Platinum Market size was over USD 8.08 billion in 2023 and is likely to reach USD 15.62 billion by the end of 2036, witnessing around 5.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of platinum is assessed at USD 8.42 billion.
owing to its increasing use in the automotive industry. Platinum is used in spark plugs and oxygen sensors to build more efficient engines, which is estimated to boost its demand among automobile engine manufacturers. Properties of platinum, such as, highly malleable, ductile, dense, and unreactive nature is estimated to boost the market growth. Moreover, platinum is a precious metal, which is 30 times denser than gold, and is being increasingly used in making jewellery, which is further estimated to boost the market growth.
Growth Drivers
Growth Restraints
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
5.2% |
Base Year Market Size (2023) |
USD 8.08 billion |
Forecast Year Market Size (2036) |
USD 15.62 billion |
Regional Scope |
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The platinum market is segmented on the basis of application into automotive, jewellery, industrial, and others, out of which, the automotive segment is estimated to witness largest share during the forecast period owing to application of platinum to manufacture catalytic converters for vehicles.
Our in-depth analysis of the global market includes the following segments:
By Source |
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By Application |
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Regionally, the global platinum market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in the Asia Pacific industry is likely to account for largest revenue share by 2036, owing to presence of automotive manufacturing powerhouses in the countries, including, India, China, and Japan. In addition to this, there is a growing need amongst the manufacturers to reduce pollutant emissions and enhance fuel efficiency which is estimated to directly promote the growth of the market in the region.
The market in the North America is projected to observe the highest growth rate over the forecast period on the back of the rising demand for hybrid-electric vehicles, and platinum is required in manufacturing such engines. Moreover, high disposable income is estimated to boost the demand for expensive platinum jewellery among the high class and upper-middle class in the region, which is estimated to drive the platinum market growth.
Author Credits: Rajrani Baghel
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