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Platinum Market Size & Outlook, 2025-2033

Platinum Market Size, Share & Trends Analysis Report By Source (Primary, Secondary), By Form (Metal, Powder, Alloys), By End Use (Automotive, Jewellery, Chemical, Electronics, Industrial, Others) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2025-2033

Report Code: SRAM1925AB
Published : Jun, 2025
Pages : 110
Author : Vrushali Bothare
Format : PDF, Excel
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Platinum Market Size

The global platinum market size was valued at USD 7.10 billion in 2024 and is projected to reach from USD 7.42 billion in 2025 to USD 10.55 billion by 2033, growing at a CAGR of 4.5% during the forecast period (2025-2033).

Platinum is a crucial component in catalytic converters used to reduce harmful emissions in vehicles. Stricter emission regulations around the world have led to an increased demand for platinum in catalytic converters. 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 recognized 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 other precious metals, it is used to make electronic equipment and other equipment in addition to jewelry.

Platinum is crucial to automotive, jewelry, and industrial applications in the complex and dynamic worldwide platinum market. Platinum production is dominated by South Africa, with Russia and Zimbabwe also contributing. Geopolitics, labor strikes, and environmental laws can interrupt production and prices, affecting the market. Platinum is mostly used in catalytic converters to reduce car emissions, although hydrogen fuel cells for sustainable energy are boosting its demand. However, macroeconomic variables, investor sentiment, and speculative trading can affect platinum prices, causing short-term volatility and long-term increases.

Platinum Market Size, Growth, Share & Forecast by 2033

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Platinum Market Growth Factors

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 neutralizing hazardous substances from automobile exhaust. The total mining and recycling-related production for the year 2019 were about 8.1 million ounces.

Diesel Cars and the Hydrogen Fuel Segment

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.

Market Restraint

High Cost and the Pandemic Hamper

Platinum prices have been declining since the start of the global pandemic, which is one of the main reasons to put a stop to the growth plan. In March 2020, the commodity's price had fallen from almost USD 32,857.3 per kilogramme in January to about USD 18,904.2. As a result, the expected phase of market growth is likely to be hampered by the collapse in commodity prices and the termination of the expansion project in the U.S.

Market Opportunity

The Need for Green Energy

Compared to internal combustion engines, the amount of platinum used by fuel cell electric vehicles is twice as much. Platinum Market 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 Insights

Asia Pacific region held the market's top spot in 2021 with a revenue share of approximately 49% 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.

Europe: Fastest Growing Region

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 regional growth, as are the investment opportunities.


Source Insight

In contrast to secondary platinum, which is a product obtained after recycling, primary platinum is a material that is mined. Over the projection period, the primary source segment is probably going to rule the market both in terms of revenue and volume. Russia, Zimbabwe, South Africa, Canada, and the United States are the major primary producers of platinum. In 2018, South Africa produced around 137 tonnes of commodities, followed by Russia (22 tonnes) and Zimbabwe (15 tonnes), according to data from the United States Geological Survey (USGS) released in 2019. The pandemic condition that is still present will probably prevent the suppliers from expanding. It is projected that during the next few years, the secondary source segment will experience the fastest CAGR.

Application Insight

The segment is projected to grow favourably as a result of increased regulatory attention and a focus on recycling precious metals. A prevalent point of application for the product will probably continue to be a catalytic converter. The overall carbon footprint is decreased as a result of these catalytic converters, which lower vehicle pollutant emissions. The aforementioned elements will likely contribute to a significant increase in secondary platinum demand over the projection period. Because of the established policies and standards governing the recycling of platinum group metals, the market is anticipated to experience increasing penetration in the North American and European areas. A quarter of the consumption trend in the aforementioned regions comes from secondary sources, thanks to government initiatives and programmes that promote this trend.

More than 38% of revenue was generated by the automotive sector in 2021, which topped the market. Automotive, jewellery, industrial, and investment are the different industry subsectors based on application. Due to the larger use of commodities in the production of catalytic converters for automobiles, the automotive industry dominates the application market in terms of revenue and volume. Vendors of automobiles have been compelled to improve their fuel efficiency while lowering their overall pollutant output due to mounting regulatory pressure from agencies across the globe. This is expected to continue to be a major factor in the segment's growth during the forecast period.


List of key players in Platinum Market

  1. Anglo American Platinum Ltd.
  2. Impala Platinum Holdings Limited
  3. Sibanye-Stillwater
  4. Norilsk Nickel
  5. Zimbabwe Platinum Mines Limited
  6. African Rainbow Minerals
  7. Eastern Platinum
  8. Eurasia Mining PLC
  9. Johnson Matthey
  10. Implats Platinum Ltd.
  11. Sibanye-Stillwater
  12. Northam Platinum Ltd
  13. Others
Platinum Market Share of Key Players

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Recent Developments

  • April 2022- Impala Platinum Holdings Limited plans to acquire a 100% stake in the South Africa-based platinum manufacturer Royal Bafokeng Platinum. It already owns 35.3% of the shares of Royal Bafokeng Platinum. The 100% acquisition will pave the way for creating one of the biggest platinum metal miners worldwide. It will also help Impala consolidate its market position.
  • February 2022- Heraeus Holding agreed to form a joint venture with BASF SE to recover precious metals, including platinum, from spent automotive catalysts in China. Under this joint venture, a new company named BASF Heraeus Metal Resource Co. Ltd. will be set up in Pinghu, China.

Report Scope

Report Metric Details
Market Size in 2024 USD 7.10 Billion
Market Size in 2025 USD 7.42 Billion
Market Size in 2033 USD 10.55 Billion
CAGR 4.5% (2025-2033)
Base Year for Estimation 2024
Historical Data2021-2023
Forecast Period2025-2033
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered By Source, By Form, By End Use, By Region.
Geographies Covered North America, Europe, APAC, Middle East and Africa, LATAM,
Countries Covered U.S., Canada, U.K., Germany, France, Spain, Italy, Russia, Nordic, Benelux, China, Korea, Japan, India, Australia, Taiwan, South East Asia, UAE, Turkey, Saudi Arabia, South Africa, Egypt, Nigeria, Brazil, Mexico, Argentina, Chile, Colombia,

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Platinum Market Segmentations

By Source (2021-2033)

  • Primary
  • Secondary

By Form (2021-2033)

  • Metal
  • Powder
  • Alloys

By End Use (2021-2033)

  • Automotive
  • Jewellery
  • Chemical
  • Electronics
  • Industrial
  • Others

By Region (2021-2033)

  • North America
  • Europe
  • APAC
  • Middle East and Africa
  • LATAM

Frequently Asked Questions (FAQs)

What is the market size of the global platinum market?
The global platinum market size is projected to reach from USD 7.42 billion in 2025 to USD 10.55 billion by 2033, growing at a CAGR of 4.5% during the forecast period (2025-2033).
Some of the leading players in global market are Vale SA, Asahi Holdings, Inc., African Rainbow Minerals, Eastern Platinum, Eurasia Mining PLC, Anglo American Platinum Ltd., Implats Platinum Ltd., Sibanye-Stillwater, Norilsk Nickel, Northam Platinum Ltd, etc.
Asia Pacific region held the market's top spot in 2021 with a revenue share of approximately 49% 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.
The need for green energy is a key opportunity in the platinum market during the forecast period.
Over the projection period, the primary source segment is probably going to rule the market both in terms of revenue and volume.

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