The global platinum group metals market to grow at a CAGR of 3.09% during the period 2017-2021.
Global Platinum Group Metals Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers the revenue generated from the sales of platinum group metals.
According to the report, one of the major drivers for this market is increasing use of PGMs in automobiles. PGMs are widely used in autocatalysts that reduce the emission of various hazardous gases such as CO2 and NO2 from vehicles. In addition, these metals are also used in other automobile components such as antilock braking systems, air bag initiators, and spark plugs.
The latest trend gaining momentum in the market is advances in technology. PGMs play a significant role in many technological innovations in many markets in recent years. These metals are used in the production of glass fiber for fiber optic cables, which helps in advanced telecommunication. PGMs are widely used in implants and tools in the medicine. They are also being considered a treatment option for cancer, and platinum is used as an active ingredient in chemotherapy drugs and also in the treatment of Parkinson's disease.
Further, the report states that one of the major factors hindering the growth of this market is volatility in prices. Metal prices are subject to fluctuation. Since South Africa is the major revenue contributor to the global PGM market, the rand to US dollar exchange plays an important role in this market's dynamics. A rise in the value of the rand will affect operating and production costs, thereby reducing the profit margins of the vendors.