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市場調查報告書
商品編碼
1754316
2025 年至 2033 年鉑族金屬市場規模、佔有率、趨勢及預測(按金屬類型、應用和地區)Platinum Group Metals Market Size, Share, Trends and Forecast by Metal Type, Application, and Region, 2025-2033 |
2024年,全球鉑族金屬市場規模為415.9億美元。展望未來, IMARC Group估計,到2033年,市場規模將達到566.1億美元,2025年至2033年的複合年成長率為3.31%。亞太地區目前佔據市場主導地位,2024年的市場佔有率將超過44.0%,這得益於汽車行業的強勁成長以及工業領域和清潔能源市場日益成長的需求。鉑族金屬的供應仍集中在少數地區,而回收和技術進步則影響鉑族金屬的供應。此外,價格波動、環境政策和地緣政治因素也會影響市場動態和投資決策。
鉑族金屬 (PGM) 市場以工業消費為主,尤其是在汽車、電子和化學產業。觸媒轉換器對鉑族金屬的需求持續成長,全球更嚴格的排放控制也刺激了汽車排氣系統對鉑、鈀和銠的需求。鉑族金屬作為電解過程中的關鍵催化劑,在製氫過程中也發揮著至關重要的作用,而電解過程正受惠於清潔能源的日益普及。燃料電池技術創新和再生能源的應用進一步提升了鉑族金屬的市場需求。此外,鉑族金屬在珠寶和投資組合中的重要性日益提升,也推動了需求成長,因為在經濟不確定時期,這些金屬被視為一種保值手段。
在美國,鉑族金屬市場反映了國際趨勢,但也受到地方政府環境法規和能源轉型計畫等政策的影響。美國是鉑族金屬的主要用戶,尤其是在汽車製造業,鉑和鈀在滿足排放要求方面發揮關鍵作用。例如,根據產業報告,到2024年,超過80%考慮購買電動車(EV)的美國消費者更傾向於選擇插電式混合動力車(PHEV),而非純電動車。這種偏好的轉變可能會導致對鉑族金屬(PGM)的需求增加,因為插電式混合動力汽車比傳統汽油汽車需要多10-15%的鉑金,這將進一步推動鉑金需求的成長。此外,美國對綠色技術和氫燃料電池的日益關注為鉑族金屬提供了新的成長機會,使美國成為塑造全球需求的關鍵參與者。
電動車(EV)需求不斷成長
電動車 (EV) 的轉型是鉑族金屬需求成長的最重要驅動力之一,尤其是鉑和鈀。它們主要用於汽車行業的催化轉換器,以管理汽油和柴油等化石燃料引擎的廢氣排放。根據國際能源總署 (IEA) 的資料,2022 年全球電動車銷量為 1,050 萬輛,較去年同期成長 55%。對於排放控制更為嚴格、提供激勵措施以鼓勵消費者轉向電動車的國家,混合動力汽車仍然是必要的。此外,雖然純電動車本身並未在傳動系統中使用鉑族金屬 (PGM),但混合動力和插電式混合動力電動車 (PHEV) 仍然有空間容納使用鉑金和鈀的觸媒轉換器。由於全球對永續發展的需求,汽車產業正在走向電氣化,使鉑族金屬更受追捧。未來,隨著電動車越來越受歡迎,這種趨勢有望擴大,主要集中在歐洲、中國和北美等主要市場,這些市場都非常重視減排和採用更環保的技術。
氫燃料電池的技術進步
氫燃料電池被認為是一項技術進步,它將大幅增加對鉑族金屬(主要是鉑金)的需求。根據氫能委員會預測,到2050年,氫能經濟可能創造2.5兆美元的收入,全球氫能市場預計將在2023年至2030年期間以14.1%的年複合成長率(CAGR)擴張。利用鉑作為催化劑的氫燃料電池正迅速成為未來的「清潔能源」。甚至住宅發電、工業能源生產和交通運輸部門都可能依賴它。氫氣為化石燃料提供了更乾淨的選擇,因為它除了水蒸氣外不產生任何排放,因此成為減少碳足跡的一個有吸引力的選擇。鉑金的特性使其成為燃料電池中高效生產和利用氫氣的催化劑的關鍵。隨著各國和企業努力實現碳中和,氫動力汽車和各種工業應用也正處於蓬勃發展的階段。近年來,尤其是在歐洲、日本和美國,人們對綠色氫能技術的投資日益增加。其龐大的需求預計將大幅提振鉑金市場。氫燃料電池技術是推動鉑族金屬市場未來成長的最重要因素之一。
供應限制和地緣政治風險
由於地緣政治因素顯著影響鉑族金屬(PGM)的供應,鉑族金屬市場供應風險極高。主要鉑族金屬產國包括南非、俄羅斯和辛巴威,全球鉑和鈀產量龐大。任何形式的地緣政治緊張局勢、政治不穩定或勞工罷工都可能影響供應。市場供應短缺可能導致價格波動。例如,據報道,南非的採礦業務約佔全球鉑金產量的70%,該國已出現勞工騷亂和監管問題。作為鈀金主要供應國之一的俄羅斯,最近受到越來越多的國際制裁和貿易限制,這進一步加劇了供應壓力。此類供應中斷必然會在全球範圍內引發衝擊波,對鉑族金屬價格造成上行壓力,並帶來不確定性。這意味著,使用鉑族金屬進行生產的公司,例如汽車生產商和電子產品製造商,可能需要支付更高的成本,市場環境也將更加動盪。
The global platinum group metals market size was valued at USD 41.59 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 56.61 Billion by 2033, exhibiting a CAGR of 3.31% from 2025-2033. Asia Pacific currently dominates the market, holding a market share of over 44.0% in 2024, propelled by strong automotive industry interest and growing demand in the industrial sector and clean energy market. Supply remains concentrated in a few regions, while recycling and technological advancements influence availability. Moreover, price volatility, environmental policies, and geopolitical factors shape market dynamics and investment decisions.
