Market Size of Platinum Group Metals Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 625.03 tons |
| Market Volume (2029) | 778.16 tons |
| CAGR (2024 - 2029) | 4.48 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Platinum Group Metals Market Analysis
The Platinum Group Metals Market size is estimated at 625.03 tons in 2024, and is expected to reach 778.16 tons by 2029, growing at a CAGR of 4.48% during the forecast period (2024-2029).
- The COVID-19 pandemic negatively impacted the market in 2020. However, the market is estimated to have reached pre-pandemic levels and grow steadily during the forecast period.
- Over the short term, the growing demand for catalytic converters from the automotive industry, increasing demand for platinum, palladium, and ruthenium from the electronics industry, and growing jewelry consumption in Asia-Pacific countries are expected to drive market growth.
- However, the high costs involved in production and maintaining platinum group metals are expected to hinder the market's growth.
- Nevertheless, the usage of platinum in green technology and increasing investment in the platinum industry in African countries are likely to create opportunities for the market during the forecast period.
- Asia-Pacific is expected to dominate the global market during the forecast period. It is also expected to register the highest CAGR during the forecast period due to rising demand for antimony, mainly in autocatalysts and jewelry applications.
