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The platinum market size is estimated to grow by USD 1,740.09 million at a CAGR of 4.5% between 2022 and 2027.
The growth of the market depends on several factors, including the growing demand in various industries, the increasing use in medical applications, and the rising demand for platinum wedding jewelry. The report includes an in-depth analysis of drivers, trends, and challenges. Furthermore, it includes historic market data from 2017 to 2021.
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Platinum is a chemical element with the atomic number 78 and the symbol Pt. It is a dense, precious, ductile, malleable, highly unreactive, silverish-white transition metal. This is utilized extensively for making jewelry. Its major usage, however, is in catalytic converters used in trucks, cars, and buses. This is very effective and efficient at converting emissions from the vehicles engine into less harmful waste products. In addition, it is utilized in the chemical industry as a catalyst for the manufacturing of silicone, nitric acid, and benzene. It is also utilized as a catalyst to enhance the efficiency of fuel cells. Furthermore, it is used for producing optical fibers and LCDs, spark plugs, turbine blades, pacemakers, and dental fillings. Besides, these compounds are vital chemotherapy drugs utilized in the treatment of cancer.
The market share growth by the automotive segment will be significant during the forecast period. This is extensively used in the automotive industry as a catalyst to reduce emissions of various hazardous gases such as CO2 and NO2 from vehicles. The metal is also used in automotive components such as antilock braking systems, airbag initiators, and spark plugs. The introduction of various government regulations regarding emissions has further increased its use in the automotive industry.
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The automotive segment was valued at USD 2,598.64 million in 2017 and continued to grow until 2021. They plays an important role in making modern vehicles more efficient and environment-friendly. Technological innovations such as fuel cells and electronic components highly rely on platinum. Electronic and safety systems make use of the physical properties of platinum, such as conductivity, stability, and durability to improve automobile reliability. Diesel-powered vehicles use platinum-based automotive catalysts to reduce emissions. All these factors increase the demand for this element in the automotive industry.
Based on the source, the primary segment holds the largest market share. The key countries that are the primary sources of production are South Africa and Russia, followed by Zimbabwe, Canada, and the US. According to the US Geological Survey, 95% of the major global reserves are found in South Africa, while 58% of global primary production takes place in South Africa and Russia, which together account for 26%, most of this as a co-product of nickel mining. This is considered an investment because the metal is generally available to be recovered for reuse in subsequent product lifecycles with zero damage to its quality. Therefore, it is in high demand among consumers, and therefore the primary segment of the global market is expected to grow during the forecast period.
APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period.
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China and India are the largest consumers of platinum jewelry. China accounts for about 50% of the total consumption in the jewelry segment. Millennials in these countries show high interest in jewelry, which is one of the key reasons driving the growth of the market in APAC.
In addition, with the growth of the automobile industry, the demand in automotive catalyst applications is increasing in the region. Major automobile OEMs are shifting their manufacturing bases to countries in APAC to reduce the final price of vehicles and increase their sales. In addition, the rising adoption of electric vehicles and hybrid vehicles is expected to drive the demand further. As a result of these factors, the growth of the market in APAC will expand during the forecast period.
Key Market Driver
One of the key factors driving growth in the market is the growing demand in various industries. The use of is increasing in various industrial applications. This is used as a catalyst in the production of important chemicals and synthetics. Its high durability, hardness, high melting point, corrosion resistance, and temperature stability make it the ideal choice for many applications. This is also used in many industries as an alloying agent owing to its hardness and density.
The use of this is increasing in the industrial segment with growing demand for glass. The metal is used for manufacturing vessels that assist in holding, channeling, and forming the molten glass. In addition, the high melting point, strength, and corrosion resistance allow to withstand the abrasive action of molten glass. Also, it is used as a catalyst in the manufacture of nitric acid. Thus, with the expansion of production plants of various end-user industries, the demand will increase during the forecast period. All these factors drive the growth of the global market.
Major Market Trend
The growing demand for exhaust systems in the automobile industry is a key trend expected to have a positive impact during the forecast period. It is used in automobile exhaust systems to neutralize or eliminate the harmful elements from vehicle exhausts. Exhaust gases from a diesel engine typically contain around 3-7 grams of platinum. This differs with the type and brand of the vehicle. The increasing environmental concerns associated with carbon dioxide emission and achieving net-zero emissions are increasing the consumption in the automobile industry.
Rising investments in hydrogen fuel cell vehicles are expected to drive the demand further in the automobile industry. Fuel cell electric vehicles require double the amount when compared to internal combustion vehicles. In fuel cell vehicles, hydrogen is utilized as fuel, and it is used to facilitate the chemical reaction with oxygen in the air to produce electricity and water. Electricity generated is utilized by the electric motor and water is emitted as the exhaust, thereby attaining zero emissions. All these factors will positively affect the growth of the market during the forecast period.
Significant Market Challenge
The presence of counterfeit products in the e-retailing space will be a major challenge for the market during the forecast period. The expansion of the online retailing space has created an advantage for the sellers of counterfeit jewelry. Counterfeit brands offer fake products at lower prices to attract customers. These companies copy the best practices of online marketing adopted by popular brands and mimic their digital marketing strategies by building pay-per-click (PPC) campaigns that misuse both company names and popular item-search terms.
The presence of counterfeit companies offering fake jewelry is increasing in the Middle East and Southeast Asian countries, such as the UAE, Saudi Arabia, Indonesia, China, India, Malaysia, and Singapore. Thus, the presence of counterfeit products in the e-retailing space is expected to hinder the growth of the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
African Rainbow Minerals Ltd.: The company is involved in offering the mining process for the location at two rivers mines, Modikwa mine, and Nkomati mine. The company provides mining services at Modikwa, Two Rivers, and Nkomati.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
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
Qualitative and quantitative market trends and analysis of companies have been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
The Market is influenced by various factors such as Product prices and the growing demand for Electric vehicles (EVs) and Electronics, which require platinum for their catalytic converter systems. Platinum group metals are essential components in exhaust systems, including the Exhaust manifold, Oxygen sensor, Muffler, and Exhaust pipes, contributing to Noise reduction and Pollutant reduction in vehicles. The market is also impacted by the use of platinum in Semiconductors and its role in Internal combustion engines. Factors like light-vehicle sales, automotive production, and affordability affect platinum demand. Additionally, platinum is used in Gold jewelry and Diamond jewelry production, and its importance is growing in the context of Battery-operated vehicles and Low-friction coatings, indicating a diverse range of applications and increasing demand in various industries.
Platinum Market Scope |
|
Report Coverage |
Details |
Page number |
168 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.5% |
Market growth 2023-2027 |
USD 1,740.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.03 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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 |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis, and future consumer dynamics, |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Source
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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