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CHEMICALS AND ADVANCED MATERIALS

Platinum Market Segmentation by Product Source (Primary, and Secondary); By Application (Automotive, Jewellery, Industrial, and Others) – Global Demand Analysis and Opportunity Outlook 2029

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Extensive insights into the Growth of Platinum Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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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.

Platinum Market Graph

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.

Platinum Market Share Graph

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.

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