Platinum Market - Global Platinum Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Source Coverage, By Application Coverage, By Geographic Coverage and By Company)

Description

A new report from Fairfield Market Research predicts substantial growth in the global platinum market, with its size projected to increase from US$6.9 billion in 2022 to US$9.9 billion by 2030. This growth is expected to be driven by a robust CAGR of 5.3% from 2023 to 2030.

Key Market Trends Fueling Platinum Growth:

Emission Reduction Regulations: Rising global demand for emission reduction regulations is a primary driver of platinum market growth. The need to reduce emissions of nitrogen oxide (NOx), carbon monoxide (CO), and hydrocarbons (HC) has led to increased use of metals like platinum in catalytic converters.

Supply Chain Concerns: Rapidly expanding supply chain concerns have prompted governments and industry participants to strategically stockpile platinum as a safeguard against potential supply disruptions. These actions could drive up demand and market growth.

Environmental Restrictions: Environmental restrictions are increasing the demand for platinum in catalytic converters. However, challenges may arise if automakers shift to electric vehicles or governments modify pollution regulations, potentially reducing the market for conventional catalytic converters.

Primary Platinum Dominance: In 2022, the primary category dominated the industry, with a significant portion of the world's platinum production coming from South Africa's Bushveld Igneous Complex.

Automotive Industry: The automotive category held sway in 2022, driven by the essential role of platinum-based catalysts in reducing emissions from diesel engines commonly found in commercial vehicles and some passenger cars.

Industrial Segment Growth: The industrial segment is anticipated to experience the fastest growth during the forecast period, with platinum used in chemical sensors for industrial monitoring and control systems.

Asia Pacific Leadership: Asia Pacific is expected to dominate the platinum market, owing to significant investments in hydrogen technologies and renewable energy sources. Platinum is crucial for green energy applications like hydrogen fuel cells and electrolyzers.

Europe's Rapid Growth: Europe is expected to be the fastest-growing platinum market region. Platinum jewelry, known for its strength and aesthetic appeal, has a robust market in countries like the UK and Italy, boosting demand in the luxury goods sector.

Key Growth Determinants:

Increasing Demand from Automotive Industry: The need for platinum in catalytic converters to reduce harmful emissions is growing due to stringent emission standards worldwide. The global automotive market, especially in emerging nations like China and India, is a key driver of platinum demand.

Rising Interest in Platinum Jewelry: Platinum, prized for its brilliance and durability, is increasingly preferred in high-end jewelry, particularly for wedding and engagement rings. Emerging middle-class markets in countries like India and China are driving demand for upscale platinum products.

Broadening Industrial Application: Platinum's catalytic properties are boosting its demand in various chemical processes, petroleum refining, and the production of hydrogen for clean energy applications.

Major Growth Barriers:

Notable Price Volatility: Platinum's high price volatility can deter some investors and lead to production disruptions and supply chain challenges.

Availability of Substitute Metals: Palladium and rhodium are potential substitutes for platinum in catalytic converters, posing a challenge if manufacturers opt for these alternatives.

Key Trends and Opportunities:

Expanding Green Energy Sector: Platinum's role in proton exchange membrane fuel cells (PEMFCs) used for renewable energy production is expected to grow with the green energy industry.

Technological Advancements: Advances in battery technologies and catalyst materials can lead to more efficient use of platinum in applications like energy storage and catalytic converters.

Sustainable Mining and Ethical Sourcing: Ethical and sustainable mining practices can appeal to conscious consumers, leading to greater demand for platinum products with verifiable moral origins.

Global Platinum Market Regulatory Impact:

Regulatory frameworks and organizations, such as the Environmental Protection Agency (EPA) and the Responsible Jewellery Council (RJC), influence the production, trade, and use of platinum, particularly in emissions control and responsible sourcing.

Top Segments:

Primary Platinum Dominance: The primary segment, including platinum obtained through mining, dominated the market in 2022, while the secondary segment, involving recycling platinum, is projected to grow rapidly.

Automotive Industry: The automotive segment led the market in 2022, primarily due to the demand for platinum-based catalytic converters. The industrial category is expected to expand substantially during the forecast period.

Regional Frontrunners:

Asia Pacific Dominance: Asia Pacific is anticipated to lead the platinum market, driven by strong auto industries, regulatory standards, and investor demand.

Europe's Significant Growth: Europe is expected to witness significant growth, fueled by demand for diesel hybrid vehicles and investments in hydrogen technology.

Competitive Landscape Analysis:

Prominent companies in the global platinum market include:

Vale SA
Asahi Holdings, Inc.,
African Rainbow Minerals
Eastern Platinum
Eurasia Mining PLC
Anglo American Platinum Ltd.
Implants Platinum Ltd.
Sibanye-Stillwater
Norilsk Nickel
Northam Platinum Ltd.
Chimet Spa
Heesung Pmtech
Heraeus Holding
Hindustan Platinum
Impala Platinum Holdings Limited

The market is highly competitive, with companies expanding their distribution networks and introducing innovative products.

