USD 5.8 billion
Platinum Mining Market Size, Share, Growth Analysis, By Sources(Primary and Secondary), By Application(Automotive, Jewellery, Industrial, Investment), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15M2005 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
62
|Figures:
75
Platinum Mining Market Insights
Global Platinum Mining Market size was valued at USD 5.8 billion in 2022 and is poised to grow from USD 6.09 billion in 2023 to USD 9.00 billion by 2031, growing at a CAGR of 5% during the forecast period (2024-2031).
Platinum has various significant applications, including auto catalysts, jewellery, and chemicals, as well as other industries that use platinum in a smaller amount. Platinum is highly resistant to corrosion, among other desirable characteristics, so platinum’s value has been compared to gold. In 2020, global platinum production was over 161 metric tons, with African production contributing 127 metric tons. South Africa is the world's top platinum-mining country and a major palladium producer. The automotive industry is the world's largest consumer of platinum metals used in catalytic converters for vehicle exhaust systems. Continued growth in auto production is expected in the coming years, especially in developing markets, and this is expected to drive demand for PGMs (Platinum group metals), particularly platinum and palladium. Anglo American Platinum Ltd, Impala Platinum Holding Ltd, and MMC Norilsk Nickel are the world's top producers, accounting for 60% of global production in 2020. Increasing demand for jewellery made with platinum, increasing use of platinum in the refining industry, and growing consumer preference for precious metals over traditional investment options such as gold, are the major factors driving the growth of global market.
US Platinum Mining Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Primary
Fastest Growth
Secondary
Growth Rate
5% CAGR
Global platinum mining market, 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Platinum Mining Market Segmental Analysis
Platinum Mining Market is segmented on the basis of sources, application, and region. On the basis of sources, global Platinum Mining Market is segmented into primary and secondary. On the basis of applications, global Platinum Mining Market is segmented into automotive, jewellery, industrial, and investment. On the basis of region, global Platinum Mining Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Platinum Mining Market Analysis by Sources
On the basis of sources, global platinum mining market is segmented into primary and secondary. The primary source segment dominated the global market and hold more than 80% of the market share. Russia, Zimbabwe, South Africa, Canada, and the United States are the major primary producers of platinum. Primary platinum is the mined commodity, whereas secondary platinum is the commodity obtained after recycling.
Secondary source segment is expected to grow at the fastest CAGR during the forecast period. The segment is projected to grow significantly due to increased regulatory attention and a focus on recycling precious metals.
Platinum Mining Market Analysis by Application
On the basis of applications, global platinum mining market is segmented into, automotive, jewellery, industrial and investment. The automotive segment dominated the global market. The segment growth is attributed to the increased use of the commodity to manufacture catalytic converters for vehicles.
The jewellery segment accounted for the second-largest share of the market. The product is widely used in many types of jewellery, including rings, pendants, necklaces, and earrings. The important jewellery platinum markets are China, India, and the U.S.
The investment application segment is expected to grow the highest CAGR during the forecast period. The continuous decline in platinum prices has attracted the interest of investors. Due to the cheap pricing, investors are mostly interested in purchasing platinum bars and precious metals.
Global platinum mining market by sources, 2022 (%)
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Platinum Mining Market Regional Insights
On the basis of region, global platinum mining market is divided into North America, Europe, Asia Pacific and MEA. Asia Pacific dominated the global market, due to the presence of vehicle manufacturing countries such as India, China, and Japan. Also, the implementation of new regulatory standards like BS-VI in the Indian automotive sector is may put pressure on manufacturers to reduce pollutant emissions and improve fuel efficiency. A significant investment commodity demand for the product is another important factor driving the growth of the platinum mining market in this region.
Europe is projected to grow at a significant CAGR during the forecast period. Platinum mining demand is increasing due to the rising demand for diesel hybrid vehicles. According to data given by the European Automobile Manufacturers Association (ACEA) in 2019, the hybrid car segment increased production by about 47 % from 2018 to 2019.
