Platinum Group Metals Market Size Worth USD 58.04 Billion in 2032 | Emergen Research

Rising demand for catalytic converters in the automotive industry is one of the major factors driving the global platinum group metals market revenue growth

Vancouver, Jan. 17, 2024 (GLOBE NEWSWIRE) -- The global platinum group metals market size was USD 39.40 Billion in 2022 and is expected to register a revenue CAGR of 4.0% during the forecast period, according to latest analysis by Emergen Research. Rising demand for jewelry, increasing purchase of electronic items, and growing adoption of catalytic converters for the automotive industry are some of the key factors driving the global platinum group metals market revenue growth.

The Platinum Group Metals (PGMs) comprise the six transitional metal elements with similar properties in terms of chemistry, physics, and anatomy. These metals are heavily relied upon by different items that are used on a regular basis by the customers. These metals have high melting points, high heat resistance, high corrosion resistances, and unique catalytic properties and as a result it is used in various industrial applications such as ethylene absorber, aircraft turbines, ceramic capacitors, auto catalysts, cancer drugs, computer hard disks, electrodes, and dental bridges hence driving market revenue growth.

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The strategic initiatives taken by companies and governments across various countries globally is another factor driving market revenue growth. For instance, on 28 November 2023, the government of India announced the commencement of its first-ever tranche auction of 20 blocks of strategic and vital minerals, such as molybdenum, potash, and platinum from 29 November 2023. This major project is expected to boost the country’s security, stimulate its economy, and aid in the country's shift to renewable energy. In addition, these metals are utilized to meet the different material criteria that are vital to the effective and ongoing development of microelectronic technology because of their distinctive physical and chemical features. Hence, major companies are developing and launching innovative technologically advanced products consisting of PGMs for the electronic industry.

For instance, on 25 October 2023, TANAKA Kikinzoku Kogyo K.K., which develops industrial precious metal products, announced the creation of a high-entropy alloy powder consisting of precious metals platinum, palladium, iridium, ruthenium, and rhodium with a fine particle size of 10µm or less, high crystallinity, and excellent composition uniformity. It is expected to be utilized in paste form, which is frequently used in various circuits and sensors, as well as modeling with a 3D printer and rod forming, which is the process of molding powder into a rod-shaped material by solidifying it. In addition, on 30 August 2023, TANAKA Kikinzoku Kogyo K.K also announced its plans of promoting business strategies in every country with the goal of creating a Global Recycling Network (GRN) to boost the widespread recycling of precious metals. TANAKA stated its support for precious metal recycling at each country’s primary facilities for recovery and refining.

High cost of the final products manufactured with these metals is a key factor hampering market revenue growth. High consumption of electricity owing to the mining activities is another factor restricting market revenue growth. The supply shortage of these metals with the increasing demand is also hampering market revenue growth.

Scope of Research

Report DetailsOutcome
Market size in 2022USD 39.40 Billion
CAGR (2023–2032)4.0%
Revenue forecast to 2032USD 58.04 Billion
Base year for estimation2022
Historical data2019-2021
Forecast period2023–2032
Quantitative unitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments coveredSource, Metal Type, Application, and Region
Regional scopeNorth America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scopeU.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiledAfrican Rainbow Minerals Limited, Glencore, Johnson Matthey, IMPALA PLATINUM HOLDINGS LIMITED, Northam Platinum Holdings Limited, Norilsk Nickel, Sibanye-Stillwater, Eastern Platinum Limited, BASF SE, Heraeus Group, DOWA HOLDINGS CO., LTD., TANAKA HOLDINGS Co., Ltd., Materion Corporation, Continental Steel and Tube Company, Ultramet, ACI Alloys, Refining Systems, Inc., Plug Power Inc., ASTROFORGE, and Nel ASA.
Customization scope10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global platinum group metals market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major players included in the global platinum group metals market report are:

  • African Rainbow Minerals Limited
  • Glencore
  • Johnson Matthey
  • Northam Platinum Holdings Limited
  • Norilsk Nickel
  • Sibanye-Stillwater
  • Eastern Platinum Limited
  •  BASF SE
  • Heraeus Group
  • Materion Corporation
  • Continental Steel and Tube Company
  • Ultramet
  • ACI Alloys
  • Refining Systems, Inc.
  • Plug Power Inc.
  • Nel ASA

Strategic Development

  • On 11 August 2023, Sylvania Platinum and Limberg Mining Company announced the launch of a 50:50 joint venture (JV) with the aim of processing chrome ores and platinum group metals (PGM) from Limberg's run-of-mine ore and historical tailings dumps. The aim is to increase Sylvania's output and broaden its range of resources by incorporating chrome concentrate starting with H225.
  • On 26 July 2023, Karelian Diamond Resources Ltd., the diamond exploration business announced the commencement of an exploration program for nickel, copper, and platinum group metals in Northern Ireland. The exploration program was initiated following the identification of mineral indications during a stream sediment sampling survey for diamonds in one of the licenses that point to the possibility of Nickel-Copper-Platinum mineralization.

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Some Key Highlights From the Report

  • Recycled segment accounted for the largest revenue share in 2022. The sourcing of platinum group metals from secondary sources or through recycling provides the main advantages of reduced power consumption, lowered environmental emissions, less water consumption than raw materials and minimization of waste disposal which is a key factor driving revenue growth of the segment. The significance of recycling these rare metals is in their usage in various industries such as electronics, chemicals, fuel cells and others. In addition, initiatives taken by the companies for recycling metals is another factor boosting revenue growth of the segment. For instance, on 6 October 2022, Johnson Matthey (JM), a pioneer in green technology announced the commencement of recycling fuel cells in China. The plant is recycling and refining the platinum group metal content from Membrane Electrode Assemblies (MEA), an important part of an automotive fuel cell, which were supplied by Unilia, one of the world's top suppliers of fuel cell stack technology. MEAs are an essential component of fuel cells hence contributing to revenue growth of the segment.
  • Platinum accounted for the largest revenue share in 2022. Rising demand for platinum owing to its applications in wires, pacemakers, and optical fibers increases their operating efficiency which is a key factor driving revenue growth of the segment. In addition, it is used extensively in chemical reactions as a catalyst owing to its high stability. It is also used as catalytic converter in vehicles to convert carbon monoxide and residual toxic compounds into carbon dioxide and water vapor and in jewelry owing to its high ductility, malleability, and inertness hence boosting revenue growth of the segment.
  • Platinum group metals market in North America accounted for the largest revenue share in 2022. This is owing to significant rise in demand for development and production of batteries for electric vehicles. According to International Energy Agency (IEA), the demand for batteries increased by about 80% despite electric car sales in the United States only rising by about 55% in 2022. In addition, implementation of stricter regulations and introduction of new rules by the governments for lowering the toxic emissions from vehicles and automobiles is also driving revenue growth of the market in this region.

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Emergen Research has segmented global platinum group metals market on the basis of source, metal type, application, and region:

  • Source Outlook (Revenue, USD Billion; 2019-2032)
    • Mined
    • Recycled
  • Metal Type Outlook (Revenue, USD Billion; 2019-2032)
    • Platinum
    • Palladium
    • Rhodium
    • Iridium
    • Ruthenium
    • Osmium
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Auto Catalysts
    • Electrical and Electronics
    • Fuel Cells
    • Glass, Ceramics, and Pigments
    • Jewelry
    • Medical Devices
    • Chemicals
    • Other Applications
  • Regional Outlook (Revenue, USD Billion; 2019-2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

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