London, April 18, 2024 (GLOBE NEWSWIRE) -- Global platinum market size is expected to secure a CAGR of 5.3% from 2023 to 2030. The market is predicted to hit a revenue of US$9.9 Bn by the end of 2030, up from a revenue of US$ 6.9 Bn in 2022.
The platinum market is a segment of the precious metals industry that revolves around the mining, refining, trading, and utilization of platinum. Platinum is a rare and valuable metal with various industrial, investment, and jewellery applications.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$6.6 Bn | |
| Estimated Market Size in 2030 | US$9.9 Bn | |
| CAGR | 5.3% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The long-term outlook for the platinum market remains positive, driven by the expanding automotive industry, increasing environmental regulations, and technological advancements in catalysis and fuel cell technology.
The platinum market is a dynamic and multifaceted industry shaped by supply-demand fundamentals, technological innovation, investment trends, and environmental considerations. Platinum is an essential component of proton exchange membrane fuel cells (PEMFCs), which are used to produce renewable energy. The demand for platinum in fuel cell catalysts rises as the green energy industry develops, particularly in hydrogen fuel cell technology.
Platinum's significance in enabling clean energy technology is anticipated to grow as governments and industries throughout the world move towards more environmentally friendly and sustainable energy sources. Platinum-dependent innovations may result from increased investment in research and development related to green energy.
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Key Research Insights
- The industrial segment is anticipated to increase at the fastest rate of the platinum market.
- The automotive category dominated the industry in 2022.
- Asia Pacific is expected to dominate the platinum market during the forecast period.
- Europe is expected to be the significantly growing platinum market region.
Insights into Segmentation Analysis
The Automotive Segment is Dominant in the Market
- The automotive segment dominated the market in 2022. Due to the increased usage of commodities in the production of car catalytic converters.
- Automotive vendors have been under increasing pressure from regulatory agencies to improve their fuel efficiency while lowering overall pollution emissions.
- The domination of this market is mostly due to the substantial demand for platinum from the automotive industry, particularly in nations with high levels of automobile production like Europe, China, and North America.
- The industrial category is expected to expand substantially during the forecasted period. Investors are paying more attention as platinum prices continue to decline.
Primary Platinum Dominant over Secondary Counterpart
- The primary segment dominated the market in 2022. This includes platinum obtained by mining.
- Most of the market's supply of primary platinum is produced, which is primarily supported by large-scale mining activities in nations like South Africa, Russia, and Zimbabwe.
Key Report Highlights
- Platinum has diverse applications across industries, including automotive, jewelry, chemical, petroleum, and healthcare sectors.
- The demand for platinum in fuel cell catalysts rises as the green energy industry develops.
- Strict emissions control standards drive demand for platinum in catalytic converter
Insights into Regional Analysis
Europe to Witness the Significant Growth in Sales in the Forthcoming Years
- The platinum market is anticipated to expand a notable rate in Europe.
- The region saw stagnant demand between 2019 and 2021 due to geopolitical and Brexit-related uncertainty. It did, however, observe a good trend in 2021 due to the rising demand for diesel hybrid automobiles.
- The European Automobile Manufacturers Association (ACEA) presented data showing a 47.0% rise in hybrid car production in 2019.
- Europe is making significant investments in hydrogen as a source of sustainable energy.
Asia Pacific Tops on Account of Exploding Auto Markets
- Asia Pacific is anticipated to dominate the platinum market during the projected period due to the presence of nations with strong auto industries, such as India, China, and Japan.
- It is possible that the installation of new regulatory standards, like BS-VI in the Indian car industry, will encourage manufacturers to cut back on pollutant emissions and improve fuel efficiency.
- Strong investor demand for the product is another important factor in fostering regional growth. According to a World Gold Council survey, the Chinese "Gen-Z" prefers diamond and platinum jewellery over gold jewellery items.
- A significant fraction of the population will belong to this category in the upcoming years. As a result, the market that was examined will experience an increase in demand for platinum jewellery.
Key Companies Profiled in the Global Platinum Market
- Eastern Platinum
- Eurasia Mining PLC
- Vale SA
- Anglo American Platinum Ltd.
- Implants Platinum Ltd.
- Sibanye-Stillwater
- Norilsk Nickel
- Asahi Holdings, Inc.,
- Northam Platinum Ltd.
- Chimet Spa
- Heesung Pmtech
- Heraeus Holding
- Hindustan Platinum
- Impala Platinum Holdings Limited
Global Platinum Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Source Coverage, By Application Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/platinum-market
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