Global Platinum Powder Market to Attain Revenue of $84.4 Million by 2030, Propelled by Rising Demand Across Diverse Industrial Sectors, States Kings Research
DUBAI, UAE, Feb. 12, 2024
DUBAI, UAE, Feb. 12, 2024 /PRNewswire/ -- As per the latest report released by Kings Research, the global Platinum Powder Market size was recorded at USD 51.9 million in 2022 and is estimated to grow to USD 84.4 million by 2030, exhibiting a 6.41% CAGR through the review period of 2023-2030. The market for platinum powder is witnessing substantial growth as a result of several factors and abundant prospects. An essential driving force behind this expansion is the increasing need for platinum in various industrial sectors such as catalytic converters, fuel cells, and the electronics industry. Platinum exhibits distinctive qualities, including outstanding catalytic activity and corrosion resistance, which make it indispensable in these fields. Furthermore, the automotive industry's transition toward eco-friendly technologies and more stringent emissions regulations has resulted in a higher demand for platinum in catalytic converters. This trend is anticipated to persist in the foreseeable future.
Platinum powder, a highly pure form of finely ground platinum metal, finds wide application across different industries due to its exceptional characteristics. Renowned for its catalytic properties, electrical conductivity, and resistance to corrosion, this substance plays a crucial role in numerous industrial processes. Notably, it is extensively used in catalytic converters, where it aids in the reduction of harmful vehicle emissions, making a significant contribution to the automotive sector's commitment to meeting stringent environmental standards.
Moreover, platinum powder plays a vital role in the field of electronics, particularly in the manufacturing of electrical contacts, sensors, and fuel cells. Various regions and industries have specific regulations governing the usage of catalytic converters, with a strong focus on environmental concerns. It is imperative for businesses in the market to adhere to these regulations to guarantee the quality of their products and demonstrate environmental consciousness.
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Companies operating in the global platinum powder market are focusing on product innovation as their main strategy to expand their product portfolio. For instance, in May 2021, PPG unveiled a new line of powder coatings called Coraflon platinum. These coatings were meticulously developed to cater to the needs of architectural metals, offering outstanding durability, weather resistance, and color longevity that make them perfect for external applications. Through this introduction, PPG sought to equip architects and builders with a top-of-the-line solution that enhances the visual appeal and lifespan of architectural metal surfaces.
Major participants in the global platinum powder market include:
- Johnson Matthey
- Heraeus Holding
- Tanaka Holdings
- Sino-Platinum Metals Co., Ltd.
- Anglo American Platinum Limited
- American Elements
- Triveni Interchem Pvt. Ltd.
- Materion Corporation
- BASF SE
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Trending Now: PGI Highlights Powder Metallurgy and Additive Manufacturing Trends in Jewelry
The Hong Kong-based Platinum Guild International (PGI) held a conference during the Jewellery and Gem WORLD Hong Kong convention in September 2023 that focused on the opportunities and trends of powder metallurgy and additive manufacturing for jewelers.
The inaugural PGI Conference drew a substantial attendance of more than 150 industry experts from the jewelry sector and marked PGI's debut conference at the Hong Kong jewelry exhibition as well as speakers from the United States, the United Kingdom, and China shared invaluable insights revolving around the central theme of 'Trends Shaping the Future of Jewellery: The Role of Platinum'. The topics covered during the conference included the ever-evolving preferences and needs of consumers, their perception of value, the transformative impact of technological innovations, as well as the increasing significance of sustainability and corporate responsibility in the jewelry industry.
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Growing Preference for High Purity Platinum Powder to Fuel Sales
On the basis of purity, the market is divided into high purity and standard purity. The high purity segment is projected to account for the largest share of the platinum powder market by the end of the forecast period, reaching a valuation of USD 59.17 million by 2030. The demand for high purity platinum powder is anticipated to witness a surge owing to its exceptional suitability for crucial applications, which, in turn, guarantees consistent and trustworthy performance. Consequently, it has emerged as the preferred option for sectors such as aerospace, defense, and medical. The strong demand for platinum powder in its purest form is also fueled by its capacity to endure extreme temperatures and challenging conditions while maintaining optimal functionality.
Widespread Use of Microparticles Across Diverse Sectors to Support Platinum Powder Market Development
Based on particle size, the market is segmented into microparticles, nanoparticles, submicron particles, and macroscopic particles.
The microparticles segment dominated the market in 2022, generating revenue of USD 29.33 million. The segment's expansion is primarily driven by the characteristics of microparticles, which contribute to their widespread usage across various industries. Microparticles, due to their versatility, are commonly employed and are specifically advantageous in industries where they need to be easily dispersed in liquids. This makes them an optimal choice for applications in chemical reaction catalysts, personal care, and other sectors.
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Surging Adoption of Hydrogen Fuel Cell Technology to Drive Platinum Powder Market Growth
The market for platinum powder is witnessing significant growth due to the increasing use of hydrogen fuel cell technology. Platinum serves as a catalyst in fuel cells and aids in converting hydrogen and oxygen into electricity, with water being the only byproduct. This transformation is driving market expansion.
With the growing worldwide focus on cleaner and sustainable energy solutions, fuel cells have become a topic of great interest in various sectors, including transportation and stationary power generation. This increased attention toward fuel cell technology is expected to create a substantial demand for platinum powder in the foreseeable future, as industries are actively searching for energy alternatives that are both efficient and environmentally friendly.
Europe to Lead Platinum Powder Market Due to Burgeoning Automotive Industry
Europe is likely to emerge as the frontrunner in the market, growing at a robust 7.57% CAGR from 2023 to 2030. Europe's strong position in the platinum powder market can be largely attributed to several key factors such as the thriving automotive industry in the region and the strict regulations on emissions. The region's unwavering dedication to reducing vehicle pollution has resulted in a significant increase in the need for platinum powder, particularly in the manufacturing of catalytic converters. Additionally, Europe's substantial investments in renewable energy projects, such as the development of hydrogen fuel cell technologies, have further contributed to the growing demand for platinum powder across multiple sectors in the region.
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Key Points from TOC:
1 Introduction of the Global Platinum Powder Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Platinum Powder Market Outlook
4.1 Market Evolution
4.3 Market Dynamics
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Platinum Powder Market, By Product Type
7 Global Platinum Powder Market, By Purity
8 Global Platinum Powder Market, By Particle Size
9 Global Platinum Powder Market, By Application
10 Global Platinum Powder Market, By Geography
11 North America
14 Middle East & Africa
15 Latin America
16 Global Platinum Powder Market Competitive Landscape
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
17 Company Profiles
17.1 Johnson Matthey
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 Heraeus Holding
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Tanaka Holdings
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Sino-Platinum Metals Co., Ltd.
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Anglo American Platinum Limited
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis
Browse Complete TOC: https://www.kingsresearch.com/toc/platinum-powder-market-340
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