Wilmington, delaware, Oct. 16, 2023 (GLOBE NEWSWIRE) -- Global Platinum-Group Metals Market value is US$ 14.8 billion in 2023 and is expected to grow at a significant CAGR of over 4.5% over the forecast period of 2023-2030, according to the latest market report by RationalStat
Market Definition, Market Scope, and Report Overview
The Platinum-Group Metals (PGMs) market is influenced by various drivers that impact supply, demand, and prices of these precious metals. The automotive industry is a major driver of PGM demand, primarily for catalytic converters. Stricter emissions regulations and the global shift toward cleaner vehicles contribute to increased demand for PGMs, particularly platinum, palladium, and rhodium.
Governments across the globe are implementing stricter emissions regulations for vehicles and other sources of pollution. This is driving the demand for PGMs, which are used in catalytic converters and other pollution control devices.
Further, PGMs have essential uses in various industrial applications, including electronics, chemical processing, and aerospace. Advances in these industries can drive increased demand for PGMs. Platinum is highly valued in the jewelry industry for its beauty and durability. Changes in consumer preferences and economic conditions can influence demand for platinum jewelry.
- According to a deep-dive market assessment by RationalStat, the global platinum-group metals has been analyzed on the basis of market segments, including type, crop type, application and geography/regions (including North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
- Market intelligence for the global platinum-group metals covers market sizes on the basis of market value (US$/EUR Million) and volume (Kg/Tons) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
- In addition, the long-term sector and products/services 10-year outlook and its implications on the global platinum-group metals. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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Global Platinum-Group Metals Market: Segmental and Market Share Analysis
- On the basis of type, the palladium segment is dominating the global platinum-group metals market on the basis of type. Palladium is the most widely used PGM in the automotive industry, where it is used to manufacture catalytic converters. Catalytic converters reduce harmful emissions from vehicles, and they are required by law in many countries. The growing demand for vehicles, particularly in developing countries, is driving the demand for palladium.
- Based on application, the auto catalysts segment is dominating the global platinum-group metals (PGMs) market based on application. Governments across the globe are implementing stricter emissions regulations for vehicles. This is driving the demand for auto catalysts, which use PGMs to reduce harmful emissions from vehicles.
Report Synopsis
| Report Metrics | Details |
| Base Year | 2023 |
| Forecast Period | 2023-2030 |
| Base Year Market Size | US$ 14.8 billion |
| Market Size Forecast | US$ 20.2 billion |
| Growth Rate | 4.5% |
| Key Market Drivers |
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| Dominating Region |
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| Dominating Segment |
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| Companies Profiled |
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Competition Analysis and Market Structure
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global platinum-group metals include,
- In September 2023, Platinum Equity announced the signing of a definitive agreement to acquire a majority interest in The Cook & Boardman Group from Littlejohn & Co., LLC.
Some of the prominent players and suppliers operating and contributing significantly to the global platinum-group metals growth include African Rainbow Minerals, Anglo American Platinum, Glencore, Implats Platinum Limited, Johnson Matthey, Northam Platinum Limited, PJSC MMC Norilsk Nickel, Royal Bafokeng Platinum, and Sibanye-Stillwater, among others.
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RationalStat has segmented the global platinum-group metals based on type, application, and region.
- Global Platinum-Group Metals Market Value (US$ Million), Volume (Kg/Tons), and Market Share (2019-2030) Analysis by Type
- Platinum
- Palladium
- Rhodium
- Iridium
- Ruthenium
- Osmium
- Global Platinum-Group Metals Market Value (US$ Million), Volume (Kg/Tons), and Market Share (2019-2030) Analysis by Application
- Auto Catalysts
- Electrical and Electronics
- Fuel Cells
- Glass, Ceramics, and Pigments
- Jewelry
- Others
- Global Platinum-Group Metals Market Value (US$ Million), Volume (Kg/Tons), and Market Share (2019-2030) Analysis by Region
- North America Platinum-Group Metals Market
- US
- Canada
- Latin America Platinum-Group Metals Market
- Brazil
- Mexico
- Rest of Latin America
- Western Europe Platinum-Group Metals Market
- Germany
- UK
- France
- Spain
- Italy
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe Platinum-Group Metals Market
- Russia
- Poland
- Hungary
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Platinum-Group Metals Market
- China
- Japan
- India
- South Korea
- Australia
- ASEAN
- Indonesia
- Thailand
- Philippines
- Vietnam
- Malaysia
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Platinum-Group Metals Market
- GCC
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Nigeria
- Turkey
- Rest of the Middle East & Africa
- GCC
- North America Platinum-Group Metals Market
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Key Questions Answered in the Platinum-Group Metals Report:
- What will be the market value of the global platinum-group metals by 2030?
- What is the market size of the global platinum-group metals?
- What are the market drivers of the global platinum-group metals?
- What are the key trends in the global platinum-group metals?
- Which is the leading region in the global platinum-group metals?
- What are the major companies operating in the global platinum-group metals?
- What are the market shares by key segments in the global platinum-group metals?
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RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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RationalStat is an end-to-end global market intelligence and consulting company that provides comprehensive market research reports, customized strategy, and consulting studies. The company has sales offices in India, Mexico, and the US to support global and diversified businesses. The company has over 80 consultants and industry experts, developing more than 850 market research and industry reports for its report store annually.
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