Platinum Market Size 2024-2028 

The platinum market size is projected to increase by USD 1.75 billion at a CAGR of 4.36% between 2024 and 2028. The platinum market is experiencing significant expansion due to various driving factors. Firstly, the increasing demand for precious metals across numerous industries, such as automotive, electronics, and chemical, is fueling market growth. Secondly, the medical sector's increasing adoption of platinum in catalytic converters and medical implants is contributing to the market's expansion. Lastly, the rising trend of platinum wedding jewelry is adding to the market's demand. These factors collectively create a robust market environment for platinum, ensuring its continued growth and significance in diverse applications.

What will be the Size of the Platinum Market During the Forecast Period?

To learn more about this Platinum market report, Request Free Sample

Platinum Market Segmentation

End-User Insights

The market share growth by the automotive segment will be significant during the forecast period. This is extensively used in the automotive industry as a catalyst to reduce emissions of various hazardous gases such as CO2 and NO2 from vehicles. The metal is also used in automotive parts and components such as antilock braking systems, airbag initiators, and spark plugs. The introduction of various government regulations regarding emissions has further increased its use in the automotive industry.

Get a glance at the market contribution of various segments View the PDF Sample

The automotive segment was valued at USD 2.65 billion in 2018. They play an important role in making modern vehicles more efficient and environment-friendly. Technological innovations such as fuel cells and electronic components highly rely on platinum. Electronic and safety systems make use of the physical properties of platinum, such as conductivity, stability, and durability to improve automobile reliability. Diesel-powered vehicles use platinum-based automotive catalysts to reduce emissions. All these factors increase the demand for this element in the automotive industry.

Source Analysis

Based on the source, the primary segment holds the largest market share. The key countries that are the primary sources of production are South Africa and Russia, followed by Zimbabwe, Canada, and the US. According to the US Geological Survey, 95% of the major global reserves are found in South Africa, while 58% of global primary production takes place in South Africa and Russia, which together account for 26%, most of this as a co-product of the mining of nickel. This is considered an investment because the metal is generally available to be recovered for reuse in subsequent product lifecycles with zero damage to its quality. Therefore, it is in high demand among consumers, and therefore the primary segment of the global market is expected to grow during the forecast period.

Market Regional Insights

APAC Region

APAC is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional market trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Download PDF Sample now!

China and India are the largest consumers of platinum jewelry. China accounts for about 50% of the total consumption in the jewelry segment. Millennials in these countries show high interest in jewelry, which is one of the key reasons driving the growth of the market in APAC.

In addition, with the growth of the automobile industry, the demand in automotive catalyst applications is increasing in the region. Major automobile OEMs are shifting their manufacturing bases to countries in APAC to reduce the final price of vehicles and increase their sales. In addition, the rising adoption of electric vehicles and hybrid vehicles is expected to drive the demand further. As a result of these factors, the growth of the market in APAC will expand during the forecast period.

Platinum Market Dynamics

The market is a significant segment of the chemical sector, with millions of ounces produced annually. Production halts can impact product prices, particularly for Platinum Group Metals (PGMs), which include palladium, rhodium, and ruthenium. PGMs are essential components in various applications, such as exhaust systems for electric vehicles and fuel cells, as well as automobile catalytic converters. Catalysts, made from PGMs, play a crucial role in reducing exhaust emissions, making them subject to stricter regulatory requirements. The demand for platinum is driven by the increasing number of vehicles on the road and the need to comply with emission regulations. The jewelry segment also contributes to the market's growth. PGMs are rare precious metals, valued for their scarcity and unique properties. The circular economy and recycling facilities are essential in mitigating the environmental impact of Platinum mining and reducing the reliance on primary sources. Joint ventures and collaborations between companies are common in the Platinum market, enabling the sharing of resources, expertise, and technology. Platinum is also used in electronic equipment and automotive applications, further expanding its market potential. Spanish explorers discovered Platinum over 500 years ago, and its elemental symbol is Pt.

Key Market Driver

One of the key factors driving growth in the market is the growing demand in various industries. Platinum, a precious and rare precious metal, is increasingly sought after in various industries due to its unique catalytic properties and desirable physical attributes. Approximately 6.5 million ounces of platinum were produced globally in 2020, with demand projected to grow due to its extensive use in numerous applications. Platinum's catalytic role is essential in the production of critical chemicals and synthetics. Its durability, high melting point, corrosion resistance, and high temperature stability make it an ideal choice for applications in the automotive exhaust segment, including exhaust manifolds, oxygen sensors, mufflers, and exhaust pipes in both gasoline and diesel automobile exhaust systems. Platinum group metals are also indispensable in semiconductors, low-friction coatings, and fuel cells. The demand for platinum is not limited to the automotive sector. It is also used in the chemical sector, particularly in catalytic converters, and in the Indian glass industry and construction sector for glass packaging markets.

