Introduction
Platinum is a naturally available metal in the form of ore and is 30 times rarer than gold. Platinum is a highly unreactive, dense, precious, ductile, silverish-white transition metal. It is used mostly in automotive exhaust systems and jewelry.
Rising demand from various industrial application especially from chemical industry is expected to drive the market growth. On the other hand, crashing commodity prices coupled with shutdown of the expansion project in the U.S. are likely to hamper the market growth.
COVID-19 has negatively impacted the production and demand of platinum in various applications. For instance, the production of passenger vehicles fell by 18% and the demand fell by more than 13% in the year 2020. But, the recovering industrial activities across the globe from 2021 beginning are expected to mitigate to numerous potential negative impacts caused during COVID-19 and maximize their opportunities in future.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Stringent environmental regulations
10.2 Increasing demand for platinum jewelry
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 Anglo American Platinum Limited
15.2 Norilsk Nickel
15.3 Northam Platinum Limited
15.4 Sibanye-Stillwater
15.5 Implats Platinum Limited
15.6 Chimet
15.7 Heraeus Holding
15.8 Johnson Matthey
15.9 Hindustan Platinum
15.10 Heesung PMTech
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The global platinum market is expected to grow to $8.80 billion by 2025.
Growth momentum is expected to accelerate during the forecast period with a 4.10% CAGR.
Based on source type, the primary platinum source segment dominated the market in 2020.
APAC is expected to dominate the market due to the presence of automotive manufacturing powerhouses, such as India, China, and Japan.
Key Trends
Growing investments in hydrogen fuel cell vehicles and their successful trails are anticipated to propel the demand for the market in the coming years.
Increasing usage of platinum in various healthcare applications are anticipated to drive the market demand
Key Market Players
Some of the key players in the market are Anglo American Platinum Limited, Norilsk Nickel, Northam Platinum Limited, Sibanye-Stillwater,Implats Platinum Limited, Chimet.
The industry participants are focusing on creating a circular economy by creating recycling facilities around the globe. The majority of vendors are in constant pursuit of achieving sustainability in their operations.
Growth Drivers and Challenges
Stringent environmental regulations to reduce hazardous emissions from automobiles are driving the market demand.
Increasing demand for platinum jewelry for both accessory as well as investment purposes is also driving the market.