Growth in Platinum Market15 Dec 2021 16:07
- The Platinum Market research report has been added to Technavio's catalog.
USD 1.61 Billion Growth in Platinum Market: By End-user (automotive, jewelry, industrial, and investment) and Geography (APAC, Europe, North America, South America, and MEA) | Technavio [Benzinga]
The market is anticipated to witness healthy growth at a CAGR of 4.41%. This growth can be attributed to growing demand for platinum in various industries. However, the energy-intensive processing of platinum can hamper the growth of the market during the next few years.
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The platinum market share growth by the automotive segment will be significant during the forecast period. The increasing use of platinum in automobiles can be attributed to the implementation of many government regulations regarding the reduction of emissions. Platinum plays an important role in making modern cars more efficient and environment-friendly. Diesel-powered vehicles that mainly use platinum-based autocatalysts are becoming increasingly popular. This will further intensify the demand for platinum in the automotive industry.
One of the key factors driving growth in the platinum market is the growing demand for platinum in various industries. The catalytic properties of platinum are crucial for the production of important chemicals and synthetics. Their physical properties such as durability, hardness, high melting point, corrosion resistance, and high-temperature stability make them the ideal choice for many applications. The demand for platinum in the industrial segment is expected to rise due to the increase in the consumption of platinum in the glass industry. The metal is used for manufacturing vessels that assist in holding, channeling, and forming the molten glass. The construction of new chemical plants to produce nitric acid and other chemicals is expected to increase the consumption of platinum in Asia and the Middle East . All the above-mentioned factors are expected to drive the growth of the global platinum market during the forecast period.
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Major Five Platinum Companies:
African Rainbow Minerals Ltd.
Anglo American South Africa Investments Proprietary Ltd.
Asahi Group Holdings Ltd.
Eastern Platinum Ltd.
Eurasia Mining PLC
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