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Technavio’s market research analyst predicts the global platinum group metals market to grow steadily at a CAGR of above 3% by 2021. One of the primary drivers for this market is the rise in the demand for platinum and palladium jewelry. The jewelry industry is the second largest end-user of PGMs in terms of demand for platinum. In terms of revenue, the global jewelry market is expected to grow primarily driven by Japan, China, India, and the US. The durability, physical properties, and aesthetic value of platinum make a preferred metal for crafting jewelry. it is non-allergic and corrosion resistant, making it preferable for jewelry in China, Japan, and India. Palladium, which has similar properties to platinum, is lightweight and has a natural white luster, making it a suitable choice for costly jewelry. Consequently, the demand for platinum group jewelry is on the rise, which in turn, is expected to propel growth in the global platinum group metals market during the forecast period.
In terms of geography, APAC accounted for the maximum market share during 2016 and will continue to dominate the market for the next few years. China and India are among the largest consumers of platinum jewelry. The demand for PGMs in autocatalyst application in the region is increasing due to the growth in the automotive industry. Moreover, the rising demand for PGMs in the automobile segment in developing economies, such as India and China is expected to augment growth in the global platinum group metals market in the coming years.
The global PGM market is highly consolidated with the presence of a few large vendors, leading to the intense market rivalry. Despite the demand-supply gap, the unstable socioeconomic problems and political issues in South Africa affect the operational activities of all major vendors. Furthermore, rising costs of labor and exploration are affecting the profit margins and are becoming a serious concern in the PGM mining industry globally.
Leading vendors in the market are –
Other prominent vendors in the platinum group metals market include North American Palladium, African Rainbow Minerals, Eastern Platinum, Glencore Xstrata, Aquarius Platinum, and Johnson Matthey.
During 2016, the palladium segment dominated the platinum group metals market and accounted for a major part of the overall market share. The extensive use of palladium in automobile catalytic converters is the key contributor to the dominance of this segment in the platinum group metals market globally.
In this market study, analysts have estimated the autocatalyst segment to dominate the platinum group metals market during the forecast period. The extensive use of rhodium, palladium, and platinum in autocatalyst is one of the major contributors to the growth of this segment in the global market. An autocatalyst is a cylinder, oval, or ring-shaped structure made of ceramic or metal, which is then configured into a sheer honeycomb and overlaid with a blend of chemicals and PGMs. It is enclosed inside a stainless-steel case, which is placed between the engine and silencer.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by metal
PART 07: Market segmentation by application
PART 08: Geographic segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
Tags: precious metals, platinum gold, coatings, safety gear, chemicals and materials market research, metals and minerals market growth,
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