The global platinum market is expected to grow with a moderate CAGR in the forecast period of 2021-2029, owing to its increasing use in the automotive industry. Platinum is used in spark plugs and oxygen sensors to build more efficient engines, which is estimated to boost its demand among automobile engine manufacturers. Properties of platinum, such as, highly malleable, ductile, dense, and unreactive nature is estimated to boost the market growth. Moreover, platinum is a precious metal, which is 30 times denser than gold, and is being increasingly used in making jewellery, which is further estimated to boost the market growth.
The global platinum market is segmented on the basis of application into automotive, jewellery, industrial, and others, out of which, the automotive segment is estimated to witness largest share during the forecast period owing to application of platinum to manufacture catalytic converters for vehicles.
Regionally, the global platinum market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in the Asia Pacific is projected to lead the market during the forecast period owing to the presence of automotive manufacturing powerhouses in the countries, including, India, China, and Japan. In addition to this, there is a growing need amongst the manufacturers to reduce pollutant emissions and enhance fuel efficiency which is estimated to directly promote the growth of the platinum market in the region. CLICK TO DOWNLOAD SAMPLE REPORT
The market in the North America is projected to observe the highest growth rate over the forecast period on the back of the rising demand for hybrid-electric vehicles, and platinum is required in manufacturing such engines. Moreover, high disposable income is estimated to boost the demand for expensive platinum jewellery among the high class and upper-middle class in the region, which is estimated to drive the market growth.
The global platinum market is further classified on the basis of region as follows:
Our in-depth analysis of the global platinum market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing need for platinum in the automotive industry is one of the major factors promoting the growth of the market.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
High cost of raw materials and pollution caused during mining are some of the factors estimated to hamper the market growth.
The market in the Asia Pacific is estimated to witness maximum growth opportunities during the forecast period, on the back of growing automotive industry in the region.
The major players in the market are Asahi Holdings, Inc., African Rainbow Minerals Ltd, Eastern Platinum Ltd., Vale SA, Eurasia Mining PLC, Implats Platinum Ltd., Norilsk Nickel and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product source, application and by region.
The automotive segment is anticipated to hold largest market size over the forecast period owing to the rising demand for platinum amongst various automobile engine manufacturers.
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