Platinum Mining Market Size, Share, Growth Analysis, By Sources(Primary and Secondary), By Application(Automotive, Jewellery, Industrial, Investment), By Region - Industry Forecast 2024-2031

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.