The global platinum market is projected to grow by USD 1.88 billion, at a compound annual growth rate (CAGR) of 4.5% from 2025 to 2029. This growth is fueled by increasing demand across multiple industries, including automotive, electronics, chemical, and medical sectors, as well as the rising popularity of platinum jewelry. As a precious metal with unique catalytic properties, platinum continues to play a critical role in various industrial applications, helping to reduce emissions and improve energy efficiency.
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The platinum market is segmented by end-use applications, sources, and regions, as outlined below:
Growing Demand for Exhaust Systems:
The automobile industry’s increasing demand for platinum to neutralize harmful elements from vehicle exhaust systems is a key market trend. Diesel-powered vehicles use approximately 3-7 grams of platinum in exhaust systems.
Rise in Hydrogen Fuel Cell Investments:
Platinum is a key component in hydrogen fuel cells, which are gaining traction in the automobile industry. Hydrogen fuel cell electric vehicles require more platinum than traditional internal combustion engine vehicles, which is expected to increase demand.
Increasing Focus on Environmental Regulations:
Stricter emission regulations and the global push toward achieving net-zero emissions are intensifying the need for platinum in automotive applications. Platinum's role in reducing pollutants from exhaust gases continues to be a critical factor driving its demand.
Growth in Electric Vehicles (EVs):
The rise in electric vehicle production and the adoption of hybrid models are expected to further stimulate platinum demand. Platinum is used in fuel cells for electric vehicles, contributing to the cleaner energy shift.
Jewelry Market Expansion:
Millennials' growing interest in platinum jewelry, particularly in the bridal sector, is a key trend fueling growth in the jewelry segment. Asia-Pacific regions, especially China and India, are the largest consumers of platinum jewelry.
Counterfeit Products in E-Retailing:
The expansion of online retailing has led to an increase in counterfeit platinum jewelry. In regions like Southeast Asia and the Middle East, counterfeit goods are being sold at lower prices, which poses a challenge to legitimate platinum businesses.
Supply Chain Disruptions:
Platinum supply is highly concentrated in a few regions, particularly South Africa and Russia. Any disruptions to mining operations in these regions, such as strikes, political instability, or natural disasters, can lead to fluctuations in platinum prices.
High Product Prices:
Platinum's high price, driven by its scarcity and demand in various industrial applications, can limit its use in certain sectors. For example, while platinum is essential for high-performance fuel cells, its cost may be a barrier to widespread adoption in less expensive consumer vehicles.
Environmental Concerns with Mining:
The environmental impact of platinum mining, particularly in South Africa, where the bulk of production occurs, is a growing concern. As demand for platinum increases, so does the pressure on mining operations to mitigate their environmental footprint.
Volatility of Platinum Prices:
Platinum prices are subject to fluctuations based on geopolitical events, economic conditions, and mining supply issues. These price fluctuations can lead to market uncertainty and impact the profitability of companies involved in platinum mining and production.
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Several major companies are playing pivotal roles in shaping the platinum market:
These companies contribute to the mining, refining, and industrial applications of platinum, helping meet the growing global demand for this valuable resource.
Anglo American Platinum announced the opening of a new mining operation in South Africa, boosting its platinum production capacity by 10%. This expansion aims to meet the growing global demand for platinum, especially in automotive catalysts and other industrial applications.
In October 2024, Johnson Matthey launched a new platinum-based catalyst designed for cleaner industrial processes. This innovation targets the automotive and chemical industries, addressing the need for more sustainable and efficient solutions.
Sibanye Stillwater entered a strategic partnership with a leading renewable energy company to explore platinum’s role in hydrogen fuel cells. This collaboration aims to support the growing demand for platinum in clean energy technologies.
The World Platinum Investment Council (WPIC) reported a significant rise in platinum demand in August 2024, driven by the automotive sector’s transition to greener technologies. Automakers are increasingly utilizing platinum in catalytic converters, pushing up market demand.
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