USD 7.09 billion
Platinum Market Size, Share, Growth Analysis, By Source(Primary and Secondary), By Application(Automotive, jewelry, industrial and investment), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15M2013 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
61
|Figures:
75
Platinum Market Insights
Global Platinum Market size was valued at USD 7.09 billion in 2021 and is poised to grow from USD 7.45 billion in 2022 to USD 11.09 billion by 2030, growing at a CAGR of 5.1% during the forecast period (2023-2030).
The global platinum market is a dynamic and influential sector that plays a crucial role in various industries worldwide. Platinum, a rare and precious metal, is primarily used in automotive catalysts, jewelry, electrical components, and industrial applications. The market is characterized by a complex supply chain involving mining companies, refining facilities, manufacturers, and end-users. The market is influenced by various factors such as supply and demand dynamics, geopolitical developments, macroeconomic conditions, and environmental regulations. Despite fluctuations in demand, platinum's unique properties and versatility ensure its consistent demand across sectors. The market is characterized by tight supply-demand dynamics, as the annual production of platinum is relatively limited compared to its diverse applications across industries. This scarcity contributes to its high market value and makes platinum an attractive investment option for both individuals and institutions. Additionally, ongoing efforts to ensure responsible and sustainable mining practices in platinum-producing regions contribute to the market's long-term stability and environmental consciousness. Additionally, platinum's role as a catalyst in hydrogen fuel cells has gained prominence due to the growing interest in clean energy solutions. Technological advancements, such as the development of recycling techniques and the emergence of new applications, continue to shape the market. Overall, the global market remains a vital component of the global economy, with its performance closely tied to industrial growth, automotive trends, and environmental considerations.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Primary
Fastest Growth
Secondary
Growth Rate
5.1% CAGR
Global platinum mining market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Platinum Market Segmental Analysis
Global Platinum Market is segmented by source, application, and region. Based on source, the market can be segmented into Primary and Secondary. Based on application, the market is segmented into Automotive, jewelry, industrial and investment. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Source
The dominant segment in the global platinum market is the primary segment, which includes platinum sourced from mining activities. Primary platinum production accounts for the majority of the market supply and is primarily driven by large-scale mining operations in countries like South Africa, Russia, and Zimbabwe. These regions possess extensive platinum reserves and have well-established mining infrastructure, enabling them to maintain a significant share of the market.
On the other hand, the fastest-growing segment in the platinum market is the secondary segment, which involves platinum recycling and recovery. With increasing focus on sustainability and resource conservation, there is a growing demand for recycled platinum from various industries. The secondary segment is driven by advancements in recycling technologies and initiatives promoting circular economy practices. It offers economic and environmental benefits by reducing the reliance on primary mining and minimizing the environmental impact associated with extraction and refining processes. As a result, the secondary segment is experiencing rapid growth and gaining prominence within the global platinum market.
Analysis by Application
The dominant segment in the global platinum market is the automotive sector. Platinum is widely used in automotive catalysts to reduce harmful emissions from vehicles, making it a critical component in meeting stringent environmental regulations. The automotive industry's significant demand for platinum, especially in regions with high automobile production, such as Europe, China, and North America, drives the dominance of this segment.
The fastest-growing segment in the platinum market is the industrial sector. Platinum's unique properties, including its resistance to corrosion and high-temperature stability, make it indispensable in various industrial applications. These applications include chemical manufacturing, petroleum refining, electronics, and glass production. As industries continue to evolve and innovate, the demand for platinum in industrial processes is expected to rise steadily, driving the growth of this segment within the global platinum market.
Global platinum mining market by sources, 2022 (%)
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Platinum Market Regional Insights
North America dominated the global platinum market. The region is a major consumer of platinum, primarily driven by its strong automotive industry and demand for platinum-based catalysts. Additionally, North America has a significant presence of platinum-using industries such as petroleum refining, chemical manufacturing, and electronics, further contributing to its dominance in the market.
Asia Pacific is the fastest-growing region in the platinum market. The region's rapid industrialization, increasing disposable income, and growing automotive sector drive the demand for platinum. Countries like China, Japan, and South Korea are major contributors to the platinum market in Asia Pacific. The region's focus on environmental regulations, coupled with the adoption of clean energy technologies, including hydrogen fuel cells, is also driving the demand for platinum in the region, making it the fastest-growing segment within the global platinum market.
