Global Platinum Group Metals Market 2017-2021
About Platinum Group Metals
PGMs consist of six chemical elements, which include platinum, palladium, rhodium, ruthenium, osmium, and iridium that are clustered together in the periodic table. These elements are called transition metals, and they have similar physical and chemical properties and appear in the d-block (groups 8, 9, and 10 and periods 5 and 6) of the periodic table.
Technavio’s analysts forecast the global platinum group metals market to grow at a CAGR of 3.09% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global platinum group metals market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of platinum group metals.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Platinum Group Metals Market 2017-2021
Technavio recognizes the following companies as the key players in the global platinum group metals market: Anglo American Platinum, Impala Platinum, JSC MMC Norilsk Nickel, Lonmin, and Stillwater Mining.
Other Prominent Vendors in the market are: North American Palladium, African Rainbow Minerals,
Eastern Platinum, Glencore Xstrata, Aquarius Platinum, and Johnson Matthey.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is advances in technology. PGMs play a significant role in many technological innovations in many markets in recent years. These metals are used in the production of glass fiber for fiber optic cables, which helps in advanced telecommunication. PGMs are widely used in implants and tools in the medicine. They are also being considered a treatment option for cancer, and platinum is used as an active ingredient in chemotherapy drugs and also in the treatment of Parkinson's disease.”
According to the report, one of the major drivers for this market is increasing use of PGMs in automobiles. PGMs are widely used in autocatalysts that reduce the emission of various hazardous gases such as CO2 and NO2 from vehicles. In addition, these metals are also used in other automobile components such as antilock braking systems, air bag initiators, and spark plugs.
Further, the report states that one of the major factors hindering the growth of this market is volatility in prices. Metal prices are subject to fluctuation. Since South Africa is the major revenue contributor to the global PGM market, the rand to US dollar exchange plays an important role in this market's dynamics. A rise in the value of the rand will affect operating and production costs, thereby reducing the profit margins of the vendors.
Anglo American Platinum, Impala Platinum, JSC MMC Norilsk Nickel, Lonmin, Stillwater Mining, North American Palladium, African Rainbow Minerals, Eastern Platinum, Glencore Xstrata, Aquarius Platinum, and Johnson Matthey.