BANGALORE, India, Nov. 19, 2020 /PRNewsCentre/ — The Platinum Market is segmented by Type (Purity 5%, Purity 10%, Purity 99%, Others), by Application (Catalysis, Medical Tools, Flat Panel Monitors, Alloying Agent, Others). This is a new Report published on Valuates Reports in Metals & Mining Category. It also covers Global Opportunity Analysis and Industry Forecast to 2026.
The global Platinum market size is projected to reach USD 563.6 Million by 2026, from USD 502.8 Million in 2020, at a CAGR of 1.9% during 2021-2026.
Major factors driving the growth of platinum market size are growing investments in hydrogen fuel cells, the shift in consumer preference to hybrid vehicles and the growing need to curb emissions.
This report focuses on Platinum volume and value at the global level, regional level and company level. This report represents the overall Platinum market size by analyzing historical data and prospects from a global perspective. This report focuses on several key regions: North America, Europe, Japan, China, Southeast Asia, India, etc.
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TRENDS INFLUENCING THE GROWTH OF PLATINUM MARKET SIZE
Increasing investments in hydrogen fuel cell vehicles are expected to drive the growth of the platinum market size. Compared to internal combustion engines, fuel cell electric vehicles use twice the amount of platinum. Hydrogen is used as a fuel in fuel cell vehicles, and platinum catalysts the chemical reaction with oxygen in the air, producing water and electricity. The electric motor uses the electricity produced, and water is released through the exhaust, achieving zero emissions.
The negative effects of COVID-19 persisted at the beginning of 2020, but the widespread relaxation of restrictive pandemic control policies, coupled with government stimulus measures, saw an increase in global economic activity. With mines ramping up to full production, refined processing capacity returning to more natural levels, and demand in the automotive and jewelry segments experiencing sharp V-shaped recoveries, platinum market size is expected to increase drastically.
Demand for platinum in medical devices and cancer treatment is expected to increase the platinum market size growth. Based on research, we continue to see growth in platinum-based active pharmaceutical ingredients for cancer treatment for both local and export markets.
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COVID-19 IMPACT ON PLATINUM MARKET
Although the COVID impact can be seen on the Platinum market, the effect was significantly lower than anticipated. Market players expect the demand for platinum to increase significantly due to its use not only in the development of green hydrogen but also in fuel cells for hybrid fuel cell vehicles (FCEVs).
The need to continue the transition away from the internal combustion engine (ICE) vehicles to electric ones, both battery and fuel cell, is another pandemic-driven development beneficial to the platinum market. In 2020, as automotive CO2 mitigation strategies involve a large range of diesel and diesel hybrid vehicles, we will likely see increased platinum demand.
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PLATINUM MARKET SHARE
In 2019, Asia Pacific held the largest platinum market share in terms of revenue. Due to automotive manufacturing powerhouses regions, such as India, China and Japan, the region is expected to hold a leading position over the forecast period. Moreover, the introduction of new regulatory standards, such as BS-VI in the Indian automotive sector, is likely to force manufacturers to reduce contaminants’ emissions and increase fuel quality. Strong demand for platinum as an investment commodity drives the platinum market size in the Asia Pacific region.
North America and Europe are expected to hold significant market share due to the rising demand for diesel hybrid vehicles and investment prospects due to the commodity’s declining prices.
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PLATINUM MARKET SEGMENTATION
Following are the segments covered by the report are:
TOP COMPANIES IN THE PLATINUM MARKET
Due to growing scrutiny by regulatory authorities worldwide, most vendors are in constant search of achieving sustainability in their operations. By establishing joint ventures with foreign companies, a few regional suppliers concentrate on developing efficient extraction technologies to minimize production costs.
Some of the top companies in the platinum market include,
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