The global platinum market size is estimated to reach USD 9.6 billion by 2027 registering a CAGR of 5.0%, according to a new report by Grand View Research, Inc. Rising product demand for investment related prospect is expected to fuel the market growth over the forecast period. The key reason behind this paradigm is the falling prices of the commodity amid the COVID-19 pandemic. The low prices of the product are likely to offer numerous opportunities for the consumers to buy the platinum related stocks and once the global pandemic situation normalizes, the prices are likely to increase due to the steady demand from industrial sector.
Thereby, providing huge margins for the investors in the industry. Another key prospect for the market growth is the global automotive industry. Automotive manufacturers use platinum as a critical raw material for catalytic conversion. Although, the automotive industry is likely to observe slow growth, in terms of production, due to the global pandemic situation it is likely to rebound with consumption of commodity in the manufacturing of heavy duty vehicles.
In 2018, the product demand in heavy duty vehicles manufacturing increased by nearly 4% owing to the higher production rate of trucks, particularly in North America region. In addition, implementation of strict regulatory norms in India and China are likely to enhance the rates of catalytic fitments in 2020 to 2021. The industry comprises of multinational vendors as well as few regional vendors. Industry participants are forming joint ventures to enhance their regional presence and cater to rising demand from the industrial sector.
Gather more insights about the market drivers, restrains and growth of the Platinum Market
Platinum Market Report Highlights
• Primary source, that is the mined platinum, is likely to remain the dominant segment over the forecast period. The new mines discovered across the Indian subcontinent are likely to have a positive impact on the segment growth
• However, secondary or recycled source segment is expected to record the fastest CAGR over the forecast period due to strict regulations to enhance the recycling efforts of precious metals, such as platinum
• Automotive is projected to remain the dominant application segment over the forecast period owing to the replacement of palladium from platinum in autocatalysts
• The jewelry application segment is likely to have sluggish growth due to limited product demand as a result of its high costs as compared to other precious metals
• Asia Pacific is projected to be the largest regional market over the forecast period. China and Japan are the major consumers in the region owing to the strong manufacturing base coupled with steady investment prospects
Platinum Market Segmentation
Grand View Research has segmented the global platinum market on the basis of source, application, and region:
Platinum Source Outlook (Volume, Kilograms; Revenue, USD Million, 2016 - 2027)
• Primary
• Secondary
Platinum Application Outlook (Volume, Kilograms; Revenue, USD Million, 2016 - 2027)
• Automotive
• Jewelry
• Industrial
• Investment
Platinum Regional Outlook (Volume, Kilograms; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
• Europe
o Germany
o U.K.
• Asia Pacific
o China
o Japan
• Central & South America
o Brazil
• Middle East & Africa
List of Key Players of Platinum Market
• Vale SA
• Asahi Holdings, Inc.
• African Rainbow Minerals
• Eastern Platinum
• Eurasia Mining PLC
• Anglo American Platinum Ltd.
• Implats Platinum Ltd.
• Sibanye-Stillwater
• Norilsk Nickel
• Northam Platinum Ltd.
Order a free sample PDF of the Platinum Market Intelligence Study, published by Grand View Research.