Global Platinum Market is Segmented as Below:

By Source:

Primary
Secondary

By Application:

Automotive
Jewellery
Industrial
Investment

By Geographic Coverage:

North America
Europe
Asia Pacific
Latin America
Middle East & Africa

1. Executive Summary

1.1. Global Platinum Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Platinum Market Outlook, 2018 - 2030

3.1. Global Platinum Market Outlook, by Source, Value (US$ Bn), 2018 - 2030
- 3.1.1. Key Highlights
  - 3.1.1.1. Primary
  - 3.1.1.2. Secondary
3.2. Global Platinum Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
- 3.2.1. Key Highlights
  - 3.2.1.1. Automotive
  - 3.2.1.2. Jewellery
  - 3.2.1.3. Industrial
  - 3.2.1.4. Investment
3.3. Global Platinum Market Outlook, by Region, Value (US$ Bn), 2018 - 2030
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Platinum Market Outlook, 2018 - 2030

4.1. North America Platinum Market Outlook, by Source, Value (US$ Bn), 2018 - 2030
- 4.1.1. Key Highlights
  - 4.1.1.1. Primary
  - 4.1.1.2. Secondary
4.2. North America Platinum Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
- 4.2.1. Key Highlights
  - 4.2.1.1. Automotive
  - 4.2.1.2. Jewellery
  - 4.2.1.3. Industrial
  - 4.2.1.4. Investment
- 4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Platinum Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 4.3.1.2. U.S. Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 4.3.1.3. Canada Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 4.3.1.4. Canada Platinum Market Application, Value (US$ Bn), 2018 - 2030
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Platinum Market Outlook, 2018 - 2030

5.1. Europe Platinum Market Outlook, by Source, Value (US$ Bn), 2018 - 2030
- 5.1.1. Key Highlights
  - 5.1.1.1. Primary
  - 5.1.1.2. Secondary
5.2. Europe Platinum Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
- 5.2.1. Key Highlights
  - 5.2.1.1. Automotive
  - 5.2.1.2. Jewellery
  - 5.2.1.3. Industrial
  - 5.2.1.4. Investment
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Platinum Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.2. Germany Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 5.3.1.3. U.K. Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.4. U.K. Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 5.3.1.5. France Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.6. France Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 5.3.1.7. Italy Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.8. Italy Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 5.3.1.9. Turkey Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.10. Turkey Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 5.3.1.11. Russia Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.12. Russia Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 5.3.1.13. Rest of Europe Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 5.3.1.14. Rest of Europe Platinum Market Application, Value (US$ Bn), 2018 - 2030
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Platinum Market Outlook, 2018 - 2030

6.1. Asia Pacific Platinum Market Outlook, by Source, Value (US$ Bn), 2018 - 2030
- 6.1.1. Key Highlights
  - 6.1.1.1. Primary
  - 6.1.1.2. Secondary
6.2. Asia Pacific Platinum Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
- 6.2.1. Key Highlights
  - 6.2.1.1. Automotive
  - 6.2.1.2. Jewellery
  - 6.2.1.3. Industrial
  - 6.2.1.4. Investment
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Platinum Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 6.3.1. Key Highlights
  - 6.3.1.1. China Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 6.3.1.2. China Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 6.3.1.3. Japan Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 6.3.1.4. Japan Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 6.3.1.5. South Korea Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 6.3.1.6. South Korea Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 6.3.1.7. India Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 6.3.1.8. India Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 6.3.1.9. Southeast Asia Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 6.3.1.10. Southeast Asia Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 6.3.1.11. Rest of Asia Pacific Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 6.3.1.12. Rest of Asia Pacific Platinum Market Application, Value (US$ Bn), 2018 - 2030
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Platinum Market Outlook, 2018 - 2030

7.1. Latin America Platinum Market Outlook, by Source, Value (US$ Bn), 2018 - 2030
- 7.1.1. Key Highlights
  - 7.1.1.1. Primary
  - 7.1.1.2. Secondary
7.2. Latin America Platinum Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
- 7.2.1. Key Highlights
  - 7.2.1.1. Automotive
  - 7.2.1.2. Jewellery
  - 7.2.1.3. Industrial
  - 7.2.1.4. Investment
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Platinum Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 7.3.1.2. Brazil Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 7.3.1.3. Mexico Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 7.3.1.4. Mexico Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 7.3.1.5. Argentina Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 7.3.1.6. Argentina Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 7.3.1.7. Rest of Latin America Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 7.3.1.8. Rest of Latin America Platinum Market Application, Value (US$ Bn), 2018 - 2030
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Platinum Market Outlook, 2018 - 2030

