Global Platinum Group Metals Market By Metal Type(Platinum, Palladium, Rhodium, Iridium, Ruthenium, Osmium), By Application(Jewelry, Medical Devices, Electronics, Auto Catalysts, Glass and Ceramics, Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: March 2024
- Report ID: 104825
- Number of Pages: 313
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Report Overview
Platinum Group Metals Market size is expected to be worth around USD 33 Billion by 2033, from USD 23 Billion in 2023, growing at a CAGR of 4.0% during the forecast period from 2023 to 2033.
The Platinum Group Metals (PGMs) Market refers to the trading and industry associated with a group of six metallic elements: platinum, palladium, rhodium, ruthenium, iridium, and osmium. These metals share similar physical and chemical properties, which make them valuable for various industrial applications, particularly in catalytic converters, jewelry manufacturing, electronics, and chemical processing.
The market involves the extraction, production, refining, trading, and consumption of platinum group metals. Prices for these metals can be influenced by factors such as supply and demand dynamics, geopolitical events, economic conditions, and technological advancements. Additionally, the market for PGMs is also influenced by environmental regulations, particularly those related to emissions control and clean energy technologies, as PGMs are essential components in catalytic converters used to reduce vehicle emissions.
Key Takeaways
- Market Growth Projection: PGMs market to reach USD 33 billion by 2033, with a 4.0% CAGR from 2023, reflecting steady expansion.
- Platinum Dominance: Platinum holds 31.3% market share in 2023, favored for automotive and jewelry applications.
- Palladium Significance: Palladium’s demand in catalytic converters drives market share, particularly in gasoline vehicles.
- Auto Catalysts Demand: Auto catalysts claim over 26.2% market share in 2023, crucial for emissions control.
- Russia is the world’s largest producer of palladium, accounting for approximately 40% of global production.
- South Africa and Russia together account for over 90% of the world’s rhodium production.
Metal Type Analysis
Palladium Accounted for The Largest Market Share Owing to Increasing Demand from The Automotive Sector Due to The Growing Vehicle Fleet Globally
In 2023, Platinum held a dominant market position, capturing more than a 31.3% share. Platinum is widely used in various industries, including automotive, jewelry, and chemical processing, due to its excellent corrosion resistance, catalytic properties, and aesthetic appeal.
Palladium also accounted for a significant share of the market, driven by its increasing demand in catalytic converters for gasoline-powered vehicles. Its ability to efficiently convert harmful emissions into less harmful substances makes it indispensable in the automotive industry.
Rhodium, known for its exceptional catalytic properties and resistance to corrosion, held importance in the market as well. It is primarily used in catalytic converters for diesel engines and in the production of high-performance alloys for various applications.
Iridium, although less commonly used compared to platinum and palladium, plays a vital role in specialty applications such as spark plugs, electrical contacts, and aerospace components due to its high melting point and corrosion resistance.
Ruthenium, valued for its hardness and ability to withstand high temperatures, is mainly utilized as a catalyst in the chemical industry and in the production of electronics, jewelry, and medical devices.
Osmium, the least abundant and most dense of the platinum group metals, is primarily used in the production of specialized alloys, electrical contacts, and fountain pen tips, owing to its hardness and corrosion resistance.
Application Analysis
The Increasing Global Demand for Automobiles Has Led to A Rise in The Production and Installation of Autocatalysts in Vehicles
In 2023, Auto Catalysts held a dominant market position, capturing more than a 26.2% share. Auto catalysts are crucial components in vehicles, utilizing platinum group metals to convert harmful pollutants from vehicle exhaust into less harmful emissions, contributing to cleaner air and environmental sustainability.
Electrical and Electronics accounted for a significant share of the market, driven by the increasing demand for electronic devices and components that utilize platinum group metals for their conductivity, durability, and corrosion resistance.
Fuel Cells also held importance in the market, with platinum group metals playing a vital role as catalysts in fuel cell technology, which is used to generate clean electricity through the electrochemical reaction of hydrogen and oxygen.
The glass, Ceramics, and Pigments segment utilized platinum group metals for their catalytic properties, aiding in the production of glass, ceramics, and pigments with enhanced properties such as strength, color, and durability.
Jewellery, a traditional application for platinum group metals, maintained its significance in the market, with platinum, palladium, and rhodium being prized for their beauty, rarity, and resistance to tarnish and corrosion.
The Medical sector also saw notable utilization of platinum group metals in various medical devices, implants, and treatments, benefiting from their biocompatibility, corrosion resistance, and antimicrobial properties.
The chemicals segment utilized platinum group metals as catalysts in various chemical processes, facilitating efficient and sustainable production of chemicals and pharmaceuticals.
Key Market Segments
By Metal Type
- Platinum
- Palladium
- Rhodium
- Iridium
- Ruthenium
- Osmium
By Application
- Jewelry
- Medical Devices
- Electronics
- Auto Catalysts
- Glass and Ceramics
- Other Applications
Drivers
Growth in the Automotive Industry, specifically in Electric Vehicles, is Anticipated to Bolster the Market.
One of the most significant sectors growing the demand for PGMs is the automotive sector. These metals are critical components of catalytic converters, which help reduce harmful vehicle emissions. Stricter emissions standards worldwide have driven the demand for PGMs in the automotive sector.
Moreover, the transition towards electric mobility has created a surge in demand for PGMs, especially fuel cells and hydrogen-powered vehicles. PGMs are essential components in fuel cell technology, which is a key factor for sustainable transportation.
Increasing Investments in Precious Metals
PGMs have never-ending demand in investment sectors. Precious metals, including Palladium and platinum, have long been considered a refuge for investors. Their allure rises in periods of economic turbulence, drawing those seeking a stable store of value.
Beyond their appeal as an investment, PGMs are indispensable in various industries, driven by their distinct physical and chemical attributes. As these sectors continue to grow, it is likely to increase demand for PGMs.
Restraints
Supply Constraints May Hinder Growth
The majority of the world’s PGMs come from a small number of countries, notably South Africa and Russia. Political instability, labor unrest, or changes in mining regulations in these countries can disrupt the global supply of PGMs, leading to price volatility.
The Availability of Cheaper Substitutes and Increasing Recycling Operations May Hamper the Demand for Mined Metals.
The high cost of PGMs has led to efforts to substitute them with cheaper materials or to increase the recycling of PGMs from end-of-life products. This can potentially reduce the demand for newly mined PGMs.
Opportunity
Increasing Adoption of Fuel Cell Technology
Fuel cell technology is witnessing a growing adoption across different sectors, including automotive, stationary power generation, portable electronics, and material handling, which is driving the demand for platinum group metals (PGMs). The increasing adoption of fuel cell technology in the automotive sector indicates the global drive to reduce emissions to cleaner and more sustainable energy solutions.
Within these fuel cell systems, platinum group metals (PGMs) play a pivotal role as catalysts, facilitating the chemical reactions necessary for efficient energy conversion. Factors such as creating more opportunities for key players in the PGM market. Global economic activities, technological advancements, and specific applications of these metals shape the opportunities and trends in this market.
Trends
Electrification of Vehicles
The rise of electric vehicles (EVs) presents a dual-edged sword for the PGM market. On the one hand, battery EVs don’t use exhaust catalysts, which could reduce demand for PGMs. On the other hand, hydrogen fuel cell vehicles, which use platinum, might gain traction. Moreover, as PGMs are scarce and valuable, there’s a growing trend in recycling these metals, especially from catalytic converters. In addition, the market is seeing a rise in new products due to the robust research efforts of top market players.
Regional Analysis
Asia-Pacific Holds Region Accounted Significant Share of the Global Platinum Group Metals Market
Asia-Pacific held the largest market share, with 43% in Platinum Group Metals in 2023. There are several reasons behind the Asia-Pacific region as a significant consumer of PGMs. The Asia-Pacific region, particularly countries such as China and India, has been experiencing rapid economic growth, leading to increased industrialization and urbanization. This growth could drive demand for PGMs in industrial applications and vehicle manufacturing.