Global platinum mining market by geography, 2022-2030
- Largest
- Fastest
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Platinum Mining Market Dynamics
Platinum Mining Market Driver
Rising application in cars
- Platinum is used as a catalyst in automobile exhaust systems. These operations help remove or neutralize hazardous chemicals from automotive exhaust. About 40% of the world's total platinum consumption is used in these processes. The automotive industry is the world's largest consumer of platinum metals, which are used in catalytic converters for vehicle exhaust systems. This is a major factor driving global platinum mining market worldwide.
Application in diesel car and hydrogen fuel segment
- The amount of platinum found in a diesel car exhaust varies depending on the brand and kind of vehicle and is typically between 3 and 7 grams. To achieve net-zero emissions, the market is expected to be driven by growing environmental concerns over carbon dioxide emissions. According to estimates, the increased investments in hydrogen fuel cell vehicles boost the platinum demand for autos.
Platinum Mining Market Restraint
High cost and the pandemic
- Platinum prices have been falling since the beginning of the global pandemic, which is one of the key reasons for hampering market growth. Global commodity price dropped from almost USD 32,857.3 per kilogram in January to around USD 18,904.2 in March 2020. As a result, the growth of the market is hampered by the collapse in commodity prices due to the pandemic.
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Platinum Mining Market Competitive Landscape
Global platinum mining market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global market.
Platinum Mining Market Top Player's Company Profiles
- Anglo American Platinum Limited
- Impala Platinum Holdings Limited
- Lonmin Plc
- Northam Platinum Limited
- Sibanye-Stillwater Limited
- Royal Bafokeng Platinum Limited
- Glencore Xstrata Plc
- Norilsk Nickel Mining and Metallurgical Co.
- Jubilee Metals Group plc
- Zimplats Holdings Limited
- Aquarius Platinum Limited
- Eastern Platinum Limited
- Ivanhoe Mines Ltd.
- Royal Nickel Corporation
- Platinum Group Metals Ltd.
- African Rainbow Minerals Limited
- Tharisa plc
- Wesizwe Platinum Limited
- Impala Canada Ltd.
- Impala Refining Services Limited
Platinum Mining Market Recent Developments
- In March 2021, Johnson Matthey and Sibanye-Stillwater, a renowned global precious metals mining company, formed a strategic alliance. The alliance aims to explore and develop solutions that promote decarbonisation and more effective use of critical metals, including PGMs and metals used in battery technology.
- In 2021, Sibanye-Stillwater acquired the Canadian mining company Generation Mining Limited, which owns a palladium and copper project in Ontario.
Platinum Mining Key Market Trends
- Platinum has unique catalytic qualities making it a popular metal for industrial uses, with the automotive industry alone contributing to one-third of global demand. Mining Technology tracks global platinum prices as well as country-specific platinum production and consumption trends.
- Increasing investment by key players in research and development activities to develop advanced products & technologies in the market. The increasing use of platinum among consumers as an alternative to precious metals or white gold jewellery is a key trend that increases the growth of this market across the world.
Platinum Mining 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 the robust secondary desk research.
According to our global platinum mining market analysis, South Africa is the world's top platinum-mining country and a major producer of platinum. By source segment, the primary source segment dominated the market with Russia, Zimbabwe, South Africa, Canada, and the United States are the major primary producers of platinum. Automotive industry is the world's largest consumer of platinum metals, which are used in catalytic converters for vehicle exhaust systems. Asia Pacific held the largest market revenue share of approximately 49%, due to the presence of vehicle manufacturing countries such as India, China, and Japan. Increasing demand for jewellery made with platinum, increasing use of platinum in the refining industry, and growing consumer preference for precious metals over traditional investment options are the major factors driving the growth of global market.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 5.8 billion |
| Market size value in 2031 | USD 9.00 billion |
| Growth Rate | 5% |
| 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 Mining 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 Mining 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 Mining 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 Mining 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 Mining Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Platinum Mining 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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