Global Platinum Market Highlights over 2020-2029
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.
Global Platinum Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global platinum market includes the following segments:
By Source
- Primary
- Secondary
By Application
- Automotive
- Jewellery
- Industrial
- Others
Growth Drivers
- Demand for Platinum to Manufacture More Efficient Engines in Automotive Industry
- Increasing Trend of Platinum Jewellery
Growth Restraints
- Fluctuating Prices of Platinum
- Environmental Impact During Mining
Top Featured Companies Dominating the Market
- Anglo American plc
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Asahi Holdings, Inc.
- African Rainbow Minerals Ltd
- Eastern Platinum Ltd.
- Vale SA
- Eurasia Mining PLC
- Implats Platinum Ltd.
- Sibanye Gold Limited
- PJSC MMC Norilsk Nickel
- Northam Platinum Ltd.
