Platinum Powder Market Size, Share, Growth, and Industry Analysis, By Type (High Platinum Powder and Alloyed Platinum Powder), By Application (Catalysts, Electronics, Chemical, Jewellery and others), Regional Insights, and Forecast To 2032

Updated On: 22 April 2024

REPORT OVERVIEW

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The global platinum powder market size was USD 55 million in 2020. As per our research, the market is expected to reach USD 70 million by 2027, exhibiting a CAGR of 3.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the platinum powder market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Platinum powder is a fine form of platinum metal that is often used in various industrial and technological applications. It is produced by reducing platinum compounds or by other methods that break down larger pieces of platinum into small particles. The powder form of platinum enhances its surface area, making it more reactive and suitable for a wide range of applications.

Platinum powder is widely used as a catalyst in chemical reactions. Its unique catalytic properties make it valuable for accelerating chemical reactions without being consumed in the process. Applications include catalytic converters in automobiles to reduce harmful emissions, as well as in industrial processes such as petroleum refining and the production of chemicals. It is also a critical component of proton exchange membrane fuel cells (PEMFCs) and other types of fuel cells. It serves as a catalyst to facilitate the electrochemical reactions that generate electricity from hydrogen and oxygen.

COVID-19 IMPACT: Reduced Industrial Activity resulted in Recession of the Market

COVID-19 had a life changing impact globally. The platinum powder market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected.

With the implementation of lockdowns and social distancing measures, many industries faced operational challenges. This could have led to reduced demand for industrial applications of platinum powder, such as catalytic converters, which are used in automobiles and industrial processes to reduce emissions. As factories shut down or operated at lower capacities, the demand for platinum powder might have decreased.

The automotive industry is a major consumer of platinum, primarily in catalytic converters. The pandemic resulted in lower consumer demand for cars, leading to production cuts and even plant closures by major automobile manufacturers. This decrease in automotive production would have directly affected the demand for platinum powder used in catalytic converters. As economies recover and industries return to normal operations, the demand for platinum powder could rebound, especially in sectors like automotive, industrial manufacturing, and electronics. The market is anticipated to boost the platinum powder market share following the pandemic.

LATEST TRENDS

"Growing Demand for Clean Energy to Broaden Market Growth"

The push towards cleaner and more sustainable energy sources was driving interest in platinum's role in fuel cells. Fuel cells, which convert hydrogen and oxygen into electricity with water as the only by product, were seen as a promising solution for low-emission energy generation. Platinum-based catalysts were crucial for facilitating the electrochemical reactions within fuel cells, making platinum powder a valuable material for this application.

The automotive industry was undergoing a significant transformation. While electric vehicles (EVs) were gaining traction, there was still a demand for platinum in hybrid vehicles and certain types of EVs. Hybrid vehicles used platinum in their catalytic converters to reduce emissions, and certain EVs employed platinum in fuel cells as an alternative power source to batteries. These latest developments are anticipated to boost the platinum powder market growth.

SEGMENTATION

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• By Type

Based on type, the market is divided into high platinum powder and alloyed platinum powder.

• By Application

Based on application, market is segmented into catalysts, electronics, chemical, jewellery and others.

DRIVING FACTORS

"Growing Automotive Industry Demand to Boost Market Share"

The automotive sector is a primary driver of platinum demand due to its use in catalytic converters. These devices are essential for reducing harmful emissions from internal combustion engines. As emissions regulations become stricter globally, automakers require more effective catalytic systems, which often use platinum-based catalysts to meet these stringent standards. The shift towards hybrid vehicles and hydrogen fuel cell vehicles further influences the demand for platinum powder.

"Medical and Pharmaceutical Uses to Boost Market Size"

Platinum-based drugs, such as those used in cancer treatment, have established platinum's importance in the medical field. Research continues to explore novel medical applications for platinum compounds, from targeted therapies to medical implants. The advancement of medical technologies and increasing focus on personalized medicine could lead to expanded use of platinum powder in healthcare applications. These factors are anticipated to drive the platinum powder market share.

RESTRAINING FACTORS

"Cost and Price Volatility to Hamper Market Share"

Platinum is a precious metal, and its price can be subject to volatility based on various factors such as economic conditions, investor sentiment, and geopolitical events. High price volatility can create uncertainty for both consumers and producers, impacting investment decisions and leading to fluctuating demand. Economic downturns or uncertainties can lead to reduced consumer spending, which in turn affects industries such as automotive and electronics. Lower demand for products that use platinum, like vehicles or consumer electronics, directly impact the demand for platinum powder.

The primary source of platinum is mining, which can be influenced by factors like geopolitical tensions, regulatory changes, labour disputes, and technological challenges. Dependency on mining introduces supply risks, and disruptions in mining operations can lead to supply shortages and price spikes. The factors are anticipated to hinder the growth of the platinum powder market share.

REGIONAL INSIGHTS

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"South Africa Holds the Major Share of the Global Market with Well-Established Mining Infrastructure"

South Africa holds the largest known platinum reserves globally. The Bushveld Igneous Complex, located in the northern part of the country, contains extensive platinum group metal (PGM) deposits, including platinum. These reserves have made South Africa a significant player in the platinum market. The country has well-established mining infrastructure and a long history of platinum mining. Mining operations, including exploration, extraction, and processing, have been developed over many years, enabling efficient production.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Johnson Matthey [U.K.]
• Aida Chemical [Japan]
• Tanaka [Japan]
• Heraeus Electronics [Germany]
• American Elements [U.S.]
• Zhejiang Changgui Metal [China]
• Shoei Chemical [Japan]
• Ames Goldsmith [U.S.]
• Technic [U.S.]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.