Market Overview:
The global platinum group metals market size reached US$ 40.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 55.0 Billion by 2032, exhibiting a growth rate (CAGR) of 3.5% during 2024-2032.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023
|
US$ 40.2 Billion |
Market Forecast in 2032
|
US$ 55.0 Billion |
Market Growth Rate 2024-2032 |
3.5% |
Platinum group metals are six chemically, physically, and anatomically similar elements clustered together in the periodic table. They consist of platinum, rhodium, palladium, iridium, ruthenium and osmium. They are widely used in oxygen sensors, fuel cells, auto catalysts, jewelry making, electronic components, flat-panel computers, medical tools, computer hard drives, razors, spark plugs and glass production. Platinum group metals are known for their purity, high melting points and unique catalytic properties. In addition to this, they exhibit various properties, such as softness, ductile high melting point, resistance to heat, corrosion and oxidation. As compared to other metals, platinum group metals are more soft, easy to shape, unreactive and have a higher melting point.
Platinum Group Metals Market Trends:
The widespread product adoption in the automotive industry is one of the key factors driving the growth of the market. Platinum group metals are widely used for manufacturing auto catalysts used in the exhaust system of vehicles to control the emission of harmful gasses. In line with this, the increasing product utilization in manufacturing automobile sensors and spark plugs that ignites the fuel and air mixture to produce power are favoring the market growth. Moreover, various technological innovations, such as the introduction of handheld X-ray fluorescence (XRF) instrument, to analyze platinum group metals in catalytic converters, are providing an impetus to the market growth. This, in turn, aids in providing precise, accurate, fast and non-destructive analysis. Additionally, the increasing product demand in the medical industry for platinum-based anticancer medicines and medical devices, such as pacemakers, is positively impacting the market growth. Apart from this, the increasing demand for platinum group metals in the production of many active pharmaceutical ingredients (APIs) and widespread product utilization in the jewelry industry for electroplating are creating a positive outlook for the market.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global platinum group metals market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on metal type and application.
Breakup by Metal Type:
- Platinum
- Palladium
- Rhodium
- Iridium
- Ruthenium
- Osmium
Breakup by Application:
- Auto Catalysts
- Electrical and Electronics
- Fuel Cells
- Glass, Ceramics and Pigments
- Jewellery
- Medical (Dental and Pharmaceuticals)
- Chemicals
- Others
Breakup by Region:
- North America
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being African Rainbow Minerals Limited, Anglo American Platinum Limited, Eastern Platinum Limited, Glencore plc, Impala Platinum Holdings Limited, Johnson Matthey, Northam Platinum Limited, Royal Bafokeng Platinum Ltd. and Sibanye-Stillwater.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Segment Coverage |
Metal Type, Application, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
Companies Covered |
African Rainbow Minerals Limited, Anglo American Platinum Limited, Eastern Platinum Limited, Glencore plc, Impala Platinum Holdings Limited, Johnson Matthey, Northam Platinum Limited, Royal Bafokeng Platinum Ltd. and Sibanye-Stillwater. |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |