Platinum Group Metals Market Report Statistics
Platinum Group Metals Market Size Outlook, 2020- 2030
Platinum Group Metals Market Analysis, 2021
Platinum group metals are a group of six structurally and chemically similar elements including Platinum, Palladium, Rhodium, Iridium, Ruthenium, and Osmium. These metals are often found together and have a wide range of industrial, medical, and electronic applications.
Platinum, Palladium and Rhodium are mainly used in catalytic converters and other industrial applications to lower emissions. These metals have high melting point, provides corrosion resistance, presents stability properties across wide temperature range, and also acts as a good oxidation catalyst. Iridium is biologically compatible and is used largely in medical applications while Ruthenium is used in the electrical and electrochemical industries and Osmium is largely used in fuel cells and forensic science.
Overall, the demand for Platinum group metals stood at 589.1 Tonnes during 2020, representing a decline of 16% from 2019 due to the negative impact of COVID-19. The demand is likely to recover significantly in 2021 and will witness steady growth over the forecast period. From 589.1 in 2020, we expect the demand to increase to 943.8 Tonnes in 2030.
Among the metals, Platinum is witnessing a surge in demand from investors as investment in platinum ETFs increase steadily in European and Japanese markets. Platinum dominates the PGM metals group with 37.4% market share during the year. Further, likely shifts from Palladium to Platinum in industrial uses will further drive the market demand for the metal.
Platinum is relatively under-priced, which is encouraging investors to increasingly invest in the metal. On the other hand, supply of metals from scrapped diesel particulate filters and from low-grade scrap will be significant, driven by increasing scrap vehicles.
Shift towards gold jewellery from platinum in Chinese market presents significant market challenges in the application segment. Jewellery recycling is increasing as a significant volume of Chinese jewellers source their platinum requirements from scrap. Independent scrap collectors are increasing rapidly, driven by strong potential for Platinum in jewellery.
India is likely to rely more on diesel oxidation catalysts for meeting its Bharat VI emission standards. In Europe, large vehicles have shifted to Selective Catalytic Reduction (without the use of PGM metals) while smaller vehicles continue to use platinum-rich NOx storage catalysts. The rollout of Euro 6d-TEMP will pose challenges to Platinum metal use as autocatalyst.
Industrial demand for Platinum remains robust across applications. Strong growth in refineries in China, India and other Asian markets fuels the demand for Platinum grade metals. Further, development of integrated petrochemical complexes with paraxylene plants drives the demand for platinum as initial catalyst charge. Next generation LCD glass panels, fiberglass manufacturers are witnessing steady market growth, encouraging use of Platinum group metals.
Overall, autocatalyst manufacturing remains the largest end user segment for platinum group metals, accounting for 60.2% market share during the year.
Among countries, China continues to dominate the global market with 24% market share. The country quickly recovered from COVID-19 and restarted most of its industrial activities in early 2020. This presents significant potential for exporters supplying platinum and associated metals to the country. European demand is likely to witness further delays in recovery amid the possibility of a second wave of COVID-19.
Despite market challenges associated with price fluctuations, inelasticity in supply of PGM, disruptions in supply chain during COVID, slow demand growth outlook for diesel vehicles, the industry will witness moderate growth over the forecast period driven by demand from industrial sectors.
North America Platinum Group Metals Market Outlook, Tonnes, 2020- 2030
The US is the fourth largest palladium and fifth largest platinum supplier worldwide. Automobile industry is the largest consumer of platinum group metals.
The recent COVID-19 resulted in decline in GDP, which resulted in lower industrial demand, and lower jewellery demand. During the second half of 2020, Purchasing Managers' Index (PMI) showed signs of recovery, resulting in recovered automotive production and chemicals demand.
Retailers faced tough market conditions and witnessed consolidation during the year. Majority of supplies originated from South Africa and Russia.
The dominant application for PGMs is catalytic converters. Palladium, platinum, and rhodium are used in catalytic converters to capture harmful exhaust emissions, such as carbon monoxide, hydrocarbons, and nitrogen oxides.
Platinum jewellery is relatively small contributor to overall platinum market demand in the US, accounting for 19% of total market demand.
The US medical market is also one of the leading consumers but the demand varies with supply availability, primarily due to readily available alternatives and low switching costs.
Platinum Group Metal Companies Profiled in the Report
Platinum Group Metals Market Trends- Automotive sales growth to drive platinum group metal consumption
The global automotive industry continues to witness steady increase in SUVs and light weight vehicles.
Platinum, palladium and rhodium are the main types of PGM metals used in automotive combustion engine market.
Though diesel vehicles are likely to be replaced by plug-in hybrid and full-electric models, the domination of diesel vehicles continues throughout the world. With current low-price conditions, the transition is likely to take more time, which will support the use of PGM in diesel autocatalysts.
Amid increasing need for pollution control, reduction of road accidents, further emission cuts per vehicle are required per vehicle.
An autocatalyst is a ceramic or metal type cylinder, or circular or oval shaped structure, which is formed as a sheer honeycomb and is then coated with a blend of chemicals and PGMs.
It is installed within a stainless-steel case, in the exhaust line of the vehicle between the engine and the silencer. PGM assists in control of carbon monoxide, nitrogen oxides, hydrocarbons, particulate matter.
In electric vehicles, PGM plays a vital role in fuel cells and catalytic converters. Electronic and safety systems in the vehicles deploy PGM for their superior physical and structural properties.
CNG vehicles use three-way catalyst technology and require much heavier palladium loadings.
To reduce emissions in combustion engines, platinum group metals are used in diesel fired vehicles that rely mainly on platinum based autocatalysts.
Accordingly, demand for advanced autocatalysts involving platinum, palladium and rhodium will witness robust demand.
Platinum Group Metals Market Trends- Technological innovations in industrial environment
Platinum group metals play a vital role in technological innovations ranging from transportation technology to fuel cell innovations, and healthcare.
The metals are used in glass fibre manufacturing process in the fibre optic cable market.
Growing 5G technology supports the adaption of PGM while advancements in chemotherapy encourage use of PGM as active ingredients.
Advanced ceramic capacitors, computer hard disks, coating electrodes and others use PGM metals.
Recyclers across the world are witnessing strong demand for PGM driven by technological advancements
Companies like BASF are focusing on developing innovative technologies that enables partial substitution of palladium with platinum, enabling a reduction in catalytic converter costs and partially alleviating sustained palladium deficits.
Norilsk Nickel Platinum Group Metals Company Overview
Norilsck Nickel is a Russian leading mining and metallurgical company that engages in the exploration, extraction, refining of ore and non-metallic minerals, and sale of base and precious metals produced from ore.
It is the world’s leading manufacturer of palladium and refined nickel, and one of the biggest platinum and copper producers. The Group also produces cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium, and sulphur.
NorNickel operates its business through the following segments: GMK Group; South Cluster; KGMK Group; NN Harjavalta; GRK Bystrinskoye; Other Mining; and Other Non-Metallurgical.
The GMK Group segment includes operations like main mining, processing and metallurgy operations as well as transport services, energy, repair and maintenance services.
The South Cluster segment includes certain ore mining and processing operations located in Taimyr Peninsula.
The KGMK Group segment includes mining and metallurgy operations, energy, exploration activities located in Kola Peninsula.
The NN Harjavalta segment includes refinery operations located in Finland.
The GRK Bystrinskoye segment includes ore mining and processing operations located in the Zabaikalsky region of the Russian Federation.
The Other Mining segment engages in in metal mining and processing joint operations of nkomati nickel mine. The Other Non-Metallurgical segment deals with metal and other trading, supply chain management, transport services, energy and utility, research, and other activities located in Russia and abroad.
The core operations of the company include prospecting, exploration, mining, concentration and processing of minerals along with the production, marketing and sales of non-ferrous and precious metals. The products are supplied to over 30 countries around the world.
The Group has its production units located in Russia (Norilsk Industrial District, Kola Peninsula and Trans-Baikal Territory), Finland, Australia and South Africa.
The key resource base of the company is located beyond the Arctic Circle on the Taimyr Peninsula, Polar Division. It is linked to other regions by the Yenisey River, the Northern Sea Route and air.
