Platinum Group Metals Market (2024 - 2030) Size, Share & Trends Analysis Report By Metal Type (Platinum, Palladium, Rhodium, Ruthenium), By Application (Automotive, Chemical, Jewellery), By Region, And Segment Forecasts

Platinum Group Metals Market Summary

Palladium, holding the largest market share, plays a critical role in automotive applications, particularly in reducing vehicle emissions, while rhodium is emerging as the fastest-growing segment due to its increasing usage in chemical applications.

Drivers, Opportunities & Restraints

The global platinum group metals (PGMs) market is primarily driven by the automotive industry's increasing demand for platinum-based catalytic converters, which are essential for reducing vehicle emissions. As stringent environmental regulations, such as the Euro standards in Europe and the China standards, continue to tighten, automakers must use more PGMs to meet these requirements. For instance, the International Energy Agency (IEA) reports that vehicle emission regulations significantly drive platinum demand, reflecting its crucial role in cleaner automotive technologies.

A major restraint on the PGMs market is the high cost and limited supply of these metals, which can create price volatility and impact their adoption in various applications. For example, the World Platinum Investment Council (WPIC) has highlighted how the supply of platinum is constrained due to geopolitical issues and mining challenges in major producing countries like South Africa. This supply constraint can lead to elevated prices, limiting the widespread use of PGMs in less critical applications and hindering market growth.

One notable opportunity for the global PGMs market lies in the growing adoption of PGMs in hydrogen fuel cells, which are becoming increasingly important in the renewable energy sector. As governments and industries push for cleaner energy solutions, the demand for hydrogen fuel cells is expected to rise.

Application Insights

“Automotive segment held the largest revenue share of platinum group metals market in 2023.”

The automotive sector remains the largest application segment for platinum group metals, driven by stringent environmental regulations and the increasing demand for fuel-efficient and low-emission vehicles. Palladium and platinum are widely used in catalytic converters, ensuring cleaner emissions. As automakers worldwide adopt these metals in response to growing environmental concerns, the automotive sector is expected to maintain its dominance.

The chemical industry is projected to grow at the fastest rate over the forecast period. The growing demand for platinum group metals, particularly rhodium, in chemical catalysis is fueling this growth. PGMs are critical in various industrial processes, including hydrogenation, oxidation, and polymerization, making them indispensable for chemical manufacturing.

Metal Type Insights

“Palladium segment held the largest revenue share of platinum group metals market in 2023.”

Palladium dominated the platinum group metals market in 2023, accounting for the largest revenue share. Its wide application in the automotive sector, particularly in catalytic converters for gasoline vehicles, has positioned it as a critical metal in emission control technologies. The increasing global push towards reducing vehicle emissions is expected to sustain this trend in the coming years.

Rhodium is poised to be the fastest-growing metal segment, driven by its use in the chemical industry as a catalyst for chemical reactions, especially in the production of acetic and nitric acids. Rhodium's rare availability and unique properties make it a high-demand metal for chemical applications, driving its rapid market expansion.

Regional Insights

“Asia Pacific dominated the global platinum group metals market with the largest revenue share.”

North America platinum group metals market holds a significant share in the platinum group metals market due to its advanced automotive industry and stringent emission control regulations. The region's strong presence in automotive production, coupled with a growing focus on clean technologies, has solidified its position as a leader in PGM consumption.

U.S. Platinum Group Metals Market Trends

The platinum group metals market in the U.S. is primarily driven by stringent environmental regulations and the demand for advanced automotive technologies. For example, the adoption of tighter emission standards like the EPA’s Tier 3 regulations (2014) has increased the need for platinum in catalytic converters, which are essential for reducing vehicle pollutants. Additionally, the growing interest in hydrogen fuel cell technology, supported by initiatives such as the U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office, is creating new opportunities for platinum.

Asia Pacific Platinum Group Metals Market Trends

The platinum group metals market in Asia Pacific is growing due to rapid industrialization and the expanding automotive sector. China and India, with their burgeoning automotive markets, are leading the growth in this region, supported by government initiatives promoting low-emission vehicles.

Europe Platinum Group Metals Market Trends

The platinum group metals market in Europe holds a significant share, driven by the region's strict environmental policies and the strong presence of automotive manufacturers. The European Union's focus on reducing carbon emissions and promoting green technologies continues to bolster the demand for PGMs in this region.

Key Platinum Group Metals Company Insights

Some of the key players operating in the market include AngloAmerican, Norilsk Nickel, and Impala Platinum Holdings Limited.

• Anglo American Platinum is one of the largest producers of platinum group metals, with extensive mining operations in South Africa. The company specializes in the production of platinum, palladium, rhodium, and other PGMs, catering to various industries, including automotive and chemical sectors.

• Norilsk Nickel is a major player in the PGM market, with a strong focus on palladium production. The company operates large-scale mining and refining facilities in Russia and is crucial in supplying palladium to the global automotive industry.

• Impala Platinum Holdings Limited is a leading producer of platinum and other PGMs, with significant mining operations in Southern Africa. The company's products are used extensively in automotive catalytic converters and the chemical industry, driving demand for platinum and rhodium.

Recent Developments

• In September 2024, Sibanye-Stillwater integrated Abington Reldan Metals, LLC into its operations following the USD 211.5 million acquisition announced in November 2023. The acquisition includes Reldan's U.S. operations along with joint ventures in Mexico and India. This step aligns with Sibanye-Stillwater’s broader strategy to diversify its portfolio beyond mining and enhance its platinum group metals (PGMs) business by incorporating sustainable recycling practices.

• In February 2024, Implats initiated a group-wide review of capital expenditures due to weak platinum group metals (PGMs) market conditions. The company plans to cut production by up to 14% between 2025 and 2027, halt expansions at Mimosa and Marula mines, and reduce output at Impala Canada. These steps aim to save R10-11 billion over five years and cut 300,000 ounces of PGMs from 2024 forecasts, driven by declining profits amid a 32% drop in basket prices.

Platinum Group Metals Market Report Scope

Global Platinum Group Metals Report Segmentation

This report forecasts volume & revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global platinum group metals market report on the basis of metal type, application, and region.

• Metal Type Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Platinum

  • Palladium

  • Rhodium

  • Ruthenium

  • Iridium

• Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • Automotive

  • Jewellery

  • Chemical

  • Others

• Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Spain

    • France

    • Italy

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia

    • UAE