In addition, platinum is used in jewelry, battery-operated vehicles, and as alloying agents in various industries due to its hardness and density. The rise in demand for platinum is driven by the increasing consumption of platinum in the automotive industry, particularly in the context of electric vehicles and fuel cells, as well as stricter emission regulations. The circular economy and recycling facilities play a crucial role in sourcing platinum, with regulatory authorities and joint ventures working to ensure the ethical and sustainable production and use of this valuable resource. Platinum's scarcity and high product prices make it a valuable commodity. Its use in catalytic converters, exhaust systems, and semiconductors, among other applications, highlights its importance in various industries.

The demand for platinum is expected to continue to grow as the world transitions to cleaner energy sources and stricter emission regulations are implemented. In conclusion, platinum is a precious and rare metal with a wide range of applications in various industries, including the automotive, chemical, glass, and jewelry sectors. Its unique catalytic properties and desirable physical attributes make it an indispensable resource in the production of critical chemicals and synthetics, as well as in the development of cleaner energy sources and more sustainable manufacturing processes. The demand for platinum is expected to continue to grow, driven by the increasing use of platinum in electric vehicles, fuel cells, and stricter emission regulations. All these factors drive the growth of the global market.

Significant Market Trend

The growing demand for exhaust systems in the automobile industry is a key trend expected to have a positive impact during the forecast period. It is used in automobile exhaust systems to neutralize or eliminate the harmful elements from vehicle exhausts. Exhaust gases from a diesel engine typically contain around 3-7 grams of platinum. This differs with the type and brand of the vehicle. The increasing environmental concerns associated with carbon dioxide emission and achieving net-zero emissions are increasing the consumption in the automobile industry.

Rising investments in hydrogen fuel cell vehicles are expected to drive the demand further in the automobile industry. Fuel cell electric vehicles require double the amount when compared to internal combustion vehicles. In fuel cell vehicles, hydrogen is utilized as fuel, and it is used to facilitate the chemical reaction with oxygen in the air to produce electricity and water. Electricity generated is utilized by the electric motor and water is emitted as the exhaust, thereby attaining zero emissions. All these factors will positively affect the growth of the market during the forecast period.

Major Market Challenge

The presence of counterfeit products in the e-retailing space will be a major challenge for the market during the forecast period. The expansion of the online retailing space has created an advantage for the sellers of counterfeit jewelry. Counterfeit brands offer fake products at lower prices to attract customers. These companies copy the best practices of online marketing adopted by popular brands and mimic their digital marketing strategies by building pay-per-click (PPC) campaigns that misuse both company names and popular item-search terms.

The presence of counterfeit companies offering fake jewelry is increasing in the Middle East and Southeast Asian countries, such as the UAE, Saudi Arabia, Indonesia, China, India, Malaysia, and Singapore. Thus, the presence of counterfeit products in the e-retailing space is expected to hinder the growth of the global market during the forecast period.

Key Companies & Market Insights

Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and result in market growth analysis.

• African Rainbow Minerals Ltd.: The company is involved in offering the mining process for minerals including platinum. 

The platinum market  growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

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 Vale SA

The platinum market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Exclusive Customer Landscape

The platinum market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.

Global Market Customer Landscape

Market Analyst Overview

The platinum market is influenced by various factors such as Product prices and the growing demand for Electric vehicles (EVs) and Electronics, which require platinum for their catalytic converter systems. Platinum group metals are essential components in exhaust systems, including the Exhaust manifold, Oxygen sensor, Muffler, and Exhaust pipes, contributing to Noise reduction and Pollutant reduction in vehicles. The market is also impacted by the use of platinum in Semiconductors and its role in Internal combustion engines. Factors like light-vehicle sales, automotive production, and affordability affect platinum demand. Additionally, platinum is used in Gold jewelry and diamond jewelry, and its importance is growing in the context of Battery-operated vehicles and Low-friction coatings, indicating a diverse range of applications and increasing demand in various industries.

View PDF Sample

What are the Key Data Covered in this Platinum Market Research Report?

• CAGR of the market forecast during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough market analysis and report of the market’s competitive landscape and detailed information about companies
• Comprehensive market growth and trends analysis of factors that will challenge the growth of market companies

We can help! Our analysts can customize this platinum market research report to meet your requirements. 

Get in touch