Dublin, Aug. 18, 2022 (GLOBE NEWSWIRE) -- The "Precious Metals Market for Automotive Applications - A Global and Regional Analysis: Focus on Metal Type, Component, End User, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The demand for precious metals for automotive applications is anticipated to grow with the increasing demand for catalytic convertors from the automotive industry. Furthermore, increased investment in African countries in the arena of platinum group metals is anticipated to create prospects for the market in the subsequent years.
Moreover, increasing utilization of platinum in electric vehicles is another factor fuelling the demand for the precious metals market for automotive applications during the forecast period 2022-2031. However, the high costs of platinum group metals are anticipated to hinder the market growth in the upcoming future.
The precious metals market for automotive applications is still in the growth phase. Increased investment and research and development activities are expected to boost the market for precious metals for automotive applications. Furthermore, due to high demand from the end-use industries and rising public concern, government regulations related to carbon emissions are expected to increase the demand for electric vehicles, thereby bolstering the precious metals market for automotive applications.
Moreover, precious metals have the potential to make a significant impact by improving environmental sustainability, and their utilization in the components such as catalytic converters and engine sensors is further expected to spur the demand for precious metals. Precious metals are anticipated to become much more valuable as automobiles get more advanced.
With an increased worldwide focus on achieving net-zero carbon emissions, the shift toward sustainable technologies brings significant sales and financing opportunities. This shift was prominently experienced in regions and countries such as North America, Europe, South Africa, and some Asian countries.
Furthermore, precious metals have a moderate to high impact on automotive applications; however, in the upcoming future, with increased production of automotive applications, the impact is anticipated to increase.
Market Segmentation by End User
Among different end users, the passenger car segment is expected to be the largest during the forecast period 2022-2031.
Among different metal types, palladium is anticipated to lead the market during the forecast period 2022-2031. It is a widely utilized precious metal for automobiles, owing to its high durability.
Among different components, catalytic converters are anticipated to lead the market during the forecast period 2022-2031.
North America - U.S., Canada, and Mexico
Europe - Germany, France, Italy, Spain, and Rest-of-Europe
Asia-Pacific and Japan - Japan, India, South Korea, and Rest-of-Asia-Pacific
China is expected to lead the precious metals market for automotive applications throughout the forecast period, owing to the presence of a significant number of precious metals market for automotive applications manufacturers such as Heraeus Holding, Sino-Platinum, and others.
Recent Developments in Precious Metals Market for Automotive Applications
In September 2018, in Nanjing, China, Heraeus Precious Metals inaugurated the world's most comprehensive precious metals facility. The new plant aims to significantly boost the company's ability to refine and recycle precious metals and chemical products, particularly platinum group metals (PGMs).
In 2019, Tanaka Holdings Co. Ltd. announced the establishment of a new subsidiary, Tanaka Kikinzoku (India), in Mumbai. The new division intends to enhance precious metal product distribution networks in India, the Middle East, and Africa. By 2024, the company expects to achieve annual sales of around $26 million.
Demand - Drivers and Limitations Following are the demand drivers for the precious metals market for automotive applications:
Growing Demand for Precious Metals in Automotive Catalytic Convertors
Increasing Utilization of PGMs in Manufacturing Electric Vehicles
Rising Environmental Regulations to Reduce Toxic Vehicle Emissions
The market is expected to face some limitations due to the following challenges:
High Cost of Precious Metals
PGMs Overuse Causes Human Health Concerns
Price Volatility of Precious Metals
Russia-Ukraine Conflict to Disrupt Precious Metals Supply Chain
5 Markets - Competitive Benchmarking & Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/mmc3f8
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