Platinum Group Metals Market to Undertake Strapping Growth - 2019
Platinum
group metals (PGMs) is a family of metals which includes platinum,
rhodium, osmium, ruthenium, palladium and iridium. Properties such as
high melting point make them high temperature resistant and corrosion
resistant. End use industrial applications of platinum group metals
include their use in the catalysis of petroleum processing,
production of nitric acid, flat panel monitors, manufacturing of
medical tools such as pacemakers and stain for DNA fingerprints,
automobiles, glass fiber, hard drives, nylon razors and others.
Platinum metals posses’ high aesthetic features which makes them
valuable jewelry item.
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Growing
demand and production of automobiles is expected to drive the market
in developing countries of Asia Pacific region. Changing lifestyle
and rising disposable income is driving the automobile market in this
region. Owing to properties such as stability, conductivity and
durability; electronic and safety systems of automobiles uses PGMs to
improve the vehicle efficiency. PGMs are used as a catalyst in fuel
cells and catalytic converters which makes the vehicle eco friendly.
Further, stringent standards for emissions of diesel vehicles is
expected to drive the market as auto-catalysts are used to control
emissions. In addition, rising demand for platinum metal based
jewelry from developing countries is expected to drive PGMs market.
Huge
gap between supply and demand of the platinum group metals is
expected to hamper the market growth. The demand for these metals is
growing owing to increasing number of applications but the supply is
limited. Technological advances in the field of nanotechnology have
resulted in development of fine tuned nanoparticles of cheaper
metals, which are expected to replace some of PGMs from their
applications. For instance, nanoparticles of nickel are replacing
PGMs in industries such as automotive and other industrial
applications. Rising demand for fuel cells and strict government
regulations regarding carbon emissions are expected to provide
opportunities for the players in the near future. Due to
technological advances in nuclear chemistry field nuclear reactor
based production of ruthenium, rhodium and palladium is possible
which is expected to increase the supply of PGMs. Recovery of PGMs
from mine waste and recycled materials is expected to improve the
supply owing to acceptance of new technologies.
Asia
Pacific region is expected to grow at higher rate owing to changing
life style of growing population and increase in disposable income.
The demand in this region is mainly due to rising automobile industry
and growing consumer group preference for white metal jewelry items.
Africa region was the largest producer of the platinum group metals
but due to labor disruptions and safety issues; mining of these
metals has been stopped and some of the marginal mines have closed,
which is affecting the global supply. Europe followed the Asia
Pacific region in consumption. Stringent government regulations
regarding carbon emissions of diesel vehicles are expected to drive
the market in this region.
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Some
of the key players in this market include Stillwater Mining Co.,
Anglo American Platinum Ltd., Impala Platinum Holding Ltd., Lonmin
plc., JSC MMC Norilsk Nickel, Eastern Platinum Ltd., Glencore Xstrata
plc, North American Palladium Ltd., African Rainbow Minerals Ltd. and
among others.
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