The global platinum market is poised to grow significantly over the next six years owing to increasing demand from automotive, medical and scientific applications. In addition, growing demand for platinum metal-based jewelry is anticipated to fuel market growth over the forecast period. Furthermore, stringent standards regarding emissions from diesel vehicles are expected to drive the market over the forecast period. Unique properties including thermal stability, mechanical strength, oxidation and corrosion resistance are expected to enhance demand for platinum in production of electrodes, anti-cancer drugs and turbine engines. Low maintenance cost and significant reduction in service life are anticipated to fuel platinum demand over the forecast period. Technological advancements in the field of nanotechnology for production of inexpensive metals are expected to restraint platinum market growth over the next six years. However, use of platinum in chemotherapy, medical implants and as a catalyst is likely to create growth opportunities over the next six years. In addition, recovery of platinum from recycled materials and mine waste is anticipated to reduce the supply-demand gap over the forecast period. Growing demand for fuel cells and stringent government regulations concerning carbon footprint are anticipated to provide growth opportunities for major market participants.
Africa was the largest producer of platinum in 2013. However, rising labor disruptions coupled with mining safety issues led to closure of mines resulting in decline of platinum production, impacting the global supply. Asia Pacific is anticipated to grow at significant rate owing to rapid industrialization and changing lifestyle. Growing automobile industry and consumer preference for white metal jewelry in the region is expected to fuel demand over the forecast period. Europe is projected to follow Asia Pacific region in consumption pattern. Platinum metals find use in various applications such as in production of nitric acid, catalysis of petroleum processing, manufacturing of medical tools and flat panel monitors. Moreover, platinum is also used as an alloying agent for metal products including noncorrosive laboratory containers, fine wires, dental prostheses, medical instruments, thermocouples and electrical contacts.
Key players in platinum market include Anglo American Platinum Ltd, Stillwater Mining Co., Lonmin plc, Impala Platinum Holding Ltd., Eastern Platinum Ltd., Norilsk Nickel, Glencore Xstrata, African Rainbow Minerals Ltd and North American Palladium Ltd.
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Disruptions in chemical manufacturing activities due to the COVID-19 pandemic shall have a considerable influence on the growth patterns of enzymes and other catalysts. Key players across the value chain are also expected to realign their supply channels to cater to the demand for catalysts in specific areas of the chemical industry which are witnessing an unusual level of activity allied with pharmaceuticals and biotechnology. The report will account for Covid19 as a key market contributor.