Europe Platinum Market Size, Share & Trends Analysis Report By Source (Primary, Secondary), By Form (Metal, Powder, Alloys), By End Use (Automotive, Jewellery, Chemical, Electronics, Industrial, Others) and By Country(U.K., Germany, France, Italy, Russia, Nordic, Benelux, Rest of Europe) Forecasts, 2024-2032

Market Overview

The Europe platinum market witnessed significant growth in the past and is expected to grow at a CAGR of around 3.9% during the forecast period (2023-2031).

Platinum is a dense, precious, ductile, extremely unreactive, silvery-white transition metal primarily used in automotive exhaust systems and jewelry. It is extensively used as a catalyst in automobile catalytic converter systems alongside other platinum group metals. Important vehicle components, exhaust systems consist of an exhaust manifold, a catalytic converter, an oxygen sensor, a muffler, and exhaust pipelines. Together, these components reduce commotion, convert harmful pollutants that accumulate in the engine's combustion chamber into less hazardous gases, and provide an outlet for those gases.

Highlights

• Primary Source dominates the market by source. 
• Automotive Application dominates the market by application.
• Germany dominates the market by region

Market Dynamics

Europe Platinum Market Drivers:

Growing Awareness About the Benefits of Platinum

Nickel and other hazardous elements are absent from platinum, making it a safe and healthy metal. Because of this, it is more appealing to investors searching for a secure and reliable investment. Platinum is a wonderful investment for those searching for a long-term asset because it is a strong metal that may last a lifetime.

The European Union’s (EU) Commitment to Reducing Greenhouse Gas Emissions

The EU has established challenging goals for lowering greenhouse gas emissions. Because platinum is used in catalytic converters, which lower emissions, this is anticipated to increase demand for platinum in the automotive industry.

A robust growth rate in the European platinum market is anticipated in the upcoming years. Several factors, such as the expanding demand for platinum in the jewelry and automotive industries, the EU's commitment to lowering greenhouse gas emissions, and the rising disposable income in the area, will contribute to the market's rise.

Europe Platinum Market Restraints:

Fluctuation Prices of Platinum

Platinum's price is unpredictable and is influenced by various things, including the state of the economy, political unrest, and natural calamities. Due to this volatility, investing in platinum may be risky, and regional demand may be constrained.

Platinum is a metal that is scarce and has a finite supply. Due to its limited supply, platinum may become pricey, and the region's consumption may be constrained.

Europe Platinum Market Opportunities:

Increasing Demand for Platinum in the Electronics Sector

Numerous electronic components, including transistors and sensors, use platinum. Platinum demand in the electronics industry is anticipated to be driven by the region's rising need for electronics.

Growing Awareness About the Benefits of Platinum

Nickel and other hazardous elements are absent from platinum, making it a safe and healthy metal. Because of this, it is more appealing to investors searching for a secure and reliable investment. Platinum is a wonderful investment for those searching for a long-term asset because it is a strong metal that may last a lifetime.

Regional Analysis

The Europe platinum market is further segmented by country into Germany, France, the U.K., Italy, Spain, and the Rest of Europe. Germany dominates the country market and is expected to grow at a CAGR of 5.4% during the forecast period.

Europe is expected to experience a significant growth rate during the projected period. The region saw lackluster demand from 2016 to 2019 because of geopolitical and Brexit-related concerns. However, in 2019 it saw a rise in popularity because of the need for diesel-hybrid cars. According to data provided by the European Automobile Manufacturers Association (ACEA) in 2019, the production of hybrid vehicles increased by 47% between 2018 and 2019. As a result, it is anticipated that the widespread presence of the car manufacturing sector in Europe would help it maintain its development rate.

Segmental Analysis

The Europe Platinum market is segmented based on source, application, and country.

Based on the Source, the Europe market is further segmented by Primary and Secondary.

The Primary Source dominated the market and is expected to register a CAGR of 3.9% over the forecast period.

Based on application, the Europe market is further segmented by Jewelry, Automotive, Industrial, and Investment.

Automotive dominated the market and is expected to register a CAGR of 3.5% over the forecast period.

Recent Developments

• Feb 2023- Rustenburg Platinum announced a new mine in South Africa in which it would invest USD 100 million. Every year, the mine generates 100,000 ounces of platinum.
• Feb 2023- Sothern Platinum announced that a new mine in South Africa would receive a USD 50 million investment. It is anticipated that the mine will produce 50,000 ounces of platinum annually.