Platinum Group Metals Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2026-2035)

Platinum Group Metals Market Overview

The global platinum group metals market dynamics are influenced by the rise in low-carbon hydrogen initiatives and the strong focus on recycling measures. These metals are pivotal for enabling the adoption of green hydrogen for achieving decarbonisation goals. PGMs are also utilised in the hydrogen value chain across a variety of applications important for the energy transition. In December 2023, Lifezone Metals Ltd. partnered with Glencore’s subsidiary for a palladium, platinum, and rhodium recycling project utilizing the former’s hydrometallurgical technology, Hydromet to responsibly recover these metals from recycled sources in a more efficient and cleaner manner. The project is situated at a facility in the U.S. The rise in such strategies is likely to benefit the growth of the market.

Platinum Group Metals Market Growth

The platinum group metals market value may be bolstered by the significant rate of industrialisation across the globe and the consequent need to offer unique and valuable properties. According to UNIDO (United Nations Industrial Development Organisation), there was a 2.3% rise in industrial sectors globally, spanning mining, manufacturing, electricity, waste management, water supply, and other utilities. As PGMs are extremely rare, they act as critical metals in many industrial and technological processes. The growing usage of rhodium, platinum, iridium and their alloys can be attributed to their high temperature stability, melting points and corrosion resistance. Emerging utilisation in laser technology, petroleum, medical, and security will also drive the product uptake.

Key Trends and Recent Developments

Platinum Group Metals Market Trends

Driven by the intensifying focus on sustainability and the dire need of recyclability of products and processes, the platinum group metals industry outlook will strongly be improved. PGMs can be indefinitely used as they can be recycled many times without changes in their physical properties. It has been estimated that 60% of PGM incorporated on new products per year is now recycled metal, from open and closed loops. Surging initiatives led by key players around recyclability of the metals will thus influence the growth. To cite an instance, in December 2023, Johnson Matthey successfully created a mass balance comprising methodology to offer 100% recycled PGMs.

Platinum Group Metals Market Opportunities

The rise in strategic collaborations aimed at enhancing the application scope of the PGMs for diverse uses and processes will favour the platinum group metals industry trends. In January 2023, Heraeus Precious Metals inked a MoU with Barcelona-based metallic catalysts provider Jolt Solutions. This helped in optimizing the use of PGM for proton exchange membrane water electrolysis through Jolt’s SparkfuzeTM technology. The rising dominance of platinum supported catalysts in refining of crude oil, reforming, as well as in the generation of aromatic compounds and high-octane gasoline to cater to the petrochemical industry will also promote the market growth.

Platinum Group Metals Market Restraints

The platinum group metals market growth is likely to be hindered by the complications of energy- and carbon-intensive extraction and processing. Platinum alloys can act as the most challenging materials in terms of processing and refining. The scarcity of resources, regulatory restrictions and market volatility will further impede the product uptake to some degree. As per reports, the platinum market is noticing a sustained supply deficit, showing an average shortfall of 689,000 ounces each year from 2026 to 2029.

Platinum Group Metals Industry Segmentation

Platinum Group Metals Market Share

Market Analysis by Type

The platinum group metals market share is slated to grow significantly through types. The platinum segment will witness expansion during the forecast period attributable to their assistance in limiting the emissions from diesel engines. The surge of investments in platinum alloys given its high usage in petroleum refining, chemicals, electronics, glass manufacturing, medical devices, and jewelry will further add to its value. Meanwhile the palladium segment is poised for growth due to higher usage in applications like fuel cells and solar energy given its accessibility in sheets. Both platinum and palladium are used as key materials in auto catalysts to reduce harmful tailpipe emissions from buses, cars, and trucks to facilitate cleaner air.

Rhodium is attaining significant traction in the platinum group metals market traction on account of its strong usage in gasoline-powered vehicles to limit the nitrogen oxide (NOx) emissions. On the other hand, the ruthenium segment will expand with a substantial role in green hydrogen production. Rising research activities highlighting the use of ruthenium to offer enhanced properties in processes will also boost the industry revenue. For instance, in December 2023, researchers from IIT and BeDimensional's deployed nanoparticles of ruthenium to observe increased efficiency of an electrolyser.

