The platinum market share growth by the automotive segment will be significant during the forecast period. The increasing use of platinum in automobiles can be attributed to the implementation of many government regulations regarding the reduction of emissions. Platinum plays an important role in making modern cars more efficient and environment-friendly. Diesel-powered vehicles that mainly use platinum-based autocatalysts are becoming increasingly popular. This will further intensify the demand for platinum in the automotive industry.
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One of the key factors driving growth in the platinum market is the growing demand for platinum in various industries. The catalytic properties of platinum are crucial for the production of important chemicals and synthetics. Their physical properties such as durability, hardness, high melting point, corrosion resistance, and high-temperature stability make them the ideal choice for many applications. The demand for platinum in the industrial segment is expected to rise due to the increase in the consumption of platinum in the glass industry. The metal is used for manufacturing vessels that assist in holding, channeling, and forming the molten glass. The construction of new chemical plants to produce nitric acid and other chemicals is expected to increase the consumption of platinum in Asia and the Middle East. All the above-mentioned factors are expected to drive the growth of the global platinum market during the forecast period.
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Major Five Platinum Companies:
- African Rainbow Minerals Ltd.
- Anglo American South Africa Investments Proprietary Ltd.
- Asahi Group Holdings Ltd.
- Eastern Platinum Ltd.
- Eurasia Mining PLC
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The energy-intensive processing of platinum will be a major challenge for the platinum market during the forecast period. The manufacturing and the energy costs to convert the ore increases the manufacturing cost of platinum. It takes almost six months and 10-12 tons of ore to produce one troy ounce of pure platinum. The production of platinum also involves many steps. The complex production process of platinum and the high cost associated with it act as challenges for the growth of the global platinum market.
Platinum Market End-user Outlook (Revenue, USD bn, 2021-2026)
- Automotive - size and forecast 2021-2026
- Jewelry - size and forecast 2021-2026
- Industrial - size and forecast 2021-2026
- Investment - size and forecast 2021-2026
Platinum Market Geography Outlook (Revenue, USD bn, 2021-2026)
- APAC - size and forecast 2021-2026
- Europe - size and forecast 2021-2026
- North America - size and forecast 2021-2026
- South America - size and forecast 2021-2026
- MEA - size and forecast 2021-2026
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Platinum Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.41% |
Market growth 2022-2026 |
$ 1.61 billion |
Market structure |
Fragmented |
YoY growth (%) |
2.97 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 51% |
Key consumer countries |
China, US, Japan, Germany, and UK |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
African Rainbow Minerals Ltd., Anglo American South Africa Investments Proprietary Ltd., Asahi Group Holdings Ltd., Eastern Platinum Ltd., Eurasia Mining PLC, Impala Platinum Holdings Ltd., Norilsk Nickel PJSC, Northam Platinum Ltd., Sibanye Stillwater Ltd., and Vale SA |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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SOURCE Technavio
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