Platinum group metals (PGMs) have various industrial uses, such as in catalytic converters, electronics, chemical processes, and more. As industries grow and change, the need for PGMs in these applications can increase.
New York, Sept. 18, 2023 (GLOBE NEWSWIRE) — According to Market.us, the Platinum Group Metals Market size is projected to surpass around USD 23,834 million by 2032, and it is poised to reach a registered CAGR of 4.6% from 2023 to 2032.
The Platinum Group Metals, or PGMs, consist of six elements that are grouped together on the periodic table. These are Ruthenium (Ru), Rhodium (Rh), Palladium (Pd), Osmium (Os), Iridium (Ir), and Platinum (Pt). PGMs are scarce and valuable, there’s a growing trend in recycling these metals, especially from catalytic converters. In addition, the market is seeing a rise in new products due to the robust research efforts of top market players. The industry’s future will likely depend on technological advancements, geopolitical stability in key producing regions, and global economic health.
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Key Takeaway:
- By metal type, the platinum group metals market was dominated by Palladium metal with a market share of 50.5% in 2022. Owing to increasing demand from the automotive sector due to the growing vehicle fleet globally.
- By source, the mined segment dominated the market with 71% of the market share. owing to their high purity, mined platinum group metals are preferred over recycled metals for specific applications.
- By application, auto catalysts accounted for the largest market share in 2022. The increasing global demand for automobiles has led to a rise in the production and installation of autocatalysts in vehicles.
- In 2022, Asia-Pacific dominated the market with the largest revenue share of 42.0%.
- North America is anticipated to have the highest CAGR among all the regions.
- Europe is expected to grow at a greater pace owing to the presence of several key players and government support.
Factors affecting the growth of the Platinum Group Metals industry
Several factors are affecting the growth of the Platinum Group Metals industry. These include:
- Automotive Industry: PGMs, especially platinum, palladium, and rhodium, are used in catalytic converters to reduce harmful emissions from vehicles. As car manufacturing increases and stricter emission regulations are enforced, demand for PGMs also rises.
- Substitute Materials: The development of alternative materials or technologies that can replace PGMs in certain applications can reduce demand. For instance, electric vehicles (EVs) don’t need catalytic converters, reducing the need for PGMs as EV adoption grows.
- Geopolitical Risks: Most of the PGM supply comes from a few regions, particularly South Africa and Russia. Any political instability or disruptions in these areas can affect the global supply.
- Industrial Demand: PGMs have a wide range of industrial applications, including catalytic converters, electronics, chemical processes, and more. As industries evolve and expand, the demand for PGMs in these applications can grow.
- Trade Tariffs, Regulations, and Price Volatility: Trade policies, tariffs, and export regulations can impact the global movement of PGMs, affecting supply chains and prices. PGM prices can be highly volatile, influenced by factors such as supply disruptions, economic conditions, and investor sentiment.
Top trends in the Platinum Group Metals Market
The interest in hydrogen fuel cells as a clean energy source was growing, and PGMs such as platinum and palladium were crucial components in fuel cell catalysts. The development of hydrogen infrastructure and policies could influence PGM demand. Advances in recycling technologies were being explored to recover PGMs from end-of-life products and reduce reliance on primary mining. Efficient recycling could help manage supply-demand dynamics and reduce environmental impact.
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Market Growth
The industry for platinum group metals has never-ending demand and is rapidly growing. However, this market is influenced by stricter regulatory norms on trade activities. PGMs are used in various industrial processes and applications due to their catalytic properties. These applications include chemical manufacturing, petroleum refining, electronics, and more. As industries expanded and technology advanced, the demand for PGMs in these applications grew. Moreover, PGMs are relatively rare, and a significant portion of the world’s supply comes from a few countries, particularly South Africa and Russia. Geopolitical risks and supply disruptions in these regions could impact supply, potentially driving up prices and stimulating investment.
Regional Analysis
In 2022, Asia-Pacific held the largest share of the global market. There are several reasons behind the Asia-Pacific region as a significant consumer of PGMs. The Asia-Pacific region, particularly countries such as China and India, has been experiencing rapid economic growth, leading to increased industrialization and urbanization. This is attributed to the presence of numerous major market leaders, supportive government initiatives, and a growing consciousness about sustainable methods. Europe also claimed a considerable market share, spurred by stringent environmental legislations and a pronounced emphasis on sustainability. The rapid urbanization in many Asia-Pacific countries has driven demand for construction, infrastructure, and transportation. These sectors often rely on PGMs for their various applications, such as in construction materials, electrical components, and transportation systems.