The market for platinum group metals (PGMs) is dominated by industrial consumption, especially in the automotive, electronics, and chemical industries. Demand for PGMs in catalytic converters continues to be a major driver, with stricter emission controls around the world fueling demand for platinum, palladium, and rhodium in exhaust systems for vehicles. PGMs are also vital in the production of hydrogen as key catalysts in electrolysis, which gains from the increasing drive towards clean energy. Technological innovation in fuel cells and applications of renewable energy further boosts PGMs' market demand. Additionally, increasing significance of PGMs in jewelry and investment portfolios is driving demand, as these metals are viewed as a store of value in times of economic uncertainty.
In the United States, the market for PGMs mirrors international trends but is also subject to local influences like government policy regarding environmental regulations and energy transition programs. The U.S. is a major user of PGMs, especially in automotive manufacturing, where platinum and palladium play a critical role in complying with emission requirements. For instance, as per industry reports, in 2024, more than 80% of consumers in the United States who were considering purchasing an electric vehicle (EV) preferred a plug-in hybrid electric vehicle (PHEV) over a fully electric model. This shift in preference could lead to increased demand for platinum group metals (PGMs), as PHEVs require 10-15% more platinum than conventional petrol vehicles, which is driving further increased platinum demand. Additionally, the country's increasing focus on green technologies and hydrogen fuel cells offers new growth opportunities for PGMs, positioning the U.S. as a critical player in shaping global demand.
Increasing Demand for Electric Vehicles (EVs)
The transition to electric vehicles (EVs) is among the most significant drivers of growth in demand for platinum group metals, particularly platinum and palladium. They are predominantly utilized in catalytic converters by the automotive industry to manage exhaust emissions in fossil fuel engines like gasoline and diesel. Based on the data by International Energy Agency (IEA), global EV sales were 10.5 million units in 2022, a 55% rise compared to the last year. Hybrid cars are still required for nations with stricter emission controls that hold incentives dangling to prompt customers to transition to EVs. Besides, though pure electric vehicles do not use PGMs in the drivetrain themselves, hybrid and plug-in hybrid electric vehicles (PHEVs) still have space for catalytic converters that use platinum and palladium. Because of worldwide demands for sustainability, the automotive sector is becoming electrified, thus making PGMs more sought after. In the future, this type of trend can be anticipated to expand as EVs keep on gaining popularity, mainly in the key marketplaces of Europe, China, and North America, all of which are placing a strong emphasis on emissions reduction and greener technology adoption.
Technological Advancements in Hydrogen Fuel Cells
Hydrogen fuel cells are considered to be among the technological advancement that will massively create a demand for platinum group metals, mainly for platinum. According to the Hydrogen Council, the hydrogen economy could generate USD 2.5 trillion in revenue by 2050, with the global hydrogen market projected to expand at a compound annual growth rate (CAGR) of 14.1% from 2023 to 2030. Hydrogen fuel cells, utilizing platinum as a catalyst, are fast emerging as the 'clean energy' for the future. Even residential power generation, industrial energy production, and transportation sectors may depend on it. Hydrogen provides a cleaner option for fossil fuels, as it produces no emissions except for water vapor, making it an attractive proposition to reduce carbon footprints. Platinum's features make it essential for the catalyst in fuel cells to produce and utilize hydrogen efficiently. As countries and businesses move ahead to achieve carbon-neutrality, hydrogen-powered vehicles and various industrial applications are also on the rising edge. Major investments in the technology of green hydrogen have lately been seen, especially in Europe, Japan, and the U.S. Its huge demand is expected to boost the platinum market substantially. Hydrogen fuel cell technology is one of the most crucial reasons for driving the future growth of the platinum group metals market.
