Platinum Market Share, Analysis And Forecast

(MENAFN- Straits Research) Introduction

The global
Platinum market
was valued at
USD 7.30 billion in 2021
and is projected to reach
USD 11.45 billion by 2030
at a
CAGR of 5.13%
2022 to 2030.

The rarest of precious metals is platinum. Platinum was discovered in the sixteenth century, much later than Gold and silver, and was regarded as useless by Spanish explorers in search of gold. It wasn't until the eighteenth century that platinum was recognised as an element. In 1735, platinum was discovered for the first time in modern times. Platinum is now more prevalent as a result of technological and processing advances. Like the other precious metals, it is used to make electronic equipment and other types of equipment in addition to jewellery.

Market Dynamics Application in Cars is Driving the Market:

Gold is 30 times more common than platinum, which is a naturally occurring metal that can be found as ore. In the exhaust systems of cars, one of the catalysts is platinum. About 40% of the world's total platinum usage is used in these processes, which aid in removing or neutralising hazardous substances from automobile exhaust. The total mining and recycling-related production for the year 2019 were about 8.1 million ounces.

The amount of platinum often found in a diesel car exhaust varies depending on the brand and kind of vehicle and is typically between 3 and 7 grammes. In order to achieve net-zero emissions, the market is anticipated to be driven by rising environmental concerns over carbon dioxide emissions. According to estimates, the increased investments in hydrogen fuel cell vehicles and their successful field tests will balance and boost the platinum demand for autos, which has decreased as a result of consumers' switch from diesel to gasoline and gasoline hybrid vehicles.

Compared to internal combustion engines, the amount of platinum used by fuel cell electric vehicles is twice as much. Platinum is the most potent and long-lasting catalyst, making it possible for hydrogen to react chemically with oxygen in the air to produce water and energy, which is utilised as a fuel in fuel cell cars. In order to achieve zero emissions, the electric motor uses the electricity created and emits water through the exhaust.

Regional Analysis:

With a revenue share of approximately 49%, the
Asia Pacific region held the market's top spot
in 2021. Because of the presence of automobile manufacturing giants like India, China, and Japan, the area is expected to maintain its top spot over the forecast period. Additionally, the implementation of new regulatory standards like BS-VI in the Indian car industry is probably going to pressure the manufacturers to lower pollutant emissions and improve fuel efficiency. A significant investment commodity demand for the product is another important factor in fostering regional growth.

Over the forecast period, it is expected that the European region will experience the second-highest growth rate. Between 2019 and 2021, the region saw stagnating demand due to geopolitical and Brexit-related uncertainty. Due to the increasing demand for diesel hybrid vehicles, it did, nevertheless, see a favourable trend in 2021. According to figures provided by the European Automobile Manufacturers Association (ACEA), the production of hybrid vehicles increased by about 47.0 % in 2019.

Over the course of the forecast, the North American region is anticipated to hold onto its position as the third-largest regional market. The lowering of commodity prices is a major factor in the regional growth, as are the investment opportunities.

Key Highlights:

• The global Platinum Market was valued at USD 7.30 billion in 2021 and is projected to reach USD 11.45 billion by 2030 at a CAGR of 5.13% 2022 to 2030.
• Application in cars, diesel engines and the hydrogen fuel segment is driving the global platinum market.
• This market can be segmented on the basis of sources, applications, regions and competitors.
• By 2030, the Asia Pacific is anticipated to have the largest market share, with Europe emerging as the fastest-growing market.