Global platinum mining market by geography, 2022-2030
- Largest
- Fastest
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Platinum Market Dynamics
Drivers
Increasing demand for platinum in the automotive industry
- One key driver of the global platinum market is the increasing demand for platinum in the automotive industry, primarily driven by the growing adoption of stricter emission regulations globally. Platinum is a crucial component in catalytic converters, which help reduce harmful emissions from vehicles, making it essential for compliance with environmental standards.
Restraints
Volatility of platinum prices
- One key restraint of the global platinum market is the volatility of platinum prices. The market is highly sensitive to various factors such as economic conditions, geopolitical tensions, and fluctuations in supply and demand. Price volatility can create uncertainty for both producers and consumers, impacting investment decisions, production levels, and market stability.
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Platinum Market Competitive Landscape
The competitive landscape of the global platinum market is characterized by a limited number of major players operating across the supply chain, including mining, refining, and distribution. These players possess significant expertise, technological capabilities, and access to platinum reserves. The market is highly competitive, with players focused on enhancing operational efficiency, ensuring sustainable mining practices, and developing innovative applications for platinum. Additionally, partnerships and collaborations between industry participants are common, aiming to strengthen market presence, expand product offerings, and explore new markets. The competitive landscape is also influenced by factors such as pricing strategies, product quality, and customer relationships.
Top Player’s Company Profiles
- Eastern Platinum (South Africa)
- Eurasia Mining PLC (UK)
- Anglo American Platinum Ltd. (South Africa)
- Implats Platinum Ltd. (South Africa)
- Sibanye-Stillwater (South Africa)
- Norilsk Nickel (Russia)
- Northam Platinum Ltd. (South Africa)
- Lonmin Plc (South Africa)
- Anglo American Platinum Corporation Limited (South Africa)
- Impala Platinum Holdings Limited (South Africa)
- Royal Bafokeng Platinum Limited (South Africa)
- Stillwater Mining Company (US)
- Royal Platinum Resources (South Africa)
- Zimplats Holdings Limited (Zimbabwe)
- Wesizwe Platinum Limited (South Africa)
- Jinchuan Group International Resources Co. Ltd. (China)
- Platinum Group Metals Ltd. (Canada)
Recent Developments
- In April 2022, Impala Platinum Holdings Limited announced its intention to acquire a 100% stake in Royal Bafokeng Platinum, a platinum manufacturer based in South Africa. Impala Platinum Holdings Limited already holds a 35.3% share in Royal Bafokeng Platinum. This acquisition aims to consolidate Impala's market position and establish it as one of the largest platinum metal miners globally.
- In February 2022, Heraeus Holding and BASF SE reached an agreement to establish a joint venture in China. The purpose of this joint venture is to recover precious metals, including platinum, from spent automotive catalysts. The collaboration will lead to the creation of a new entity called BASF Heraeus Metal Resource Co. Ltd., based in Pinghu, China.
Platinum Key Market Trends
- One key market trend in the global platinum market is the increasing adoption of platinum in clean energy technologies, particularly in the development of hydrogen fuel cells. Platinum plays a critical role as a catalyst in fuel cell systems, aiding in the conversion of hydrogen and oxygen into electricity without harmful emissions. The growing focus on renewable energy and the transition towards cleaner alternatives have propelled the demand for platinum in the clean energy sector, creating new opportunities for market growth.
Platinum Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global platinum market analysis, the market is a crucial sector that serves various industries worldwide. Dominated by primary source with mining operations, platinum is used extensively in automotive catalysts, jewelry, industrial applications, and investments. The market is driven by factors such as emission regulations, industrial growth, and environmental consciousness. The automotive sector is the dominant segment, while the industrial sector is experiencing rapid growth. The market is characterized by a limited number of major players and is influenced by price volatility. Additionally, there is a rising trend of utilizing platinum in clean energy technologies, particularly hydrogen fuel cells, reflecting the industry's adaptability to emerging trends and sustainable practices.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.09 billion |
| Market size value in 2031 | USD 11.09 billion |
| Growth Rate | 5.1% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Platinum Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Platinum Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Platinum Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Platinum Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Platinum Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Platinum Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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