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The study projects the market to grow at a CAGR of 7.0% between 2022 and 2031
FREMONT, Calif. , Aug. 11, 2022 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Precious Metals Market for Automotive Applications – A Global and Regional Analysis.
According to this study, the market size (in terms of revenue) of the global precious metals market for automotive applications was $40.85 billion in 2021 and is projected to reach $79.82 billion by 2031.
The following factors are responsible for the increase in demand for precious metals for automotive applications:
The detailed study is a compilation of 135 market data tables and 15 figures spread through 234 pages.
Check out the detailed table of content here https://bisresearch.com/requestsample?id=1345&type=toc
The companies that are profiled have been selected based on primary research inputs gathered from a network of industry experts and analyzing company coverage, product portfolio, and market penetration.
Companies using silver metals led the market with 81% of the market volume in 2021. Players utilizing other metals, including platinum, accounted for around 3.4%, palladium and rhodium accounted for around 13%, gold accounted for approximately 2%, and other precious metals accounted for less than 1% of the total demand in 2021 in terms of volume.
This trend of companies using silver metals leading the market is expected to continue during the forecast period 2022-2031.
Company Type 1 (by Metal Type): Palladium Metal
Company Type 2 (by Metal Type): Rhodium Metal
Company Type 3 (by Metal Type): Platinum Metal
Company Type 4 (by Metal Type): Gold and Silver Metals
Company Type 5 (by Metal Type): Other Metals (Iridium and Ruthenium)
Companies that are not a part of the aforementioned pool have been well represented across different sections of the report (wherever applicable).
Analyst's Take on the Market
According to Prasad Gade , Research Analyst, BIS Research, "Precious metals play a significant role in the production of three-way catalytic converters, which purify the exhaust gas. Precious metals are widely used in numerous automotive applications such as engine units, switches, reflective films and mirrors, fuel cells, batteries, and other electrical components of vehicles. Also, a rise in automotive manufacturing is anticipated to drive the market growth over the forecast period."
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Global Developments in the Precious Metals Market for Automotive Applications
Why Should You Buy the Report?
Following are some key reasons to buy the report on the precious metals market for automotive applications:
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