Platinum Market size to grow by USD 1.74 billion from 2022 to 2027, Growth opportunities led by African Rainbow Minerals Ltd. and Anglo American South Africa Investments Proprietary Ltd., Technavio
NEW YORK, March 14, 2024 /PRNewswire/ -- The platinum market size is expected to increase by USD 1,740.09 million from 2022 to 2027, registering a CAGR of 4.5%, according to the latest research report from Technavio. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 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 are among some of the major market participants.
- African Rainbow Minerals Ltd. - The company offers platinum such as Modikwa, Two Rivers, and Nkomati.
- Anglo American South Africa Investments Proprietary Ltd. - The company offers platinum for jewellery making.
- Asahi Group Holdings Ltd. - The company offers platinum for jewellery, dentistry, and plating treatment.
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The market is fragmented due to the presence of diversified international and regional vendors. The growing demand for platinum in various industries is the major factor driving the market growth. Platinum's usage in various industrial applications is on the rise due to its desirable properties. It serves as a catalyst in the production of essential chemicals and synthetics, thanks to its durability, hardness, high melting point, corrosion resistance, and temperature stability. The metal is also utilized as an alloying agent in several industries due to its hardness and density. Moreover, the demand for platinum is increasing in the industrial sector, particularly in the glass industry, where it is employed in the manufacturing of vessels that handle molten glass. Platinum's high melting point, strength, and corrosion resistance allow it to withstand the abrasive nature of molten glass. Additionally, platinum acts as a catalyst in the production of nitric acid. As a result, the expanding production plants across various end-user industries are expected to drive the demand for platinum in the forecast period, fueling the growth of the global platinum market.
- The growing demand for exhaust systems in the automobile industry is an emerging trend supporting market growth.
- The presence of counterfeit products in the e-retailing space is a significant challenge hindering market growth.
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Platinum Market is segmented as below:
- End-user
- Automotive
- Jewelry
- Industrial
- Investment
- Geography
- APAC
- Europe
- North America
- South America
- Middle East And Africa
The market share growth by the automotive segment will be significant during the forecast period. Platinum finds extensive application in the automotive industry, primarily as a catalyst to reduce the emission of hazardous gases like CO2 and NO2 from vehicles. It is also utilized in various automotive components, including antilock braking systems, airbag initiators, and spark plugs. Stringent government regulations on emissions have further amplified the usage of platinum in the automotive sector. Platinum plays a pivotal role in enhancing the efficiency and environmental-friendliness of modern vehicles. Technological advancements, such as fuel cells and electronic components, heavily rely on platinum. The physical properties of platinum, such as conductivity, stability, and durability, are harnessed in electronic and safety systems to enhance automobile reliability. Platinum-based automotive catalysts are particularly employed in diesel-powered vehicles to mitigate emissions. These factors collectively drive the demand for platinum in the automotive industry.
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Analyst Review
The Platinum Market is a dynamic landscape influenced by various factors ranging from product prices to the growth of the market itself. One of the significant drivers of this market is the increasing demand for electric vehicles (EVs), which rely on platinum group metals in their catalytic converter systems for pollutant reduction. This demand surge is further fueled by the global shift towards cleaner transportation solutions, resulting in a surge in platinum usage within exhaust systems and oxygen sensors.
Moreover, the automobile industry plays a pivotal role in shaping the platinum market. Light-vehicle sales and automotive production figures directly impact platinum consumption, particularly in catalytic converters, exhaust manifolds, and mufflers. As affordability becomes a crucial aspect of consumer decision-making, the adoption of platinum-based catalytic converters becomes vital due to their efficiency in pollutant reduction compared to other alternatives.
Additionally, the technological advancements in electronics and semiconductors contribute to the platinum market growth. Battery-operated vehicles utilize platinum in their fuel cells, further expanding its scope beyond traditional internal combustion engines. Low-friction coatings incorporating platinum find applications in industrial settings, contributing to noise reduction and improved efficiency in various machinery.
In parallel, platinum retains its allure in jewelry markets, both in its pure form and as an alloy with gold. Diamond jewelry adorned with platinum settings exemplifies luxury and elegance, maintaining platinum's status as a symbol of prestige.
The Platinum Market also extends its reach into industrial applications, where platinum is utilized in glass production, catalyzing chemical reactions and enhancing product quality. Its remarkable properties, such as resistance to corrosion and high-temperature stability, make it indispensable in critical processes.
As industries strive towards sustainability and environmental responsibility, the platinum market stands at the forefront, offering solutions that contribute to noise reduction, pollutant reduction, and overall environmental conservation. With ongoing research and development, coupled with strategic partnerships within the automotive and industrial sectors, the platinum market is poised for sustained growth, driving innovation and progress across diverse industries.
Market Overview
In the electronics, catalytic converter systems, and exhaust manifolds, platinum reigns supreme. Its pivotal role in catalytic converters, particularly in oxygen sensors, underscores its significance in curbing emissions. However, the burgeoning electric vehicle (EV) sector poses challenges, as demand for traditional exhaust components may decline. Yet, this shift also presents opportunities, with platinum group metals finding new applications in EV technologies. Amidst fluctuating product prices, understanding the evolving dynamics is crucial for market participants. Adapting to the changing landscape, stakeholders must track the growth of the market and leverage innovations to maintain platinum's prominence in both traditional automotive and emerging EV sectors.
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Table of contents
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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SOURCE Technavio
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