Market Analysis by Application

Platinum group metals are widely used in the automotive industry led by their high melting points, excellent catalytic activity, and stable chemical properties. As per reports, the rate of automotive PGM consumption rose by 8%, reaching 13.1 million oz in 2023. While the IPA (International Platinum Group Metals Association) states that the automotive sector is a major consumer of platinum group metals, accounting for over 80% of the demand.

In chemical applications, platinum catalysts are gaining ground in the platinum group metals industry for the production of high-octane gas, silicones, and petrochemical feedstock used in making synthetic rubber, plastics, and polyester fibers. Furthermore, PGMs, including platinum, rhodium, palladium, and small amounts of iridium are witnessing widespread usage in jewelry applications given their high resistance to oxidation and corrosion for ensuring long- life of the jewelry pieces.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Platinum Group Metals Market Regional Analysis

North America Platinum Group Metals Market Opportunities

The strong presence of a well-established automotive sector, mainly in the U.S. will boost the platinum group metals market in North America. This can be largely attributed to the rapid popularity of electric and hybrid cars across the region given their environment friendly attributes compared to bulky electric cars. Due to rapid advances in mining, Canada is significantly adding to increased production of PGMs in North America. According to sources, Canada emerged as the fourth-largest producer of PGMs worldwide in 2022, recording 5.5% of the global production. It was also reported that the Canadian PGM mine production reached nearly 710,000 troy ounces in 2022.

Europe Platinum Group Metals Market Trends

The growing regulatory support along with the surging commitment towards limiting net-zero emissions will boost the demand of the platinum group metals market in Europe. In October 2024, the IPA urged the European Union (EU) to accelerate the adoption of fuel cell electric vehicles (FCEVs) and battery electric vehicles before 2030 to boost competitiveness. This move propelled the usage of platinum group metals in meeting Europe’s 2030 zero-emission vehicle goals while ensuring a more resilient, achievable, and sustainable approach to zero-emission mobility by 2050. The presence of key market players and their constant focus on bringing innovations in materials, processes and technologies will also favor the industry growth.

Asia Pacific Platinum Group Metals Market Factors

APAC platinum group metals market size will increase with the rising rate of production capacities, mainly in India and Vietnam. According to Volza's India Import data, India emerged as the largest importer of palladium, accounting for 2,506 import shipments in 2023. This is attributable to its extensive usage in emissions-reducing devices for trucks and cars in the region. Asia Pacific is home to several well-established chemical companies and a large number of petroleum refining plants, further driving the demand for PGMs. The growing popularity of platinum jewelry and the need to create fine and intricate designs with strength, durability, and attractiveness is another important trend driving the regional industry growth.

Latin America Platinum Group Metals Market Drivers

The influx of international mining companies and the rising recognition of Brazil's mineral potential will favor the platinum group metals industry value in Latin America. To support with an instance, in September 2024, exploration and development firm Bravo Mining announced that it is exploring PGMs and copper in the Carajás region of Brazil. The use of automobile exhaust catalysts deploying platinum group elements (PGE) are also mandated on new cars in the Mexico City Metropolitan Area. Hence, the rise in exploration projects and the ongoing efforts to accelerate the extraction and processing of metallic minerals will add positive impetus to the regional market expansion.

Middle East and Africa Platinum Group Metals Market Opportunities

The platinum group metals demand in the MEA is slated to rise with the growth of mining activities and the presence of an excellent source of transportation for proficiently and safely delivering the metals. The regional market is further slated to witness expansion with the growing government support in the region. For example, in November 2024, Platinum Group Metals Ltd. along with Ajlan & Bros Company for Mining inked a MoU with the Ministry of Investment of Saudi Arabia in line with its Global Supply Chain Resilience Initiative for a PGM Smelter as well as Base Metal Refinery in Saudi Arabia.

Competitive Landscape

Other key players in the platinum group metals market report include Platinum Group Metals Limited, Johnson Matthey, Vale, Norilsk Nickel, Northam Platinum Holdings Limited, and Sibanye-Stillwater, among others.