High Adoption Of Platinum Based Medicines Is Driving Growth

DUBLIN - The "Global Platinum Group Metals (PGM) supply is forecasted to reach 22.44 million ounces in 2024, growing at a CAGR of 6.8% for the period spanning 2020-2024.

The factors such as accelerating industrialization, rapid urbanization, increasing fuel cell demand and high adoption of platinum-based medicines are expected to drive the market. However, the growth of the industry would be challenged by stringent regulations. Few notable trends include growing demand of PGM in light vehicles, technological advancements and rising industry consolidations activities. In 2020, the outbreak of COVID-19 pandemic has created an unfavorable impact on the market as the great lockdown has crushed the global economy and with it the manufacturing sector.

The six platinum-group metals are ruthenium, rhodium, palladium, osmium, iridium, and platinum. They have similar physical & chemical properties and tend to occur together in the same mineral deposits. PGM is mostly valued for its wide range of industrial, medical, and electronic applications.

These versatile metals play a significant role in many of the products which population use every day. Pyro-metallurgical processes are favored for the recycling of PGM-bearing materials such as catalytic converters because of the high recovery rates. Wavelength dispersive x-ray fluorescence (WDXRF) technology is well established for the analysis of the recovered metal in either scenario because it offers high sensitivity down to low atomic number elements, high repeatability and element selectivity.

The fastest-growing regional market is South Africa owing to improving economic conditions, increasing smartphone consumption and growing number of platinum smelters in the region.

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