Global Precious Metals Market for Automotive Applications to Reach $79.82 Billion by 2031 - BIS Research Study

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Aug 11, 2022, 08:00 ET

The study projects the market to grow at a CAGR of 7.0% between 2022 and 2031

FREMONT, Calif., Aug. 11, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Precious Metals Market for Automotive Applications – A Global and Regional Analysis.

According to this study, the market size (in terms of revenue) of the global precious metals market for automotive applications was $40.85 billion in 2021 and is projected to reach $79.82 billion by 2031.

The following factors are responsible for the increase in demand for precious metals for automotive applications:

Growing demand for precious metals in catalytic converters
Increasing utilization of platinum group metals (PGMs) in the manufacturing of electric vehicles
Rising environmental regulations to reduce toxic vehicle emissions

The detailed study is a compilation of 135 market data tables and 15 figures spread through 234 pages.

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Existing Competitive Landscape

The companies that are profiled have been selected based on primary research inputs gathered from a network of industry experts and analyzing company coverage, product portfolio, and market penetration.

Companies using silver metals led the market with 81% of the market volume in 2021. Players utilizing other metals, including platinum, accounted for around 3.4%, palladium and rhodium accounted for around 13%, gold accounted for approximately 2%, and other precious metals accounted for less than 1% of the total demand in 2021 in terms of volume.

This trend of companies using silver metals leading the market is expected to continue during the forecast period 2022-2031.

Company Type 1 (by Metal Type): Palladium Metal

Johnson Matthey Plc
Umicore
Impala Platinum Holdings Limited
Sibnaye-Stillwater
Northam Platinum Limited
Royal Bafokeng Platinum Ltd.
Norilsk Nickel

Company Type 2 (by Metal Type): Rhodium Metal

Impala Platinum Holdings Limited
Johnson Matthey Plc
Umicore
Sibnaye-Stillwater
Northam Platinum Limited
Royal Bafokeng Platinum Ltd.
Norilsk Nickel

Company Type 3 (by Metal Type): Platinum Metal

TANAKA HOLDINGS Co., Ltd.
Johnson Matthey Plc
Heraeus Group
Umicore
Anglo American Platinum Limited
Impala Platinum Holdings Limited
Sibnaye-Stillwater
Northam Platinum Limited
Norilsk Nickel

Company Type 4 (by Metal Type): Gold and Silver Metals

Sibnaye-Stillwater
First Majestic Silver Corp.
Sino-Platinum
Hecla Mining Company
Newmont Corporation
Fresnillo Plc

Company Type 5 (by Metal Type): Other Metals (Iridium and Ruthenium)

TANAKA HOLDINGS Co., Ltd.
Heraeus Group
Impala Platinum Holdings Limited
Sibnaye-Stillwater
Norilsk Nickel

Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).

Analyst's Take on the Market

According to Prasad Gade, Research Analyst, BIS Research, "Precious metals play a significant role in the production of three-way catalytic converters, which purify the exhaust gas. Precious metals are widely used in numerous automotive applications such as engine units, switches, reflective films and mirrors, fuel cells, batteries, and other electrical components of vehicles. Also, a rise in automotive manufacturing is anticipated to drive the market growth over the forecast period."

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Global Developments in the Precious Metals Market for Automotive Applications

In September 2018, in Nanjing, China, Heraeus Precious Metals inaugurated the world's most comprehensive precious metals facility. The new plant aims to significantly boost the company's ability to refine and recycle precious metals and chemical products, particularly platinum group metals (PGMs).
In 2019, Tanaka Holdings Co. Ltd. announced the establishment of a new subsidiary, Tanaka Kikinzoku (India), in Mumbai. The new division intends to enhance precious metals product distribution networks in India and the Middle East and Africa. By 2024, the company expects to achieve annual sales of around $26 million.

Why Should You Buy the Report?

Following are some key reasons to buy the report on the precious metals market for automotive applications:

Extensive competitive benchmarking of 20 key players to offer a holistic view of the precious metals market for the automotive applications landscape
Market segregation based on metal type, component, and end use
Investment landscape, including product adoption scenario, funding, and patent analysis

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About BIS Research:

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them specific and actionable insights on novel technology markets, business models, and competitive landscape.

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