery, thereby providing a favorable market base for precious metal catalysts. The Japanese chemical industry is dominated by a group of major corporations. Most of them are highly diversified and sport a large number of subsidiaries.

Based on the aforementioned aspects, the Asia-pacific region is expected to dominate the global market.



Competitive Landscape


The platinum group metals market is consolidated, with the top five players accounting for a major share of the market. Some of the major players in the market (in no particular order) include Anglo American Platinum, Norilsk Nickel, Implats Platinum Limited, Sibanye-Stillwater, and African Rainbow Minerals, among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.

Table of Contents

1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
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
4.2 Restraints
4.2.1 High Costs Involved in Maintenance
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Production Analysis
4.6 Price Analysis
5 MARKET SEGMENTATION
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
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 Chemicals
5.2.8 Other Applications
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 Share Analysis**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 African Rainbow Minerals
6.4.2 Anglo American Platinum
6.4.3 Glencore
6.4.4 Implats Platinum Limited
6.4.5 Johnson Matthey
6.4.6 Northam Platinum Limited
6.4.7 PJSC MMC Norilsk Nickel
6.4.8 Royal Bafokeng Platinum
6.4.9 Sibanye-Stillwater
6.4.10 Vale Acton
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Future use of Fuel Cells
7.2 Increasing Investment in the African Countries

Samples

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Companies Mentioned

A selection of companies mentioned in this report includes:

  • African Rainbow Minerals
  • Anglo American Platinum
  • Glencore
  • Implats Platinum Limited
  • Johnson Matthey
  • Northam Platinum Limited
  • PJSC MMC Norilsk Nickel
  • Royal Bafokeng Platinum
  • Sibanye-Stillwater
  • Vale Acton

Methodology

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