Platinum Group Metals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Platinum Group Metals Market is segmented by Metal Type (Platinum, Palladium, Rhodium, Iridium, Ruthenium, and Osmium), Application (Autocatalysts, Electrical and Electronics, Fuel Cells, Glass, Ceramics and Pigments, Jewelry, Medical, Chemicals, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). For each segment, the market sizing and forecasts have been done on the basis of volume (thousand ounces).

Market Snapshot

Platinum Group Metals Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >4.5 %
Platinum Group Metals Market Major Players

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The platinum group metals market is projected to register a CAGR of over 4.5% during the forecast period (2022-2027).

The market was negatively impacted by the COVID-19 pandemic in 2020. However, the market has now been estimated to have reached pre-pandemic levels, and it is expected to grow steadily during the forecast period.

Over the short term, the growing demand for catalytic converters from the automotive industry and increasing demand for platinum, palladium, and ruthenium from the electronics industry are expected to drive the market growth.

The high costs involved in the maintenance of platinum group metals are expected to hinder the market's growth.

Increasing R&D activities for the application of platinum group metals in the electronics sector and increasing investments in the African countries in the field of platinum group metals are likely to create opportunities for the market in the coming years.

The Asia-Pacific region is expected to dominate the market and witness the highest CAGR during the forecast period.

Scope of the Report

Platinum group metals (PGM) consist of iridium (Ir), osmium (Om), platinum (Pt), palladium (Pd), rhodium (Rh), and ruthenium (Ru). The major sources of PGM are sulfide and arsenide minerals. The platinum group metals market is segmented by metal type, application, and geography. By metal type, the market is segmented into platinum, palladium, rhodium, iridium, ruthenium, and osmium. By application, the market is segmented into autocatalysts, electrical and electronics, fuel cells, glass, ceramics and pigments, jewelry, medical, chemicals, and other applications. The report also covers the market size and forecasts for the platinum group metals market in 16 countries across the major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (thousand ounces).

Metal Type
Auto Catalysts
Electrical and Electronics
Fuel Cells
Glass, Ceramics, and Pigments
Medical (Dental and Pharmaceuticals)
Other Applications
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Platinum is Expected to Dominate the Market

The most important application of platinum is considered to be in the jewelry category, as it represents a major share of the overall platinum consumption.

The application of catalytic converters to decrease harmful emissions from automobiles is also one of the major applications.

In the medical industry, the demand for platinum-based anti-cancer drugs is increasing significantly, while cardiac problems are treated with the help of medical devices, such as the pacemaker, which contains platinum electrodes.

Platinum is employed as a catalyst in motor cars, as it regulates the emission of greenhouse gases. Moreover, it contributes to waste reduction, as it is highly durable, strong, and reliable. Furthermore, the high recyclability of PGMs minimizes the load on the environment.

The largest platinum producing country by far is South Africa, having produced an estimated 120 metric ton of platinum in 2020. Russia is the second-largest platinum-producing country in the world, with significantly lower production of an estimated 21 metric ton in 2020.

Companies such as Johnson Matthey, WC Heraeus, and BASF SE are involved in the fabrication of platinum products, while the key platinum jewelry manufacturers include Tiffany & Co. and Tanishq.

Owing to all these factors, platinum metal is expected to dominate the market.

Platinum Group Metals Market Share

The Asia-Pacific Region is Expected to Dominate the Market

The Asia-Pacific region has accounted for the largest share in the market for platinum group metals, with almost half of the global share, and it is expected to be the fastest-growing market.

In March 2021, the country announced the plan to include 1 million fuel-cell vehicles in operation by 2030, according to an energy savings vehicle development plan drafted by authorities, despite only 2,700 such cars selling in the country last year and the construction of 1,000 hydrogen refueling stations by 2030, majorly focusing on heavy-duty vehicles. This is likely to drive the demand for fuel cells in the country during the forecast period.

The Indian electronics market is expected to reach USD 400 billion by 2025. Additionally, India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025.

Additionally, in India, technology transitions, such as the country planning to introduce 5G networks and the increasing use of IoT (Internet of Things), are driving the adoption of electronics products. Initiatives such as ‘Digital India’ and ‘Smart City’ projects have raised the demand for IoT in the country.

The Japanese chemical industry is the country’s second-largest manufacturing industry behind transportation machinery, thereby providing a favorable market base for precious metal catalysts. The Japanese chemical industry is dominated by a group of major corporations. Most of them are highly diversified and sport a large number of subsidiaries.

Based on the aforementioned aspects, the Asia-pacific region is expected to dominate the global market.

Platinum Group Metals Market Growth

Competitive Landscape

The platinum group metals market is consolidated, with the top five players accounting for a major share of the market. Some of the major players in the market (in no particular order) include Anglo American Platinum, Norilsk Nickel, Implats Platinum Limited, Sibanye-Stillwater, and African Rainbow Minerals, among others.

Major Players

  1. Anglo American Platinum

  2. Implats Platinum Limited

  3. Norilsk Nickel

  4. African Rainbow Minerals

  5. Sibanye-Stillwater.

Anglo American Platinum, Implats Platinum Limited, Norilsk Nickel, African Rainbow Minerals, Sibanye-Stillwater.

Recent Developments

  • In March 2021, Johnson Matthey announced a strategic partnership with Sibanye-Stillwater, a leading international precious metals mining group. The partnership is to identify and develop solutions to drive decarbonization and the more efficient use of critical metals, such as PGMs and metals, used in battery technology.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Growing Demand for Catalytic Converters from the Automotive Industry

      2. 4.1.2 Increasing Demand for Platinum, Palladium, and Ruthenium from the Electronics Industry

      3. 4.1.3 Growing Jewelry Consumption in Asia-Pacific Countries

    2. 4.2 Restraints

      1. 4.2.1 High Costs Involved in Maintenance

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Production Analysis

    6. 4.6 Price Analysis


    1. 5.1 Metal Type

      1. 5.1.1 Platinum

      2. 5.1.2 Palladium

      3. 5.1.3 Rhodium

      4. 5.1.4 Iridium

      5. 5.1.5 Ruthenium

      6. 5.1.6 Osmium

    2. 5.2 Application

      1. 5.2.1 Auto Catalysts

      2. 5.2.2 Electrical and Electronics

      3. 5.2.3 Fuel Cells

      4. 5.2.4 Glass, Ceramics, and Pigments

      5. 5.2.5 Jewellery

      6. 5.2.6 Medical (Dental and Pharmaceuticals)

      7. 5.2.7 Chemicals

      8. 5.2.8 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. ASEAN Countries

        6. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 African Rainbow Minerals

      2. 6.4.2 Anglo American Platinum

      3. 6.4.3 Glencore

      4. 6.4.4 Implats Platinum Limited

      5. 6.4.5 Johnson Matthey

      6. 6.4.6 Northam Platinum Limited

      7. 6.4.7 PJSC MMC Norilsk Nickel

      8. 6.4.8 Royal Bafokeng Platinum

      9. 6.4.9 Sibanye-Stillwater

      10. 6.4.10 Vale Acton

    5. *List Not Exhaustive

    1. 7.1 Future Use of Fuel Cells

    2. 7.2 Increasing Investment in the African Countries

**Subject to Availability
You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Platinum Group Metals Market market is studied from 2017 - 2027.

The Platinum Group Metals Market is growing at a CAGR of >4.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Anglo American Platinum, Implats Platinum Limited, Norilsk Nickel, African Rainbow Minerals, Sibanye-Stillwater. are the major companies operating in Platinum Group Metals Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!