Nornickel’s nickel refining hub and a leading industrial facility in the Murmansk Region is located on the Kola Peninsula, JSC Kolskaya Mining and Metallurgical Company (Kola MMC).
Trans-Baikal Territory (GRK Bystrinskoye and Bugdainsky Mine) GRK Bystrinskoye (Bystrinsky GOK) is the key subsidiary of NorNickel holding 50% shares.
In October 2017, the Company embarked on the Bystrinsky GOK’s pre-commissioning phase, expecting to reach its design capacity after 2021.
GRK Bystrinskoye develops deposits of gold-iron-copper ores at the Bystrinskoye Field. Bugdainsky Mine holds an exploration and mining licence for the Bugdainskoye Field.
In 2H 2017, NorNickel transferred some assets of its Polar Division to a subsidiary: Zapolyarny mine, Norilsk Concentrator, tailings pit No. 1 and Lebyazhye tailing pit were integrated into Medvezhy Ruchey.
The Group also holds a licence to develop the Honeymoon Well Project including:
In South Africa, Nornickel owns a 50% stake in Nkomati, a nickel mining company.
In addition to the production facilities, the company has its own sales network, fuel and energy companies, transport assets, a body of R&D units and a unique Arctic cargo fleet.
The company was founded in 1989 and is headquartered in Moscow, Russia.
Platinum Group Metals Market Segmentation
1. TABLE OF CONTENTS 2
1.1 List of Tables
1.2 List of Figures
2. EXECUTIVE SUMMARY 11
2.1 Platinum Group Metals – Salient Statistics
2.2 The global chemicals and materials industry outlook to 2030
2.3 Global Platinum Group Metals Industry Outlook, 2020 – 2030
3. INTRODUCTION TO PLATINUM GROUP METALS MARKET 15
3.1 Market Segments - Types, Applications, and Countries
3.2 Report Guide
3.3 Research Methodology
4. MACRO FACTORS DRIVING PLATINUM GROUP METALS MARKET OUTLOOK 18
4.1 Macroeconomic Factors
4.2 Demographic Factors
5. OVERVIEW OF THE PLATINUM GROUP METALS MARKET 20
5.1 Industry Panorama, 2022
5.2 Major Companies Operating in the Platinum Group Metals Industry
5.3 Market Trends Shaping the Market Outlook
5.4 Largest End-User Applications
5.5 Dominant Platinum Group Metal Types
5.5.1 Platinum Market Size Forecast, 2020 to 2030
5.5.2 Palladium Market Size Forecast, 2020 to 2030
5.5.3 Rhodium Market Size Forecast, 2020 to 2030
5.5.4 Ruthenium Market Size Forecast, 2020 to 2030
5.5.5 Iridium Market Size Forecast, 2020 to 2030
5.5.6 Osmium Market Size Forecast, 2020 to 2030
5.6 Regional Outlook
6. COVID-19 IMPLICATIONS ON PLATINUM GROUP METALS ACROSS SCENARIOS 35
6.1 Low Growth Case Scenario
6.2 Reference Case Scenario
6.3 High Growth Case Scenario
7. TRENDS IN PLATINUM GROUP METALS -END USER MARKETS 37
7.1 Autocatalyst Manufacturing Market Share Outlook to 2030
7.2 Chemicals Market Share Outlook to 2030
7.3 Electrical and Electronics Market Share Outlook to 2030
7.4 Jewellery Market Share Outlook to 2030
7.5 Other Applications- Market Share Outlook to 2030
8. NORTH AMERICA PLATINUM GROUP METALS MARKET OUTLOOK 42
8.1 North America Platinum Group Metals Market Size Outlook, 2020- 2030
8.2 North America Platinum Group Metals Trends and Opportunities
8.2.1 Palladium dominates the North American PGM Market
8.2.2 Autocatalyst Manufacturing dominates the North American PGM Market
8.2.3 The US dominates the North American PGM Market
8.3 Market Outlook by Country
8.3.1 United States Platinum Group Metals Market Analysis and Outlook to 2030
