DUBLIN--(BUSINESS WIRE)--The "Platinum Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" report has been added to ResearchAndMarkets.com's offering.
Platinum Market is expected to reach 7,449.05 Thousand Ounces by the end of this year, and is projected to register a CAGR of over 4.5% during the forecast period.
The COVID-19 outbreak caused nationwide lockdowns around the world, disruption in manufacturing activities and supply chains, and production halts, all of which had a negative impact on the market in 2020. However, conditions began to improve in 2021-2022, which is expected to boost market growth during the forecast period.
Key Highlights
- Over the long term, increasing usage of platinum in industrial applications will be driving the market.
- On the flip side, the high product prices are hampering the growth of the market studied.
- The growing demand of electric vehicles (EVs) are increasing fuel cell demand, which, in turn, will rise the demand for platinum in the future and act as an opportunity for the market during the forecast period.
- Asia-Pacific dominated the global market, owing to the huge demand for platinum for application in exhaust systems, electronics, glass production and others.
Key Market Trends
Growing Demand for Exhaust Systems in Automobile Industry
- Platinum, a naturally available rare metal, is an extensively used catalyst in combination with other platinum group metals in automobile catalytic converter systems.
- Exhaust systems are an important segment of vehicles that are composed of an exhaust manifold, catalytic converter, oxygen sensor, muffler, and exhaust pipes. These components function together to eliminate noise, convert harmful pollutants that get collected in the engine's combustion chamber to less harmful gases, and provide an exit channel for their discharge out of the vehicle.
- The automotive exhaust segment constitutes the largest application segment for platinum. Roughly 40% of the total platinum production volume is consumed by the automotive segment. Typically, a diesel automobile exhaust contains about 3-7 grams of platinum. The exact value may vary with the brand and type of vehicle.
- As per the World Platinum Investment Council (WPIC) Quarterly Q2 2022 report, the demand for platinum in the automotive sector stood slightly weak at 708 Koz during Q2 2022, primarily due to the supply chain constraints in the industry induced by the ongoing semiconductor scarcity, disruptions from the Russia-Ukraine war, and lockdown in China.
- However, WPIC forecasts the overall platinum demand in 2022 to witness a hike supported by high internal combustion engine vehicle production (3% y-o-y).
- The factors mentioned above are expected to increase the demand for platinum during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is expected to dominate the market studied during the forecast period, due to an increase in demand from countries, like China, India, and Japan.
- As per a survey conducted by the World Gold Council, the Chinese "Gen-Z" dislike gold jewelry goods and tend to opt for diamond and platinum jewels. In the coming years, a significant share of the population would come under this category, which will increase the demand for platinum-based jewelry, thereby affecting the market studied.
- In addition, the demand for electric vehicles in China is anticipated to witness strong growth over the forecast period on account of the rapid development, owing to the rising government initiatives, and an increasing number of manufacturing companies. A growth of 106% in battery-plugged-in electric vehicles was witnessed in November 2021 in comparison to the same period in 2020.
- The majority of platinum consumption is in the automotive sector, especially in the catalytic converters. India has one of the largest automobile markets in the world. According to India Brand Equity Foundation (IBEF), in 2021, the total passenger vehicle production reached 22,652,108.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Exhaust Systems
5.1.2 Jewelry
5.1.3 Chemical Catalysts
5.1.4 Glass Production
5.1.5 Electronics
5.1.6 Other Applications
5.2 Geography
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Companies Mentioned
- Anglo American Platinum Limited
- Chimet Spa
- Heesung Pmtech
- Heraeus Holding
- Hindustan Platinum
- Impala Platinum Holdings Limited
- Johnson Matthey
- Nihon Material Co. Ltd
- Norilsk Nickel
- Northam Platinum Holdings Limited
- Sibanye-stillwater
For more information about this report visit https://www.researchandmarkets.com/r/2298jn