Supply Constraints and Geopolitical Risks
Supply risks in the PGM market are very high as geopolitical factors considerably influence the metal's availability. Key producing countries are South Africa, Russia, and Zimbabwe and produce a lot of platinum and palladium around the world. Any form of tension between geopolitics, political instability, or labor strikes could affect the availability of supply. The shortages experienced in the markets could result in price volatility. For example, mining operations in South Africa account for about 70% of the world's platinum and have experienced labor unrest and regulatory issues, as per reports. Russia, which is one of the significant suppliers of palladium, has been subject to increased international sanctions and trade restrictions, which only added to supply stress. Such supply disruptions are bound to send shockwaves around the world and cause upward pressure on PGM prices and create uncertainty. That means that companies that use PGMs for production, such as automotive producers and electronics manufacturers, may pay more for it and market conditions will be more volatile.
Platinum leads the market with around 31.8% of market share in 2024, driven by its versatility and critical applications. It is widely used in automotive catalytic converters to reduce emissions, representing a significant portion of global demand. Platinum's function also includes hydrogen production, where it is used as a catalyst in fuel cells, facilitating the shift to clean energy. Platinum's uses in electronics, jewelry, and chemical industries also cement its market leadership. Platinum's high corrosion resistance and superior catalytic properties render it irreplaceable, guaranteeing sustained demand regardless of volatile market conditions and supply limitations.
Auto catalyst leads the market with around 26.5% of market share in 2024, accounting for a significant share of overall demand. PGMs, particularly platinum, palladium, and rhodium, are essential in automotive catalytic converters, where they reduce harmful emissions from vehicle exhaust systems. As governments worldwide enforce stricter emission standards, the demand for PGMs in auto catalysts has surged. This trend is further supported by the global shift towards electric vehicles and cleaner combustion technologies. Despite evolving automotive technologies, auto catalysts remain a critical application, driving the majority of platinum group metal consumption in the automotive industry.
In 2024, Asia Pacific accounted for the largest market share of over 44.0%, primarily due to its significant automotive and industrial sectors. Countries like China, Japan, and India are major consumers of PGMs, with a strong focus on catalytic converters for emission control in vehicles. The region's rapid industrialization and expanding manufacturing base drive further demand for PGMs in electronics, chemical processes, and hydrogen production technologies. Additionally, Asia Pacific's growing commitment to environmental regulations and clean energy solutions supports the increasing adoption of PGMs in green technologies. For instance, as per s 2023 report by UN ESCAP, renewable energy investment in Asia-Pacific surged to over USD 335 billion in 2022, representing approximately 55% of global funding. As a result, the region remains the largest consumer and a key driver of global PGM market growth.
United States Platinum Group Metal Market Analysis
The demand from automotive, electronics, and jewellery sectors dominates the U.S. Platinum Group Metals (PGM). According to the World Bank International Trade Statistics, in 2023, the U.S. imported about 56,244 kg of platinum and 62,220 kilograms of palladium. Then again, the automotive sector is the biggest consumer, using platinum and palladium in catalytic converters. The rising demand for electric vehicles (EVs) has seen a shift in demand dynamics; with palladium gradually being replaced by platinum in fuel cells as traditional vehicle applications are substituted. In addition, the U.S. government is investing in clean energy technologies and, as such, the demand for PGMs is anticipated to rise significantly, particularly platinum. Among market players, major contributors are Johnson Matthey and Anglo-American Platinum with significant presence in the United States and the benefit of utilization on both sides-domestic and exports. Innovations in the area of technologies relating to battery and hydrogen fuel cell are further set to improve growth in this market.
North America Platinum Group Metal Market Analysis
The North America platinum group metals (PGMs) market is driven by strong demand from the automotive and industrial sectors. The automotive industry relies on PGMs, particularly platinum, palladium, and rhodium, for catalytic converters to meet stringent emission regulations. The growing focus on clean energy technologies, such as hydrogen fuel cells, also supports PGM demand. Furthermore, PGMs are vital in electronics, chemical production, and jewelry. The U.S. and Canada's commitment to environmental standards and green energy initiatives accelerates the adoption of PGMs in various applications. For instance, in June 2024, four leading North American catalytic converter recyclers-PGM of Texas, Legend Smelting and Recycling, Daniel Ball Converter Recycling, and Maryland Core, Inc.-rebranded as Elemental North America. This consolidation reflects their expanded capabilities in recovering and refining strategic metals, including PGMs, to support green initiatives and sustainable development. Despite supply challenges, including limited mining activity and geopolitical factors, North America's market remains a key contributor to global PGM consumption.
