Global Platinum Group Metals Market Size is Estimated to Reach USD 21,761.08 by 2030, Growing at a CAGR of 4.44%: Straits Research
According to Straits Research, “The global platinum group metals market size was valued at USD 14,719.01 million in 2021. It is projected to reach USD 21,761.08 million by 2030, growing at a CAGR of 4.44% during the forecast period (2022-2030).”
New York, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Platinum group metals are six chemically, physically, and anatomically identical elements and are together in the periodic table and consist of platinum, rhodium, palladium, iridium, ruthenium, and osmium. They are extensively utilized in various products, including oxygen sensors, fuel cells, auto catalysts, jewelry, electronic parts, flat-panel computers, medical equipment, computer hard drives, razors, spark plugs, and glass manufacturing. Platinum group metals are renowned for their exceptional catalytic qualities, high melting points, and purity.
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Increasing Demand for Platinum, Palladium, and Ruthenium from the Electrical and Electronics Industry Drives the Global Market
Numerous platinum group metals are used in the electrical and electronic industries. Ruthenium and platinum are used to create computer displays. LCD screens are used in various electronic devices, including laptops, tablets, smartphones, computer monitors, instrument panels, cockpit displays, digital indoor and outdoor signage, and other gadgets. The global consumer electronics market has increased due to the demand for mobile phones, portable computers, gaming consoles, and other personal devices. Palladium is also an essential player in the electronics industry; it is used in various electronic products, from essential consumer goods to complex military equipment.
Growing Applications of Platinum in Various Sectors Creates Tremendous Opportunities
Jewelry is considered the most important use of platinum as it accounts for a considerable portion of the metal's widespread use. One of the catalytic converters' main applications is to reduce vehicles' hazardous emissions. Platinum-based anti-cancer medications are in high demand in the medical field, and platinum-electrode-containing medical equipment, such as pacemakers, are used to treat cardiac issues. Platinum is a catalyst in automobiles because it controls greenhouse gas emissions. Additionally, because of its superior strength, reliability, and durability, it helps reduce waste. Additionally, PGMs' high degree of recyclability lessens their environmental impact.
Regional Analysis
Asia-Pacific platinum group metals market share is expected to grow at a CAGR of 5.60% during the forecast period. China is the most powerful nation in the world for electronics production. Products, including smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic gadgets, all had the fastest growth in the electronics sector. The country not only produces enough electronics for domestic consumption but also exports electrical goods to other nations and is a significant PCB producer globally. Moreover, Semiconductor Manufacturing International Corporation is the top manufacturer of chips and semiconductor devices in the country (SMIC). The government needs more IoT due to initiatives like the "Digital India" and "Smart City" projects. To promote electronics manufacturing in India, the government launched several programs, such as the Scheme for Promotion of the Manufacturing of Electronic Components and Semiconductors (SPECS).
North America is expected to grow at a CAGR of 2.92%, during the forecast period. Numerous companies in the US are making light-duty hydrogen fuel cell electric vehicles. Few places, including Southern and Northern California, have access to hydrogen fueling stations, which are scarce. The US OTC market is expected to continue growing due to an aging population, a consumer self-medication trend, and the conversion of prescription drugs to OTC status. Canada produces around 2 million cars and light trucks annually, contributing substantially to the global auto industry. The electronics industry is one of the leading manufacturing industries in the nation. The consumer electronics industry in Canada expanded and grasped new opportunities due to Canadians' penchant for cutting-edge items.
Europe is anticipated to grow significantly during the forecast period. Germany dominates the European auto industry and manufactures one-third of the cars on the continent with its 41 assembly and engine production sites. The nation's industrial output in the electric sector accounts for 11% of total industrial production and 3% of the gross domestic product (GDP). The industrial sector in the UK is rapidly growing. The manufacturing sector, which includes the production of food, medicines, light industries, metal processing, and petroleum refining, accounts for around 80% of the country's overall industrial output. With the help of British policymakers, companies at the forefront of fuel cell innovation have uncovered numerous opportunities to advance their technology in the UK during the past year.
Key Highlights
Based on type, the global platinum group metals market is bifurcated into platinum, palladium, rhodium, iridium, ruthenium, and osmium. The palladium segment is the highest contributor to the market and is expected to grow at a CAGR of 4.26% during the forecast period.
Based on application, the global platinum group metals market is bifurcated into autocatalysts, electricals and electronics, fuel cells, glass, ceramics, and pigments, jewelry, medical (dental and pharmaceuticals), chemical industry, and other applications. The autocatalysts segment owns the highest market share and is expected to grow at a CAGR of 0.33% during the forecast period.
Asia-Pacific is the most significant shareholder in the global platinum group metals market and is expected to grow at a CAGR of 5.60% during the forecast period.
Competitive Players
The global platinum group metals market’s major key players are African Rainbow Minerals, Anglo American Platinum, Glencore, Implats Platinum Limited, Johnson Matthey, Norilsk Nickel, Northam Platinum Limited, Royal Bafokeng Platinum, Sibanye-Stillwater, and Platinum Group Metals Ltd., and others.
Market News
In April 2022, Platinum Group Metals Ltd. Announced that the Waterberg Project is planned as a fully mechanized, shallow, decline access palladium, platinum, gold, and rhodium ("4E") mine and is projected to be one of the highest and lowest cost underground platinum group metals ("PGM" or "PGMs") mines globally.
In September 2022, Anglo American Platinum announced the revised 2022 refined production guidance, as their quality assurance processes detected the delivery of sub-standard materials for the Polokwane smelter rebuild.
Global Platinum Group Metals Market: Segmentation
By Metal Type
Platinum
Palladium
Rhodium
Iridium
Ruthenium
Osmium
By Applications
Autocatalysts
Electricals and Electronics
Fuel Cells
Glass, Ceramics, and Pigments
Jewelry
Medical (Dental and Pharmaceuticals)
Chemical Industry
Other Applications
By Regions
North America
Europe
Asia-Pacific
LAMEA
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