Platinum Market size is set to grow by USD 1.75 billion from 2024-2028, growing demand for platinum in various industries to boost the market growth, Technavio

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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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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Segment Overview 

This platinum market report extensively covers market segmentation by

1. End-user 
• 1.1 Automotive
• 1.2 Jewelry
• 1.3 Industrial
• 1.4 Investment
2. Source 
• 2.1 Primary
• 2.2 Secondary
3. 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.

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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
• Primary
• Secondary
• 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.

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SOURCE Technavio