Competitive Landscape
Key players in the market, including BASF SE, Anglo American Platinum Limited, Heraeus, Nornickel, Sibanye-Stillwater, Lonmin plc, Umicore, Johnson Matthey, Dowa Holdings, TANAKA Precious Metals, Impala Platinum Holdings Limited, Materion, Other Key Players are actively engaged in research and development and PGM recycling operations. The operating companies are expanding their business through several strategies such as partnerships, investments in expanding their product portfolio, mergers, and acquisitions, etc.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | US$ 15,373 Million |
| Forecast Revenue 2032 | US$ 23,834 Million |
| CAGR (2023 to 2032) | 4.6% |
| Asia-Pacific Revenue Share | 42% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Growth in the automotive industry, specifically in electric vehicles, is anticipated to bolster the market. Moreover, PGMs are used in computer hard disks, multilayer ceramic capacitors, and in the manufacturing of many other electronic components. In addition, Platinum is a popular metal for jewelry due to its lustrous appearance and resistance to tarnish. Therefore, such wide applications of platinum group metals are bolstering the growth of the global market. Another factor that is boosting the demand for platinum group metals is the investment sector. PGMs are precious metals and due to their rare availability, they are considered as a valuable investment product.
Market Restraints
While recycling PGMs from end-of-life products presents a way to meet demand without primary extraction, there are challenges. Efficiently extracting PGMs from recycled materials can be complex and need expensive technologies. Rising operational costs in mining, from energy prices to labor costs, can strain the profitability of PGM extraction, impacting supply dynamics. Moreover, a significant portion of the global supply of PGMs comes from a few countries, particularly South Africa and Russia. Political instability, labor strikes, or regulatory changes in these countries can lead to disruptions in the PGMs supply chain.
Market Opportunities
Increasing adoption of fuel cell technology. The push towards greener and cleaner energy solutions offers opportunities for PGMs, especially in hydrogen fuel cell technologies. Platinum, for instance, plays a critical role as a catalyst in fuel cells. Fuel cell technology is witnessing a growing adoption across different sectors, including automotive, stationary power generation, portable electronics, and material handling, which is driving the demand for platinum group metals (PGMs). As technologies evolve, there’s increasing demand for PGMs in electronics manufacturing, particularly in high-tech devices and equipment. Factors as such, are expected to create more opportunities for key players in the target market.
Report Segmentation of the Platinum Group Metals Market
Product Type Insight
In 2022, Palladium Metal held the majority of revenue share. It accounted for the market share of 50.5% among other metal types. Owing to increasing demand from the automotive sector due to the growing vehicle fleet globally. This metal plays a significant role in automotive catalytic converters, reducing harmful emissions from combustion engines.
Source Insight
In 2022, the mined production held 71% of the global supply. Mined Platinum Group Metals are preferred over recycled metals for specific applications. In addition, mining has the potential to discover new sources of PGMs. Hence, several applications utilize mined metals over recycled. However, mining operations can lead to large-scale destruction of natural habitats.
By Application
Auto catalysts accounted for the largest market share in 2022. Autocatalysts are an essential component in vehicle exhaust systems that utilize a significant amount of platinum group metals. The increasing global demand for automobiles has led to a rise in the production and installation of autocatalysts in vehicles.
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Market Segmentation
By Metal Type
- Platinum
- Palladium
- Rhodium
- Iridium
- Ruthenium
- Osmium
By Source
- Mined
- Recycled
By Application
- Jewelry
- Medical Devices
- Electronics
- Auto Catalysts
- Glass and Ceramics
- Other Applications
By Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- ASEAN
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Some of the major players include:
- BASF SE
- Anglo American Platinum Limited
- Heraeus
- Nornickel
- Sibanye-Stillwater
- Lonmin plc
- Umicore
- Johnson Matthey
- Dowa Holdings
- TANAKA Precious Metals
- Impala Platinum Holdings Limited
- Materion
- Other Key Players
Recent Development of the Platinum Group Metals Market
- In October 2022: A global leader in sustainable technologies, Johnson Matthey, started recycling fuel cells for platinum group metals. The plant is located in Zhangjiagang, China.
- In April 2021: Sibanye-Stillwater and Johnson Matthey formed a partnership aimed at securing precious metals. Moreover, this strategy was formed to boost new technologies, such as clean hydrogen production, for a low-carbon future.
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