Platinum Group Metals Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The platinum group metals market was valued at USD 42.42 Billion in 2024. The industry is expected to grow at a CAGR of 3.50% during the forecast period of 2025-2034. The demand for platinum group metals is likely to soar with the surging consumer focus on increasing the efficiency of industrial processes along with the ongoing efforts to limit the energy consumption in processes. In turn, all these factors have resulted in the market likely attaining a valuation of USD 59.84 Billion by 2034.

Global Platinum Group Metals Market Report Summary

Description

Value

Base Year

USD Billion

2024

Historical Period

USD Billion

2018-2024

Forecast Period

USD Billion

2025-2034

Market Size 2024

USD Billion

42.42

Market Size 2034

USD Billion

59.84

CAGR 2018-2024

Percentage

XX%

CAGR 2025-2034

Percentage

3.50%

CAGR 2025-2034- Market by Region

Latin America

3.8%

CAGR 2025-2034 - Market by Country

India

5.2%

CAGR 2025-2034 - Market by Country

China

3.9%

CAGR 2025-2034 - Market by Type

Ruthenium

4.3%

CAGR 2025-2034 - Market by Application

Automotive

4.4%

Market Share by Country 2024

India

4.2%

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

The global platinum group metals market development can be attributed to the rapid growth of the automotive industry, the growing prominence of green energy technologies, the thriving regulatory support along with innovations in technologies and materials.

February 2025

Australia-based Podium Minerals bought EV Metals Group’s subsidiary EVM Nickel to integrate the latter’s Range Well Nickel Project with the former’s Parks Reef PGM Project for streamlining project development and optimizing future operations. This marked a significant strategic milestone for both the companies.

February 2025

Diversified miner Sibanye Stillwater inked collaborated in a chrome management agreement with Glencore for opening its new tab Merafe Venture across South Africa in a bid to partially offset the effects of an elongated platinum metal price slump. This partnership will help both firms to leverage synergies while increasing chrome output.

December 2024

Platinum Group Metals Ltd. disclosed its new equity distribution deal for driving up to USD 50 million issuance in shares via an at-the-market equity program to finance various projects, like the Waterberg property in South Africa as well as a feasibility study for a Saudi Arabia smelter.

In March 2022

A leading minerals development firm Alien Metals Ltd acquired 100% interest in Munni Munni Platinum Group Metals as well as Gold Project located in West Pilbara, Western Australia in a bid to extend the historic resource as well as identify new mineralised systems.

Advances in automotive industry

The platinum group metals industry value may increase due to large usage in the powertrains, turbines, emission control systems and fuel cells in the automotive domain. The surge in the demand for hybrid vehicles is also propelling the higher uptake of platinum, further driving attractive investments. As per the US EIA (International Energy Agency), the sales of hybrid vehicles accounted for 8.6% of the overall light-duty market in Q1 of 2024.

Emerging green energy technologies

The ongoing green energy revolution is a significant driver for the increased platinum group metals demand growth demand growth. PGMs are widely used in fuel cells, solar panels, wind turbines, and advanced batteries for the development as well as adoption of cleaner, more efficient technologies. The growing number of green energy projects and the rising footprint of companies in this technology will prove favourable for the market growth. For example, in December 2024, Oil India Limited launched a new subsidiary focusing on renewable energy solutions to mark its entry into the green energy sector.

Strong regulatory support

The influx of emissions-reduction regulations impacting the demand for PGMs in auto-making will add to the platinum group metals market revenue. The regulatory efforts to boost PGM recycling rates are centered on increasing collection rates via producer responsibility or mandated critical metals recovery. Significant measures have also been placed on corporate standards, procedures, and guidance support for the implementation of these metals.

Rising stream of innovations

Advances in technologies and new processes are broadening the applications of PGMs in various industries, subsequently adding to the platinum group metals market expansion. For instance, in May 2024, PGI USA launched Inoveo Platinum, its new platinum alloy brand for the jewellery market for offering expanded capabilities as well as endless opportunities in platinum jewellery design and manufacturing. Such initiatives will prove favourable for the metal uptake.

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

The EMR’s report titled “Platinum Group Metals Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Type

• Platinum
• Palladium
• Rhodium
• Ruthenium

Breakup by Application

• Automotive
• Chemical
• Jewellery

Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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.

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

Key players in the platinum group metals industry are working on strategies focused on widening their global presence and customer reach. These firms are also placing targeted efforts on expanding their manufacturing capacities through technological advances and product launches to scale their revenues.

African Rainbow Minerals Limited

Founded in 2003 and headquartered at Sandton in South Africa, African Rainbow Minerals is a leading mining and minerals company spanning a portfolio of diamonds, iron ore, platinum, copper and more. With a vast range of future development options, it provides future-enabling metals and minerals for a greener, cleaner, and more sustainable world.

AngloAmerican

Founded in 1917 and headquartered in London, the United Kingdom, AngloAmerican is a British multinational mining firm with operations in Asia, Africa, North America, Australia, Europe, and South America. It is the major producer of platinum, diamonds, copper, nickel, iron ore, polyhalite and steelmaking coal.

Impala Platinum Holdings Limited

Founded in 1966, Impala Platinum Holdings Limited, based in Johannesburg, South Africa is a leading producer of platinum and associated PGMs. It is a holding firm owning several companies operating mines and producing platinum and platinum group metals, as well as nickel, copper and cobalt.

Glencore

Founded in 1974, Glencore plc is an Anglo-Swiss multinational commodity trading and mining firm with headquarters in Switzerland. It is a diversified producer of responsibly sourced commodities. Glencore has been producing, recycling, sourcing, marketing and distributing transition metals and minerals to drive the shift towards a low-carbon economy.

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.