8.1. Middle East & Africa Platinum Market Outlook, by Source, Value (US$ Bn), 2018 - 2030
- 8.1.1. Key Highlights
  - 8.1.1.1. Primary
  - 8.1.1.2. Secondary
8.2. Middle East & Africa Platinum Market Outlook, by Application, Value (US$ Bn), 2018 - 2030
- 8.2.1. Key Highlights
  - 8.2.1.1. Automotive
  - 8.2.1.2. Jewellery
  - 8.2.1.3. Industrial
  - 8.2.1.4. Investment
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Platinum Market Outlook, by Country, Value (US$ Bn), 2018 - 2030
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 8.3.1.2. GCC Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 8.3.1.3. South Africa Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 8.3.1.4. South Africa Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 8.3.1.5. Egypt Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 8.3.1.6. Egypt Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 8.3.1.7. Nigeria Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 8.3.1.8. Nigeria Platinum Market Application, Value (US$ Bn), 2018 - 2030
  - 8.3.1.9. Rest of Middle East & Africa Platinum Market by Source, Value (US$ Bn), 2018 - 2030
  - 8.3.1.10. Rest of Middle East & Africa Platinum Market Application, Value (US$ Bn), 2018 - 2030
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. Capacity vs Application Heatmap
9.2. Manufacturer vs Application Heatmap
9.3. Company Market Share Analysis, 2022
9.4. Competitive Dashboard
9.5. Company Profiles
- 9.5.1. Vale SA
- 9.5.2. Asahi Holdings, Inc.,
  - 9.5.2.1. Company Overview
  - 9.5.2.2. Product Portfolio
  - 9.5.2.3. Financial Overview
  - 9.5.2.4. Business Strategies and Development
- 9.5.3. African Rainbow Minerals
  - 9.5.3.1. Company Overview
  - 9.5.3.2. Product Portfolio
  - 9.5.3.3. Financial Overview
  - 9.5.3.4. Business Strategies and Development
- 9.5.4. Eastern Platinum
  - 9.5.4.1. Company Overview
  - 9.5.4.2. Product Portfolio
  - 9.5.4.3. Financial Overview
  - 9.5.4.4. Business Strategies and Development
- 9.5.5. Eurasia Mining PLC
  - 9.5.5.1. Company Overview
  - 9.5.5.2. Product Portfolio
  - 9.5.5.3. Financial Overview
  - 9.5.5.4. Business Strategies and Development
- 9.5.6. Anglo American Platinum Ltd.
  - 9.5.6.1. Company Overview
  - 9.5.6.2. Product Portfolio
  - 9.5.6.3. Financial Overview
  - 9.5.6.4. Business Strategies and Development
- 9.5.7. Implats Platinum Ltd.
  - 9.5.7.1. Company Overview
  - 9.5.7.2. Product Portfolio
  - 9.5.7.3. Financial Overview
  - 9.5.7.4. Business Strategies and Development
- 9.5.8. Sibanye-Stillwater
  - 9.5.8.1. Company Overview
  - 9.5.8.2. Product Portfolio
  - 9.5.8.3. Financial Overview
  - 9.5.8.4. Business Strategies and Development
- 9.5.9. Norilsk Nickel
  - 9.5.9.1. Company Overview
  - 9.5.9.2. Product Portfolio
  - 9.5.9.3. Financial Overview
  - 9.5.9.4. Business Strategies and Development
- 9.5.10. Northam Platinum Ltd.
  - 9.5.10.1. Company Overview
  - 9.5.10.2. Product Portfolio
  - 9.5.10.3. Financial Overview
  - 9.5.10.4. Business Strategies and Development
- 9.5.11. Chimet Spa
  - 9.5.11.1. Company Overview
  - 9.5.11.2. Product Portfolio
  - 9.5.11.3. Financial Overview
  - 9.5.11.4. Business Strategies and Development
- 9.5.12. Heesung Pmtech
  - 9.5.12.1. Company Overview
  - 9.5.12.2. Product Portfolio
  - 9.5.12.3. Financial Overview
  - 9.5.12.4. Business Strategies and Development
- 9.5.13. Heraeus Holding
  - 9.5.13.1. Company Overview
  - 9.5.13.2. Product Portfolio
  - 9.5.13.3. Financial Overview
  - 9.5.13.4. Business Strategies and Development
- 9.5.14. Hindustan Platinum
  - 9.5.14.1. Company Overview
  - 9.5.14.2. Product Portfolio
  - 9.5.14.3. Financial Overview
  - 9.5.14.4. Business Strategies and Development
- 9.5.15. Impala Platinum Holdings Limited
  - 9.5.15.1. Company Overview
  - 9.5.15.2. Product Portfolio
  - 9.5.15.3. Financial Overview
  - 9.5.15.4. Business Strategies and Development

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations