DUBLIN–(BUSINESS WIRE)–Sep 24, 2020–
The “Platinum Market – Growth, Trends, and Forecast (2020-2025)” report has been added to ResearchAndMarkets.com’s offering.
The market for Platinum is expected to grow at a CAGR of over 3% globally over the forecast period.
Stringent environmental regulations to reduce hazardous emissions from automobiles and increasing demand from jewelry are driving the market. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak are hindering the market growth.
The platinum market is expected to grow during the forecast period owing to the increasing demand for exhaust systems in the automobile industry.
Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
- Anglo American Platinum Limited
- Chimet SpA
- Heesung PMTech
- Heraeus Holding
- Hindustan Platinum Pvt. Ltd
- Impala Platinum Holdings Limited
- Johnson Matthey
- Nihon Material Co. Ltd
- Norilsk Nickel
- Northam Platinum Limited
Key Market Trends
Growing Demand for Exhaust Systems in Automobile Industry
- Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period owing to the increasing consumption from countries such as China, India, and Japan.
- Platinum is naturally available metals in the form of ore and is 30 times rarer than gold. Platinum is one of the catalysts present in automobile exhaust systems. They help in eliminating or neutralizing the harmful elements from the car exhausts and this accounts for 40% of world total platinum consumption. The global 2019 production through mining and recycling stood at around 8.1 million ounces.
- Typically, a diesel automobile exhaust contains about 3-7 grams of platinum and it may vary with the brand and the type of vehicle. Growing environmental concerns regarding carbon dioxide emission and to obtain net-zero emissions are expected to drive the market.
- The growing investments in hydrogen fuel cell vehicles and their successful trails are estimated to offset and increase the platinum demand for automobiles which has declined due to consumer shift from diesel to petrol and petrol hybrid vehicles.
- Fuel cell electric vehicles use double the amount of platinum compared to internal combustion vehicles. In fuel cell vehicles, hydrogen is used as fuel and platinum being the most effective and durable catalyst enables the chemical reaction with oxygen in the air which produces water and electricity. Electricity generated is used by the electric motor and water is emitted through exhaust thereby achieving zero emissions.
- The growing need to curb emissions to reduce greenhouse gas impact on the environment is expected to drive the market for the platinum during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for the platinum market during the forecast period due to an increase in demand from countries like China and India.
- In countries like India and China, platinum demand is mainly dominated by the growing demand from the jewelry segment. China accounts for about 50% of the total platinum consumption in the jewelry segment whereas, India’s demand was estimated at 175 kilo ounces which is around 6% demand in the jewelry segment. The growing aspirations towards jewelry among current millennials is expected to drive the market.
- Platinum is used as a catalyst in various chemical manufacturing processes. India and China are the largest chemical manufacturers in the world because of their flexible environmental regulations unlike Europe and low labor costs.
- Platinum characteristics like biocompatibility, high mechanical resistance and low corrosive properties make it uniquely suitable for a variety of medical applications. It is used in surgical instrumentation, electro-medical implants and orthopedics. Platinum-based drugs like cisplatin, are used in medication to treat various types of cancer.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for the platinum market in the Asia-Pacific during the forecast period.
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Stringent Environmental Regulations to Reduce Hazardous Emissions from Automobiles
4.1.2 Increasing Demand from Jewelry
4.2.1 Unfavorable Conditions Arising due to COVID-19 Outbreak
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1.1 Exhaust Systems
5.1.3 Chemical Catalysts
5.1.4 Glass Production
5.1.6 Other Applications
5.2.2 North America
5.2.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/n7eckt
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INDUSTRY KEYWORD: MINING/MINERALS NATURAL RESOURCES
SOURCE: Research and Markets
Copyright Business Wire 2020.
PUB: 09/24/2020 07:28 AM/DISC: 09/24/2020 07:28 AM