The report: “Platinum Group Metals Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Platinum Group Metals Acid Industry.
Platinum Group Metals Market size is expected to grow at a CAGR of 4% during 2020-2025. The metals platinum group metals comprise platinum, rhodium, palladium, iridium, ruthenium, and osmium. The demand for platinum group metals has seen significant opportunities, most importantly from the various applications of platinum. It is commonly used in the manufacture of jewellery and in the development of materials for medicine and electronics. Another primary palladium metal is used for its desirable catalytic properties. Chemicals, automotive catalysts, fuel cells, glass, electrical and electronics, ceramics, paints and pigments are main applications. Currently, due to COVID-19 pandemic, the shut down of manufacturing manufacturing facilities and lower in production due to this cause, as well as, the market recession in developing countries tends to constrain the growth of the market.
Platinum Group Metals Market Report Coverage
The report: “Platinum Group Metals Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the Platinum Group Metals Acid Industry.
By Material Type: Platinum, Palladium, Rhodium, Iridium, Ruthenium and Osmium.
By Application: Auto Catalysts, Electrical and Electronics, Fuel Cells, Glass, Ceramics, and Pigments, Jewellery, Medical (Dental and Pharmaceuticals), Chemicals, and others.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
By metal type, due to the increasing automotive and electrical and electronics industries all over the world, palladium accounted for the fastest growth and is projected to rise during the forecast era.
In upcoming years, growth in R&D activities in the electronics industry is expected to serve as a stimulus.
Platinum Group Metals Market Segment Analysis - By Type
Platinum segment is dominating and accounting with the highest share in the market. Platinum is a precious metal of grayish-white color that is mainly used for the manufacture of autocatalysts, jewellery, and chemicals. Platinum has a high temperature tolerance and melting point, excellent corrosion resistance, and is a strong catalyst for oxidation, and is conductive. In addition, platinum can prevent the growth of cancerous cells in some substances, and it is an important factor in many medical applications since it is biologically compatible. Demand for platinum-based anti-cancer medicines is growing dramatically in the medical industry, while heart issues are treated with the help of medical devices such as pacemakers containing platinum electrodes. The aforementioned factors tend the growth of platinum in the market.
Platinum Group Metals Market Segment Analysis - By Geography
Asia Pacific accounts for the largest market share in the platinum metals category, accounting for almost half of the global market share and is projected to be the fastest developing market. The main holder of this regional market is China. Investment in large integrated petrochemical complexes in China can continue to benefit from the demand for platinum in chemical and petroleum refining applications. China is the world 's largest maker of hard disc drives (HDDs), which is successful in producing the tremendous market for metals in the platinum category. In addition, in the Asia-Pacific platinum group metals industry, India and ASEAN countries are now becoming the key drivers for demand growth. In the expansion of the global platinum group metals industry, the tremendous growth of the Asia-Pacific region is very instrumental.
Platinum Group Metals Market Drivers
Growing demand for platinum, palladium, and ruthenium across various end users
The rising demand in the electronics industry for platinum, palladium, and ruthenium is a key driver of growth in the metals sector for the platinum category. Growing demand in the automobile sector for catalytic converters has driven steady revenue growth in key regional markets. Significant demand for platinum group metals, especially platinum, has also been seen in the electrical and electronics industries. The metal is being used in autocatalysts, watches, and chemicals more and more. The appeal of platinum group metals is stoked by a variety of properties such as high temperature stability, exceptional corrosion resistance, and conductivity.
Platinum Group Metals Market Challenges
The high cost factor constraints the growth of the market
The high costs involved in the production are expected to hinder the growth of the Platinum Group Metals Market. Owing to reduced demand for diesel engines, which are dependent on platinum for catalytic conversion, platinum prices have suffered in recent years. For petrol engines, which are more reliant on palladium and rhodium, demand is increasing. As the commodity is in surplus supply due to reduced industrial demand, this has affected platinum values.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Platinum Group Metals Acid market. In 2019, the market of Platinum Group Metals Acid has been consolidated by the top five players accounting for xx% of the share. Platinum Group Metals Acid Market top 10 companies are Anglo American Platinum, Norilsk Nickel, Impala Platinum, Lonmin, and Northam Platinum Limited, among others.
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