Europe Platinum Group Metal Market Analysis
Europe's PGM market is booming with the growing automotive production. The increasing growth in the industry is further influenced by the increasing shift towards electric vehicles (EVs) and hydrogen fuel cells. According to recent data published by the European Commission, the EU has offered around €800 million (around USD 874 million) for the "European Hydrogen Bank" auction as the first investment in green hydrogen projects in the bloc. Germany, another major producer, has also significantly invested in clean automotive technologies. In 2023, €6 billion (USD 6.5 billion) was dedicated to hydrogen development, as per reports. Platinum and palladium are used in both automotive emissions reduction technologies and industrial applications. In addition, Europe's jewellery and electronics industries drive demand, using platinum in high-end items and semiconductor manufacturing. The region's strict environmental laws are forcing the automobile manufacturers to opt for cleaner technologies, thus increasing the demand for PGMs. Large players like Impala Platinum and Norilsk Nickel are active in Europe and supply both the automotive and industrial sectors.
Asia Pacific Platinum Group Metal Market Analysis
The Asia Pacific PGM market is growing steadily, mainly influenced by the vibrant automotive sector that has been registering high growths in China and India. Indeed, China has produced 26.3 million vehicles in the year 2023, bringing in a phenomenal demand for both palladium and platinum in their catalytic converters, as per reports. India's automobile sector is also following an upward trend, with a proposed defense budget for 2023-2024 estimated at USD 72.6 billion as per an industrial report, further driving up consumption of PGM in defense related applications. Electronics manufacturing leadership in Japan continues to expand platinum demand in semiconductor applications. Increased push toward FCEVs by China has driven platinum demand and plays a significant role in the consumption of PGM at the global level. Regional investments in hydrogen fuel cells and renewable energy technologies, such as in South Korea, are expected to support further demand growth. Market leaders like Sumitomo Metal Mining and Anglo-American Platinum are well-positioned to capitalize on these trends.
Latin America Platinum Group Metal Market Analysis
In Latin America, the market for PGM can be supported by steady growth in automotive production and mining. According to a report from the Brazilian Mining Institute, some of the platinum reserves in the region are among the largest in the world, thus making for steady domestic supply. Industrial report has indicated that Brazil's automobile sector is thriving. In the country, there will be production of 2.2 million vehicles in 2023, as per reports. Palladium usage in catalytic converters will also increase due to such demand. Demand for platinum has also risen lately in jewellery-making industries due to increased interests from countries such as Colombia and Argentina. Some mining companies within the country include Vale, whose local extraction can support both national and international supplies. Brazil is bound to increase investment in cleaner technologies and sustainable mining practices, further boosting demand for PGM, especially platinum for hydrogen fuel cells. Government policies targeting the strengthening of local mining activities and curtailing imports will further cement this region's presence in the international PGM market.
Middle East and Africa Platinum Group Metal Market Analysis
The Middle East and Africa region has a mixed demand for PGMs. Growth in this region is being influenced by automotive, jewellery, and industrial sectors. South Africa is a leading player in the PGM market, holding some of the largest platinum reserves worldwide, contributing highly to exports. In 2022, South Africa was the source of around 70% of the global platinum produced, according to the International Platinum Group Metals Association. The automotive segment in the region, especially from countries like UAE and Saudi, is driving a demand for these metals in their catalytic converter applications. A rise in the investment in the clean energy segment and hydrogen-related technologies, predominantly in Saudi and UAE, may increase platinum-based fuel cell requirements. The investments in electronics and jewellery sectors add to the requirements of PGMs in this region. Anglo American Platinum and Impala Platinum are the biggest players in the region, still capitalizing on both local and global demand.
The platinum group metals (PGMs) market is highly competitive, with a few key players dominating production and refining activities. These major producers control the majority of global PGM supply, primarily from regions such as South Africa and Russia. For instance, according to industry reports, South Africa produced 120,000 kg of platinum in 2023, becoming the world's leading producer. Alongside mining, the market includes companies focused on refining, recycling, and trading PGMs, which helps stabilize supply amid disruptions. Competition is further shaped by technological advancements, particularly in recycling and catalytic applications, which drive demand. Additionally, fluctuating metal prices, geopolitical factors, and strict environmental regulations play crucial roles in influencing market dynamics, requiring companies to adapt quickly to shifting supply and demand conditions.