Market Size of Platinum Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 8.14 Million ounces |
| Market Volume (2029) | 10.15 Million ounces |
| CAGR (2024 - 2029) | 4.52 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Platinum Market Analysis
The Platinum Market size is estimated at 8.14 Million ounces in 2024, and is expected to reach 10.15 Million ounces by 2029, growing at a CAGR of 4.52% during the forecast period (2024-2029).
The COVID-19 outbreak caused nationwide lockdowns around the world, disruptions in manufacturing activities and supply chains, and production halts, all of which had a negative impact on the market in 2020. However, conditions began to improve in 2021-2022, which is expected to boost market growth during the forecast period.
- Over the long term, increasing usage of platinum in industrial applications will drive the market.
- On the flip side, the high product prices are hampering the growth of the market studied.
- Electric vehicles (EVs) are becoming more popular, which is driving up the demand for fuel cells. This, in turn, is driving up the demand for platinum, which is good for the market during the forecast period.
- Asia-Pacific was the biggest market in the world because of how much platinum was needed for exhaust systems, electronics, making glass, and other things.