Governments in the Asia-Pacific region have been implementing stricter environmental regulations to address air pollution and promote cleaner technologies. This has led to higher demand for PGMs, which are crucial components of catalytic converters that help reduce harmful vehicle emissions. However, the global market dynamics for PGMs can change over time due to various economic, technological, and regulatory factors, impacting regional consumption patterns.
Key Regions and Countries
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- ASEAN
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Key Players Analysis
Strong Focus On Product Portfolio Expansion Through Various Strategies Maintain The Dominance Of Industry Leaders
Key players in this market are operating several strategies through partnerships, investments in expanding their product portfolio, mergers, and acquisitions, etc. Recycling becomes crucial due to the limited availability and higher cost of PGMs. Manufacturers often recover PGMs from spent catalytic converters, electronics, and other applications to ensure a steady supply.
Moreover, innovation in extraction, refining, and application processes is pivotal. Manufacturers can maintain their competitive edge by improving extraction efficiency or developing new applications.
Market Key Players
With the presence of several key players across the globe, the platinum group metals market is fragmented. New key players are subject to intense competition from leading market players, particularly those with strong brand recognition and high distribution networks.
As evident, the majority of these key players are based in or have significant operations in South Africa owing to its rich PGM deposits in the country. Companies have gained various expansion strategies, partnerships, and development in new research technologies to stay on top of the market.
- African Rainbow Minerals
- ANGLO AMERICAN PLATINUM LIMITED
- Glencore
- Implats Platinum Limited
- Johnson Matthey
- Norilsk Nickel
- Northam Platinum Holdings Limited
- Northam Platinum Limited
- Platinum Group Metals Ltd
- Royal Bafokeng Platinum
- Sibanye-Stillwater
- Vale
Recent Development
African Rainbow Minerals (ARM): In 2023, ARM continued its focus on operational excellence and sustainability initiatives across its PGMs portfolio, implementing advanced technologies to enhance production efficiency and reduce environmental impact.
Report Scope
Report Features Description Market Value (2023) USD 23 Bn Forecast Revenue (2033) USD 33 Bn CAGR (2023-2033) 4.0% Base Year for Estimation 2023 Historic Period 2018-2023 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Metal Type(Platinum, Palladium, Rhodium, Iridium, Ruthenium, Osmium), By Application(Jewelry, Medical Devices, Electronics, Auto Catalysts, Glass and Ceramics, Other Applications) Regional Analysis North America – The US & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia & CIS, Rest of Europe; APAC– China, Japan, South Korea, India, ASEAN & Rest of APAC; Latin America– Brazil, Mexico & Rest of Latin America; Middle East & Africa– GCC, South Africa, & Rest of MEA Competitive Landscape African Rainbow Minerals, ANGLO AMERICAN PLATINUM LIMITED, Glencore, Implats Platinum Limited, Johnson Matthey, Norilsk Nickel, Northam Platinum Holdings Limited, Northam Platinum Limited, Platinum Group Metals Ltd, Royal Bafokeng Platinum, Sibanye-Stillwater, Vale Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What are the Platinum Group Metals Market(PGMs)?PGMs are a group of six chemically and physically similar elements that belong to the same group in the periodic table. These elements are platinum (Pt), palladium (Pd), rhodium (Rh), ruthenium (Ru), iridium (Ir), and osmium (Os).
What is the size of Platinum Group Metals Market?In 2022, the Global Platinum Group Metals Market was valued at US$ 15,373 Million, and is expected to reach USD 23,834 Million in 2032 and from 2022.
What is the projected CAGR at which the Platinum Group Metals Market is expected to grow at?The Platinum Group Metals Market is expected to grow at a CAGR of 4.6% (2022-2032).Platinum Group Metals MarketPublished date: March 2024add_shopping_cartBuy Now get_appDownload Sample - African Rainbow Minerals
- ANGLO AMERICAN PLATINUM LIMITED
- Glencore
- Implats Platinum Limited
- Johnson Matthey
- Norilsk Nickel
- Northam Platinum Holdings Limited
- Northam Platinum Limited
- Platinum Group Metals Ltd
- Royal Bafokeng Platinum
- Sibanye-Stillwater
- Vale
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