Platinum Group Metals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The platinum group metals market is projected to register a CAGR of over 4.5% during the forecast period (2021-2026).

The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led people to minimize the usage of personal vehicles, thus creating a negative impact on the demand for automotive catalysts used in the vehicle exhaust streams and, in turn, this is decreasing the demand of platinum group metals. However, the demand for platinum electrodes in blood gas analyzers, platinum catalyst in the production of polypropylene and medical-grade silicones for personal protective equipment (PPE) manufacturing, and platinum group metal catalysts in the production of many active pharmaceutical ingredients (APIs), including antibiotics has been increased in the current situation, which, in turn, stimulates the market demand for platinum group metals.

• Over the short term, 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 and unfavorable conditions arising due to the impact of COVID-19 are hindering the market's growth.
• Growing R&D activities for the application of platinum group metals in the electronics sector and increasing investment 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 is also likely to 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 sulphide 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 auto catalysts, 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 major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kiloton).

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Key Market Trends

Platinum to Dominate the Market

• Platinum is a grayish-white-colored precious metal, which is primarily used for manufacturing autocatalysts, jewelry, and chemicals. 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.
• Platinum has a high melting point, temperature stability, and great corrosion resistance, and it is a good oxidation catalyst and conductive. Furthermore, platinum in certain compounds can inhibit the growth of cancerous cells, and it is an important component in many medical applications, as it is biologically compatible.
• 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.
• South Africa is the largest producer of platinum with a production volume of 133 kiloton in the year 2019, which is around 71.5% of the overall platinum production in the same year. The global production is estimated to be about 170 kilotons by 2020, with a decline rate of about 8.5%, as per United States Geological Survey (USGS), which in turn negatively impacts the demand for platinum.
• 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. The major companies that are engaged in the manufacturing of platinum catalysts are Honeywell International Inc., Sud Chemie AG, Toshiba, and Delphi Technologies.
• Owing to all these factors, the market for platinum group metals is likely to grow globally, thus, boosting the market studied during the forecast period.

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