Technavio, a tech-focused market research firm, has published a new report on the global PGMs market, which is expected to grow at a CAGR of around 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global platinum group metals (PGMs) market into the following key regions: APAC, Europe, North America, and ROW.
Source: Technavio
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Top three contributors for the global PGMs market are elaborated below:
PGMs market in APAC: China accounts for the largest share of the PGMs market in the APAC region. China and India are two of the world’s largest consumers for platinum jewelry. Technavio industry analysts predict the PGMs market in APAC to account for 12,422 thousand ounces by the end of the forecast period.
According to Ajay Adikari, a lead analyst at Technavio, specializing in research on metals and minerals, “The demand for PGMs in the autocatalyst application in the APAC region is on the rise owing to the overall growth of the automotive industry. Moreover, the market for palladium in Japan is anticipated to see steady growth.”
PGMs market in North America: The growth of the PGMs market in North America is fueled primarily by the increasing application of platinum. Within the region, the US accounts for a majority of the demand for platinum. During the forecast period, the expansion at the Lac des Îles mine is anticipated to propel Canada’s palladium output, leading to the growth of the PGMs market in North America.
PGMs market in Europe: Russia, one of the top five PGM producers and consumers globally, is the primary revenue contributor in the PGMs market in Europe. According to the Technavio industry analysts, the PGMs market in Europe is likely to experience growth at a CAGR of more than 2% to account for a volume of more than 3,915 thousand ounces in terms of consumption volume by the end of the forecast period.
The leading vendors operating in the global PGMs market are:
- Anglo American Platinum
- Impala Platinum
- JSC MMC Norilsk Nickel
- Lonmin
- Stillwater Mining
Other prominent vendors in the market include North American Palladium, African Rainbow Minerals, Eastern Platinum, Glencore Xstrata, Aquarius Platinum, and Johnson Matthey.
A more detailed analysis is available in the Technavio report titled, ‘Global PGMs Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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