Advanced Materials and Chemicals

Platinum Powder Market is Expected to Reach USD 84.4 Million by 2030

Mar 2024

Advanced Materials and Chemicals

As per the latest report published by Kings Research, the global Platinum Powder Market was valued at USD 51.9 million in 2022 and is projected to reach USD 84.4 million by 2030, growing at a CAGR of 6.41% from 2023 to 2030.

The increasing demand for platinum in various industrial applications, such as catalytic converters, fuel cells, and the electronics industry is fostering market expansion. Platinum's unique properties, including excellent catalytic activity and corrosion resistance, make it indispensable in these sectors. Additionally, the global shift toward greener technologies and stringent emissions regulations in the automotive industry has fueled the demand for platinum powder in catalytic converters, a trend expected to continue in the forecast years. Furthermore, the expanding renewable energy sector, particularly in hydrogen fuel cells, presents a significant opportunity for platinum powder, as it catalyzes these clean energy technologies. The forecast indicates a positive trajectory with sustained demand and diversification of platinum powder applications.

Key Insights

  • Based on product type, the sponge platinum powder segment acquired the largest market share of 57.46% in 2022
  • Based on purity, the high purity segment generated the highest revenue of USD 35.0 million in 2022
  • Based on particle size, the nanoparticles segment is projected to grow at a CAGR of 9.16% over the forecast period
  • Based on application, the catalysts segment is anticipated to hold the largest market share of 86.47% by 2030
  • On the basis of region, Europe accounted for the largest market share of 46.94% in 2022.

Growing Adoption of Hydrogen Fuel Cell Technology to Foster Market Expansion

Platinum plays a crucial role as a catalyst in fuel cells, facilitating the conversion of hydrogen and oxygen into electricity while emitting only water as a byproduct. As the world prioritizes clean and sustainable energy sources, fuel cells have gained significant traction across various sectors, including transportation and stationary power generation. This increased interest and investment in fuel cell technology are expected to drive the demand for platinum powder, making it a pivotal factor in boosting market growth. As automotive and renewable energy industries continue to embrace hydrogen fuel cells as a green energy solution, the platinum powder market is poised to grow significantly in the upcoming years.

Widespread Application in the Medical Field Present Significant Opportunities for Market Growth

Platinum powder-based drugs, notably used in chemotherapy, have been integral in cancer treatment for years. Moreover, ongoing research is exploring new therapeutic possibilities and applications for platinum powder in pharmaceuticals. As medical science advances and new treatment avenues emerge, the demand for platinum powder in the healthcare sector is expected to grow substantially, presenting a promising growth opportunity for the industry. This expansion beyond traditional industrial applications diversifies the market and aligns with the broader trend toward the utilization of platinum for its unique properties in various sectors. As a result, the pharmaceutical and healthcare industries represent a burgeoning opportunity for the platinum powder market's continued growth.

Europe to Emerge as the Fastest-Growing Region, Exhibiting the Highest CAGR in the Forecast Years

Europe is at the forefront of environmental sustainability initiatives, which is propelling the demand for platinum in catalytic converters, an essential component for reducing vehicle emissions. Stricter emissions regulations and a commitment to reducing environmental impact have driven this demand. Europe is investing heavily in renewable energy technologies, with a particular focus on hydrogen fuel cells. As the use of fuel cells expands across the transportation and energy sectors, platinum's role as a catalyst in these clean energy technologies becomes increasingly important. This growth trajectory, combined with a proactive approach to sustainability, positions Europe as a major market for platinum powder.

Market Leaders Emphasize Collaborations and Acquisitions to Sustain Growth

The global platinum powder market is fragmented with key players such as Johnson Matthey, Heraeus Holding, Tanaka Holdings, Sino-Platinum Metals Co., Ltd., Anglo American Platinum Limited, American Elements, Umicore, Triveni Interchem Pvt. Ltd., Materion Corporation, BASF SE, and others. Companies employ a variety of strategic measures such as acquisitions, mergers, partnerships, product launches, and collaborations to expand their business globally and enhance their competitive position.

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