8.3.2 Canada Platinum Group Metals Market Analysis and Outlook to 2030
8.3.3 Mexico Platinum Group Metals Market Analysis and Outlook to 2030
9. EUROPE PLATINUM GROUP METALS MARKET OUTLOOK 50
9.1 Europe Platinum Group Metals Market Size Outlook, 2020- 2030
9.2 Europe Platinum Group Metals Trends and Opportunities
9.2.1 Palladium dominates the European PGM Market
9.2.2 Autocatalyst Manufacturing dominates the European PGM Market
9.2.3 Germany dominates the European PGM Market
9.3 Market Outlook by Country
9.3.1 Germany Platinum Group Metals Market Analysis and Outlook to 2030
9.3.2 United Kingdom Platinum Group Metals Market Analysis and Outlook to 2030
9.3.3 France Platinum Group Metals Market Analysis and Outlook to 2030
9.3.4 Spain Platinum Group Metals Market Analysis and Outlook to 2030
9.3.5 Italy Platinum Group Metals Market Analysis and Outlook to 2030
9.3.6 Rest of Europe Platinum Group Metals Market Analysis and Outlook to 2030
10. ASIA PACIFIC PLATINUM GROUP METALS MARKET OUTLOOK 58
10.1 Asia Pacific Platinum Group Metals Market Size Outlook, 2020- 2030
10.2 Asia Pacific Platinum Group Metals Trends and Opportunities
10.2.1 Palladium dominates the Asia Pacific PGM Market
10.2.2 Autocatalyst Manufacturing dominates the Asia Pacific PGM Market
10.2.3 China dominates the Asia Pacific PGM Market
10.3 Market Outlook by Country
10.3.1 China Platinum Group Metals Market Analysis and Outlook to 2030
10.3.2 India Platinum Group Metals Market Analysis and Outlook to 2030
10.3.3 Japan Platinum Group Metals Market Analysis and Outlook to 2030
10.3.4 South Korea Platinum Group Metals Market Analysis and Outlook to 2030
10.3.5 Rest of Asia Pacific Platinum Group Metals Market Analysis and Outlook to 2030
11. LATIN AMERICA PLATINUM GROUP METALS MARKET OUTLOOK 65
11.1 Latin America Platinum Group Metals Market Size Outlook, 2020- 2030
11.2 Latin America Platinum Group Metals Trends and Opportunities
11.2.1 Palladium dominates the Latin American Pacific PGM Market
11.2.2 Autocatalyst Manufacturing dominates the Latin American PGM Market
11.2.3 Brazil dominates the Latin America PGM Market
11.3 Market Outlook by Country
11.3.1 Brazil Platinum Group Metals Market Analysis and Outlook to 2030
11.3.2 Argentina Platinum Group Metals Market Analysis and Outlook to 2030
11.3.3 Rest of Latin America Platinum Group Metals Market Analysis and Outlook to 2030
12. MIDDLE EAST AND AFRICA PLATINUM GROUP METALS MARKET OUTLOOK 71
12.1 Middle East and Africa Platinum Group Metals Market Size Outlook, 2020- 2030
12.2 Middle East and Africa Platinum Group Metals Trends and Opportunities
12.2.1 Palladium dominates the Middle East and Africa Pacific PGM Market
12.2.2 Autocatalyst Manufacturing dominates the Middle East and Africa PGM Market
12.2.3 Africa dominates the MEA PGM Market
12.3 Market Outlook by Country
12.3.1 Middle East Platinum Group Metals Market Analysis and Outlook to 2030
12.3.2 Africa Platinum Group Metals Market Analysis and Outlook to 2030
13. COMPETITIVE LANDSCAPE 77
13.1Anglo American Platinum Limited
13.1.2 SWOT Analysis
13.1.3 Key Financials
13.2 Norilsk Nickel
13.2.2 SWOT Analysis
13.2.3 Key Financials
13.3 Impala Platinum
13.3.2 SWOT Analysis
13.3.3 Key Financials
13.4.2 SWOT Analysis
13.4.3 Key Financials
13.5 Northam Platinum Limited
13.5.2 SWOT Analysis
14. APPENDIX 147
14.1 About USD Analytics
14.2 Sources and Research Methodology