Platinum Group Metals Market

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, BRITISH COLUMBIA, CANADA, June 5, 2024 /EINPresswire.com/ -- 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) market encompasses six metals: platinum, palladium, rhodium, ruthenium, iridium, and osmium. These metals are rare and possess unique properties such as high melting points, resistance to corrosion, and excellent catalytic capabilities. Predominantly found in South Africa and Russia, PGMs are integral to various industrial applications, most notably in the automotive, chemical, and electronics industries. The market for PGMs is characterized by its complexity due to the metals’ critical roles in emerging technologies, green energy solutions, and their use in catalytic converters, which are essential for controlling vehicle emissions.

 Emergen Research’s latest market research report focuses on the global Platinum Group Metals market, and the report provides in-depth analysis of each of its major segments. Reports about the global Platinum Group Metals market provide a comprehensive overview of the market, including market size, revenue growth rate, industry statistics, revenue shares among regional markets, gross profits, production costs, and product portfolios.

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Market Drivers
Several factors drive the demand for Platinum Group Metals. One of the primary drivers is the automotive industry's reliance on PGMs for catalytic converters, which are essential in reducing harmful emissions from internal combustion engines. As environmental regulations become more stringent worldwide, the demand for these metals has surged. Additionally, the rising popularity of hybrid and electric vehicles, which use PGMs in their battery systems, further propels market growth. The electronics sector also significantly contributes to PGM demand, as these metals are used in various high-tech components and devices due to their superior conductive properties. Moreover, the jewelry market, particularly for platinum, remains robust, driven by its enduring appeal and status symbol.

Some major companies in the global market report include :

African 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.

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The Global Platinum Group Metals Market report assesses the historical and current data along with a thorough analysis of the market dynamics. The report also sheds light on the significant market growth driving and restraining factors that are anticipated to influence the market growth through the forecast period. The report explores the effects of the pandemic on the market and its key segments and regions. It also offers a forecast estimation of the market growth in a post-COVID-19 scenario. 

Platinum Group Metals Market Segment Insights :

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

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Global Platinum Group Metals Market has been classified into the subsequent geographical segments:

North America (U.S., Canada, Mexico)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

𝐖𝐡𝐚𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐤𝐞𝐲 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐞𝐱𝐭𝐫𝐚𝐜𝐭𝐞𝐝 𝐟𝐫𝐨𝐦 𝐭𝐡𝐞 𝐫𝐞𝐩𝐨𝐫𝐭?

Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.

The report offers the present scenario and future growth prospects Market in various geographical regions.

The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.

The SWOT analysis is conducted along with Porter's Five Force analysis.

The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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About us:

Emergen research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market

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