Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Platinum Market Size is Expected to Grow from USD 6.87 Billion in 2023 to USD 10.83 Billion by 2033, at a CAGR of 4.66% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Platinum Market Size, Share, and COVID-19 Impact Analysis, By Source (Primary and Secondary), By End-User (Automotive, Jewellery, Chemical, Electronics, Industrial, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The chemical element platinum has the atomic number 78 and the symbol Pt. It is a silverish-white transition metal that is dense, ductile, malleable, extremely unreactive, and valuable. Platinum, the rarest precious metal, is crucial in catalytic converters used to reduce vehicle emissions. Platinum, a rare precious metal, is gaining popularity due to its unique catalytic properties and desirable physical attributes. It is essential in the production of critical chemicals and synthetics, and its durability, high melting point, corrosion resistance, and high-temperature stability make it ideal for automotive exhaust systems. Platinum is also used in semiconductors, low-friction coatings, and fuel cells. It is also used in the chemical sector, catalytic converters, and the Indian glass industry and construction sector. The Indian government has started several programs to encourage platinum mining and production. For instance, the National Mineral Policy (NMP), seeks to guarantee the mining industry's sustainable growth, including platinum output. Promoting exploration, increasing output, and guaranteeing environmental protection are the main objectives of the policy. However, a major challenge for the market throughout the forecast period would be the existence of fake goods in the e-retailing sector.
The primary segment is predicted to hold the largest market share through the forecast period.
Based on the source, the platinum market is classified into primary and secondary. Among these, the primary segment is predicted to hold the largest market share through the forecast period. Primary platinum is the metal that is extracted by mining, while secondary platinum is the metal that is recovered after recycling. The market is anticipated to be dominated by the main source segment throughout the projected period, both in terms of volume and revenue.
The automotive segment is anticipated to hold the largest market share during the projected timeframe.
Based on the end-user, the platinum market is divided into automotive, jewelry, chemical, electronics, industrial, and others. Among these, the automotive segment is anticipated to hold the largest market share during the projected timeframe. The automobile, jewelry, industrial, and investment sectors make up the automotive industry. The automotive industry is the most important application segment because catalytic converters are being used more often. Automotive manufacturers have been compelled by international regulatory pressure to lower emissions and increase fuel efficiency, which is anticipated to propel category expansion throughout the forecast period.
Asia Pacific is estimated to hold the largest share of the platinum market over the forecast period.
Asia Pacific is estimated to hold the largest share of the platinum market over the forecast period. The automotive manufacturing powerhouses of India, China, and Japan are expected to maintain their leading position in the region. New regulatory norms, like BS-VI, are expected to encourage manufacturers to reduce emissions and improve fuel efficiency. Additionally, strong demand for the product as an investment commodity is a key factor in regional growth.
North America is predicted to have the fastest CAGR growth in the platinum market over the forecast period. Commodity price declines and investment opportunities are two key drivers of regional growth. Platinum mining in North America has become more efficient and cost-effective due to advancements in extraction and processing technologies. Stricter emission standards have increased demand for platinum in catalytic converters, particularly in the automotive sector, which reduces harmful vehicle emissions.
Competitive Analysis
Major key players in the platinum market include 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 Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the platinum market based on the below-mentioned segments:
Global Platinum Market, By Source
Global Platinum Market, By End-User
Global Platinum Market, By Regional Analysis
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