Platinum Group Metals Market Growth Projection US$ 41.3 billion by 2031, Growth in Jewelry, Automotive, Mining

Global Platinum Group Metals Market Poised for Strategic Growth Amid Clean Energy and Automotive Transformation

AUSTIN, TX, UNITED STATES, February 27, 2026 /EINPresswire.com/ -- Market Size and Growth

The global Platinum Group Metals Market was valued at US$ 32.1 billion in 2023 and is projected to grow to US$ 41.3 billion by 2031, registering a compound annual growth rate (CAGR) of 3.2% over the forecast period from 2024 to 2031.

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The market is witnessing steady expansion, driven by rising demand from automotive, industrial, electronics, and clean energy sectors. Platinum Group Metals including platinum, palladium, rhodium, iridium, ruthenium, and osmium play a critical role in catalytic, chemical, and high-performance industrial applications due to their exceptional resistance to heat, corrosion, and chemical reactions.

Growing environmental regulations, expanding industrial automation, and rising investments in hydrogen-based energy systems are strengthening long-term demand fundamentals for PGMs across developed and emerging economies.

Key Developments

✅ February 2026: Expansion of hydrogen infrastructure projects in the U.S. boosted platinum demand for fuel cell and electrolyzer applications, supporting the clean energy transition.

✅ January 2026: Recycling initiatives in Europe increased recovery of platinum and palladium from spent automotive catalytic converters, strengthening secondary supply chains.

✅ December 2025: Automotive manufacturers in China adopted advanced palladium-based catalyst formulations to meet stricter emission standards, driving higher PGM consumption.

✅ November 2025: Investments in South Africa’s mining operations enhanced platinum and rhodium output, ensuring supply stability amid rising global demand.

✅ October 2025: Strategic stockpiling of PGMs by electronics and chemical industries increased due to volatility in raw material availability, supporting industrial continuity.

✅ August 2025: Res
earch into fuel cell vehicles in Japan accelerated platinum and iridium utilization, aligning with national decarbonization and EV adoption targets.

✅ June 2025: Growing demand for jewelry and investment-grade platinum and palladium drove regional production and trading activity, particularly in North America and Asia-Pacific.

Market Segments

By Type

• Palladium - Leading use in automotive catalytic converters and emission control systems.
• Platinum - Strong demand in jewellery, industrial catalysts, and medical applications.
• Ruthenium - Growing adoption in electronics, electrical contacts, and chemical industries.
• Others - Includes Rhodium, Iridium, and Osmium, used in niche industrial and biomedical applications.

By Application

• Automotive - Drives market growth due to stricter emission norms and catalytic converter adoption.
• Jewellery - Stable demand fueled by luxury metal consumption and ornaments.
• Carbon Material & Industrial - Applied in fuel cells, chemical reactions, and high-performance materials.
• Chemical & Electrical - Used in sensors, electrodes, and chemical catalysts.
• Glass & Medical/Biomedical - Specialty applications in medical devices, implants, and glass coatings.
• Petroleum & Others - Supported by refining catalysts, industrial equipment, and emerging niche applications.

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Market Drivers & Opportunities

1. Stringent Emission Regulations
Global carbon reduction targets and stricter vehicle emission standards continue to boost demand for PGM-based catalytic converters in both gasoline and hybrid vehicles.

2. Hydrogen Economy Expansion
Platinum and iridium are vital components in hydrogen fuel cells and water electrolysis technologies. Increasing investments in green hydrogen infrastructure create significant growth opportunities.

3. Industrial and Chemical Applications
PGMs are extensively used in petroleum refining, fertilizer production, nitric acid manufacturing, and specialty chemical processing, ensuring consistent industrial demand.

4. Recycling and Secondary Supply Growth
Rising recovery of PGMs from used catalytic converters and industrial waste is enhancing supply sustainability while supporting circular economy initiatives.

5. Electronics and Advanced Manufacturing
Miniaturization of electronics and demand for high-performance conductive materials are further expanding PGM applications.

Market Geographical Share

• North America Share: 28% - Driven by EV adoption, fuel cell projects, and industrial hydrogen production.

• Europe: 18% - Growth fueled by emission regulations, green hydrogen, and automotive catalyst demand

• Asia-Pacific: 30% - Dominated by automotive production, EV manufacturing, and industrial applications in China & India., Japan: 2% - Supported by automotive fuel cell R&D and industrial hydrogen initiatives.

• Middle East & Africa: 8% - Expansion driven by mining, refining, and industrial hydrogen projects.

• Germany: 5% - Automotive and chemical sector applications maintaining steady demand.

• United Kingdom: 4% - Fuel cell and automotive catalyst developments supporting growth.

• South Korea: 3% - Supported by electronics and automotive catalytic applications.

• Canada: 2% - Steady demand from mining, refining, and hydrogen initiatives.

• Spain: 2% - Adoption from automotive catalyst and industrial uses.

Market Key Players

The Platinum Group Metals market features leading global mining and refining companies that control production and supply chains:

• Anglo American Platinum Ltd.
• Johnson Matthey Plc
• Sibanye-Stillwater
• Impala Platinum Holdings Ltd.
• Northam Platinum Ltd.
• Glencore Plc
• Platinum Group Metals Ltd
• African Rainbow Minerals
• Aquarius Platinum
• Eastern Platinum
• Norilsk Nickel

Recent Developments - United States (2025-2026)

Expansion of hydrogen infrastructure projects accelerated demand for platinum in fuel cells and electrolyzers.

Enhanced domestic recycling initiatives improved recovery of platinum and palladium from spent automotive catalytic converters, strengthening secondary supply chains.

Automotive manufacturers adopted advanced catalyst formulations to meet stricter emission standards, boosting demand for palladium and rhodium.

Strategic investments in critical mineral supply chains were made to reduce import dependence and secure national PGM resources.

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Recent Developments - Japan (2025-2026)

Japanese automakers and fuel cell manufacturers expanded commercialization of hydrogen-powered vehicles, driving higher platinum consumption.

Industrial firms advanced research into PGM-efficient catalyst technologies to optimize material use while maintaining performance.

Investments in the hydrogen economy increased demand for platinum and iridium in electrolysis and fuel cell applications.

High-purity PGMs were integrated into semiconductor and precision electronics manufacturing to support advanced technology adoption.

Conclusion

The global Platinum Group Metals market stands at the center of automotive innovation, industrial transformation, and clean energy advancement. With accelerating hydrogen adoption, tightening environmental regulations, and expanding recycling capabilities, PGMs are positioned as strategic materials for the future low-carbon economy. As the United States and Japan continue strengthening hydrogen initiatives and emission control technologies, global demand for platinum, palladium, and related metals is expected to remain resilient and growth-oriented in the years ahead.

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Sai Kiran
DataM Intelligence 4market Research LLP
+1 877-441-4866
sai.k@datamintelligence.com
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