Global Platinum Group Metals Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

By Metal Type;

Platinum, Palladium, Rhodium, Iridium, Ruthenium and Osmium.

By Application;

Auto Catalysts, Electrical and Electronics, Fuel Cells, Glass, Ceramics, Pigments, Jewellery, Medical, Chemicals and Others.

By Geography;

North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn569328978 Published Date: January, 2025 Updated Date: February, 2025

Introduction

Global Platinum Group Metals Market (USD Million), 2021 - 2031

In the year 2023, the Global Platinum Group Metals Market was valued at USD 40,155.21 million. The size of this market is expected to increase to USD 53,556.96 million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of 4.2%.

Platinum, palladium, and rhodium, in particular, play critical roles in catalytic converters, where they facilitate the conversion of harmful pollutants emitted by combustion engines into less harmful substances, thereby mitigating air pollution. This pivotal role in emissions control has propelled the demand for PGMs, especially with the increasing stringency of environmental regulations worldwide.

PGMs are prized for their rarity, durability, and corrosion resistance, making them sought-after materials in luxury jewelry and high-end watchmaking. Their unique chemical properties also render them indispensable in various industrial processes, such as hydrogen purification, petroleum refining, and electronics manufacturing. The global PGMs market is influenced by a myriad of factors, including economic trends, technological advancements, geopolitical dynamics, and shifts in consumer preferences. Fluctuations in supply and demand, particularly from key producing regions such as South Africa, Russia, and Zimbabwe, can significantly impact prices and market dynamics.

As the global economy continues to evolve and industries undergo transformations, the demand for PGMs is expected to remain robust, driven by their essential roles in critical applications and emerging technologies. Challenges such as supply constraints, geopolitical uncertainties, and environmental concerns pose significant considerations for market participants.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Metal Type
    2. Market Snapshot, By Application
    3. Market Snapshot, By Region
  4. Global Platinum Group Metals Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Automotive Catalysts Demand

        2. Investment Demand

        3. Jewelry and Luxury Goods

      2. Restraints
        1. Market Volatility

        2. Dependency on Automotive Sector

        3. Substitution and Recycling

      3. Opportunities
        1. Growing Demand in Automotive Catalysts

        2. Expansion of Fuel Cell Technology

        3. Investment in Green Technologies

    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Global Platinum Group Metals Market, By Metal Type, 2021 - 2031 (USD Million)
      1. Platinum

      2. Palladium

      3. Rhodium

      4. Iridium

      5. Ruthenium

      6. Osmium

    2. Global Platinum Group Metals Market, By Application, 2021 - 2031 (USD Million)
      1. Auto Catalysts

      2. Electrical and Electronics

      3. Fuel Cells

      4. Glass

      5. Ceramics

      6. Pigments

      7. Jewellery

      8. Medical

      9. Chemicals

      10. Others

    3. Global Platinum Group Metals Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Anglo American Platinum Limited
      2. Norilsk Nickel
      3. Implats Platinum Limited
      4. Sibanye-Stillwater
      5. African Rainbow Minerals Limited
  7. Analyst Views
  8. Future Outlook of the Market