The market was negatively impacted by COVID-19 in 2020

The platinum group metals market is projected to register a CAGR of over 4. 5% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. Several countries were forced to go in lockdown owing to the pandemic scenario, which led people to minimize the usage of personal vehicles, thus creating a negative impact on the demand for automotive catalysts used in the vehicle exhaust streams and, in turn, this is decreasing the demand of platinum group metals.

New York, July 01, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Platinum Group Metals Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06101216/?utm_source=GNW
However, the demand for platinum electrodes in blood gas analyzers, platinum catalyst in the production of polypropylene and medical-grade silicones for personal protective equipment (PPE) manufacturing, and platinum group metal catalysts in the production of many active pharmaceutical ingredients (APIs), including antibiotics has been increased in the current situation, which, in turn, stimulates the market demand for platinum group metals.

- Over the short term, growing demand for catalytic converters from the automotive industry and increasing demand for platinum, palladium, and ruthenium from the electronics industry are expected to drive the market growth.
- The high costs involved in the maintenance of platinum group metals and unfavorable conditions arising due to the impact of COVID-19 are hindering the market’s growth.
- Growing R&D activities for the application of platinum group metals in the electronics sector and increasing investment in the African countries in the field of platinum group metals are likely to create opportunities for the market in the coming years.
- The Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.

Key Market Trends
Platinum to Dominate the Market

- Platinum is a grayish-white-colored precious metal, which is primarily used for manufacturing autocatalysts, jewelry, and chemicals. The most important application of platinum is considered to be in the jewelry category, as it represents a major share of the overall platinum consumption. The application of catalytic converters to decrease harmful emissions from automobiles is also one of the major applications.
- Platinum has a high melting point, temperature stability, and great corrosion resistance, and it is a good oxidation catalyst and conductive. Furthermore, platinum in certain compounds can inhibit the growth of cancerous cells, and it is an important component in many medical applications, as it is biologically compatible.
- In the medical industry, the demand for platinum-based anti-cancer drugs is increasing significantly, while cardiac problems are treated with the help of medical devices, such as the pacemaker, which contains platinum electrodes.
- Platinum is employed as a catalyst in motor cars, as it regulates the emission of greenhouse gases. Moreover, it contributes to waste reduction, as it is highly durable, strong, and reliable. Furthermore, the high recyclability of PGMs minimizes the load on the environment.
- South Africa is the largest producer of platinum with a production volume of 133 kiloton in the year 2019, which is around 71.5% of the overall platinum production in the same year. The global production is estimated to be about 170 kilotons by 2020, with a decline rate of about 8.5%, as per United States Geological Survey (USGS), which in turn negatively impacts the demand for platinum.
- Companies such as Johnson Matthey, WC Heraeus, and BASF SE are involved in the fabrication of platinum products, while the key platinum jewelry manufacturers include Tiffany & Co. and Tanishq. The major companies that are engaged in the manufacturing of platinum catalysts are Honeywell International Inc., Sud Chemie AG, Toshiba, and Delphi Technologies.
- Owing to all these factors, the market for platinum group metals is likely to grow globally, thus, boosting the market studied during the forecast period.

Asia-Pacific Region to Dominate the Market

- The Asia-Pacific region has accounted for the largest share in the market for platinum group metals with almost half of the global share, and it is expected to be the fastest-growing market.
- China is the major holder and accounted for nearly 50% share of this regional market. The demand for platinum in chemical and petroleum refining applications may continue to benefit from investment in large integrated petrochemical complexes in China. China is the largest hard disk drive (HDD) producer in the world, which is successful in creating the stupendous demand for platinum group metals.
- Platinum group metals (PGM) are used in autocatalysts to convert pollutants of the exhaust stream into harmless gases. As of Q3 2019, China had produced 18.17 million vehicles and reached 16.96 million vehicles by Q3 2020, registering a decline rate of about 6.66%, which, in turn, has led to a decrease in the consumption of autocatalysts, thus, creating a negative effect on the growth of regional platinum group metals market.
- Japan is Asia’s oldest market for platinum group metals and is now the world’s highest per capita consuming market of platinum jewelry. Platinum jewelry has a share of almost 55% of all jewelry that is purchased in Japan.
- South Korea is presenting new growth markets in Asia for fuel cell technology. Due to this, the country is also one of the key markets to create demand for platinum group metals in fuel cell applications.
- Furthermore, India and ASEAN countries are also becoming the major factors for the market growth in the Asia-Pacific platinum group metals market. The huge growth of Asia-Pacific is quite instrumental in the expansion of the global platinum group metals market.
- Due to all such factors, the market for platinum group metals in the region is expected to have a steady growth during the forecast period.

Competitive Landscape
The platinum group metals market is highly consolidated, with the top five players accounting for a major share of the market. Some of the major players in the market include Anglo American Platinum, PJSC MMC Norilsk Nickel, Implats Platinum Limited, Sibanye-Stillwater, and Northam Platinum Limited, among others.

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