Platinum Crucible Market Size, Share, Growth, and Global Industry Analysis by Type (Less than 1ML, 1-100ML, More than 100ML) By Application (University and Academic Institutes, Industrial Application), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

PLATINUM CRUCIBLE MARKET REPORT OVERVIEW

• 
• Request a Free sample to learn more about this report

The global platinum crucible market size was USD 106.9 million in 2022 and is projected to touch USD 144.38 million by 2031, exhibiting a CAGR of 3.4% during the forecast period.

The platinum crucible is one of the most useful analytical chemist tools. They are most commonly employed in XRF sample preparation, ash testing, wet chemistry, and Loss on Ignition (LOI) applications. These crucibles are made to be strong enough to be used in a chemical laboratory. They are made to be strong enough to be used in a chemical laboratory. Platinum was first used to make crucibles before the end of the eighteenth century, and such crucibles, along with other platinum-made apparatus, became an essential requirement for accurate chemical analysis. Almost three centuries later, modern analytical techniques still require the use of platinum metal crucibles. Steelmaking slag samples are prepared for X-ray fluorescence analysis here by fusion with a lithium tetraborate flux. The crucibles are made of 5% gold-platinum, a material that does not readily absorb flux. As a result, very little is retained when the glassy samples are poured from the crucible, and cleaning is largely unnecessary.

These crucibles have a high melting point and a high-temperature strength. Platinum is resistant to oxidation in air and oxygen, as well as corrosion in acids and melted salts. The crucibles are made from platinum sheets that have been formed into discs or blanks and then rotated over steel forms. Crucibles are frequently made from pure platinum and popular platinum alloys. Because platinum-rhodium alloys are denser, crucibles are made from even smaller sheets. Platinum crucibles can last a while if they are properly cared for. A crucible should be thoroughly washed mechanically after use. Crucibles can be stored in either water or a 10% hydrochloric acid solution.

COVID-19 Impact: Halt on Machinery & Equipment Demand to Hamper Market

The global COVID-19 pandemic has been unprecedented and staggering, with the global platinum crucible market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The surge in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 had an impact on almost all industries and markets around the world, slowing economic growth and changing consumer purchasing habits. National and international travel were hampered as a result of lockdowns implemented in several countries, which severely disrupted the supply chain of numerous sectors around the world, increasing the supply-demand gap. As a result, the limited availability of raw material supply hampered material production, negatively impacting global platinum crucible market growth.

Despite the fact that the market was impacted by the pandemic, increased demand is expected after the pandemic as industrial operations resume.

Latest Trends

"Growing R&D to Drive Market Growth"

Research and development activities in every industry are essential for market growth. Similarly, in the global platinum crucible market, most of the issues related to the process occur including the failure are not primarily due to poor metal quality or manufacturing flaws. The alloying and chemical reaction of the platinum crucible with reduced metals as a result of incorrect procedures or a failure to maintain oxidising conditions during fusion processes causes these negative effects. There is various research going on about the same which can resolve these issues and leads to market growth.

PLATINUM CRUCIBLE MARKET SEGMENTATION

• 
• Request a Free sample to learn more about this report

• By Type

The market is classified into less than 1ML, 1-100ML, and more than 100ML on the basis of type. The 1-100ML segment will lead the market share through 2028.

• By Application

The market is classified into university and academic institutes, and industrial applications. The university and academic institutes segment will lead the market share through 2028.

Driving Factors

"Growth of Chemical Industry to Drive Market Growth"

The properties of platinum crucible including high melting point, and low chemical reactivity make it suitable for chemical activities mostly in wet chemistry, loss on ignition, and ash testing. Thereby the growth in the chemical industry is a major driving factor of the market. Apart from large chemical industries, or factories, these crucibles can be also used in chemical laboratories of universities or academic institutions which thereby increases the demand for the product.

Restraining Factors

"Challenges Faced During Fusion of Platinum Crucible to Hamper Market Growth"

Even though platinum crucible can withstand high temperatures, it has certain limitations during the fusion of samples, making it a restraining factor for market growth. Sample fusion involves dosing a granulated or powdered mineral sample with a precise ratio of lithium borate and any required additives before melting the combination in a high-temperature fusion heater. Platinum crucibles used in sample fusion processes are frequently subjected to extensive thermodynamic strain, and the corrosive nature of the molten materials can cause slow, mechanical wear and tear, leading to the early failure of components, despite the material's low reactivity. These crucibles frequently fail due to poor process control procedures rather than defective platinum labware, thereby hampering the market growth.

PLATINUM CRUCIBLE MARKET REGIONAL INSIGHTS

• 
• Request a Free sample to learn more about this report

"Asia Pacific Leads the Market as a result of Rising Demand"

Asia Pacific holds the major global platinum crucible market share. Because of the rising demand from the chemical industries, and XRF, the Asia Pacific region offers enormous potential for the platinum crucible market. Furthermore, countries in Asia Pacific such as China and India have added fuel to their market growth as the number of steel mills in these regions has increased. Growth in metal casting, machine manufacturing, and metallurgical applications in these countries is also expected to result in significant demand for platinum crucibles.

Due to the increasing investment of mining industries, and the usage of platinum crucible in laboratories which results in the expansion of their existing facilities, after Asia Pacific, North America dominates in the market. Furthermore, the expansion of steel mills in steel industries in the same region has fueled the global platinum crucible market growth.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global platinum crucible market.

List of Market Players Profiled

• Tanaka (Japan)
• Heraeus (Germany)
• XRF Scientific (Australia)
• Johnson Matthey (U.K.)
• NETZSCH (Germany)
• Cole-Parmer (U.S.)
• Thermo Fisher Scientific (U.S.)
• Mettler Toledo (U.S.)
• Sigma-Aldrich (U.S.)
• 8853 S.p.A. (Italy)
• Huaxia Furun (China)
• Nickel-Electro (U.K.)
• Xiyu (China)
• Stanford Advanced Materials (U.S.)
• Guobo (China)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.