Global Precious Metals Market for Automotive Applications to Reach $79,820. 7 Million by 2031. Precious Metals Market for Automotive Applications: Industry Overview.
New York, Aug. 10, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "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" - https://www.reportlinker.com/p06313465/?utm_source=GNW 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. Market Lifecycle Stage 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. Industrial Impact • 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. Impact of COVID-19 The COVID-19 pandemic period considerably impacted the production of precious metals as a result of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market.The lockdowns imposed by the government significantly reduced raw material productivity due to a shortage of operations in many regions throughout the world. The automotive sector has been in a slowdown for the last couple of years.Due to the closure of production plants, the sector experienced a scarcity of automotive parts. However, the market is anticipated to have recover and is expected to rise gradually over the forecast period. Market Segmentation: Segmentation 1: by End User • Light Commercial Vehicles • Heavy Commercial Vehicles • Passenger Cars • Electric Vehicles Among different end users, the passenger car segment is expected to be the largest during the forecast period 2022-2031. Segmentation 2: by Metal Type • Palladium • Platinum • Rhodium • Gold • Silver • Others 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. Segmentation 3: by Component • Catalytic Converters • Engine Control Units • Circuit Boards • Sensors • Switches • Windshield Defogger • Others Among different components, catalytic converters are anticipated to lead the market during the forecast period 2022-2031. Segmentation 4: by Region • North America - U.S., Canada, and Mexico • Europe - Germany, France, Italy, Spain, and Rest-of-Europe • China • U.K. • Asia-Pacific and Japan - Japan, India, South Korea, and Rest-of-Asia-Pacific • Rest-of-the-World 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 How can this report add value to an organization? Product/Innovation Strategy: The product segment helps the reader understand the different metal types involved in the production of automotive applications, including palladium, platinum, rhodium, gold, silver, and others.Moreover, the study provides the reader with a detailed understanding of the different precious metals markets for automotive applications based on end use (light commercial vehicles, heavy commercial vehicles, passenger cars, and electric vehicles). Precious metals are gaining traction in automotive on the back of their increasing application in combustion chambers. When exhaust gases flow through the system, these metals transform the pollutants from the combustion chamber into lesser hazardous gases. Growth/Marketing Strategy: The precious metals market for automotive applications has seen major development by key players operating in the market, such as business expansions, partnerships, collaborations, mergers and acquisitions, and joint ventures.The favored strategy for the companies has been business expansions and acquisitions to strengthen their position in the precious metals market for automotive applications. For instance, in March 2020, Sibnaye-Stillwater and Impala Platinum, along with BASF, introduced a unique tri-metal auto catalyst that enables the partial replacement of palladium with platinum. Implementation of the innovative tri-metal catalyst technology is anticipated to minimize catalytic converter costs and substantially alleviate prolonged palladium deficiencies. Competitive Strategy: Key players in the precious metals market for automotive applications analyzed and profiled in the study involve precious metals manufacturers and the overall ecosystem.Moreover, a detailed competitive benchmarking of the players operating in the precious metals market for automotive applications has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, acquisitions, and collaborations will aid the reader in understanding the untapped revenue pockets in the market. Key Market Players and Competition Synopsis The companies that are profiled have been selected based on inputs gathered from primary experts, analyzing company coverage, product portfolio, and market penetration. The top segment players are expected to lead the precious metals market for automotive applications and are expected to enter the market using silver metals in the long term, which capture around 81% of the market by volume as of 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. Some of the prominent established names in this market are: • Heraeus Holding • Anglo American Platinum Limited • Impala Platinum Holdings Limited • Sibnaye-Stillwater • Northam Platinum Limited • Norilsk Nickel • Umicore • TANAKA HOLDINGS Co., Ltd. • Johnson Matthey • Sigmund Cohn Corp. • FIRST MAJESTIC • SINO-PLATINUM METALS CO. LTD. • Hecla Mining Company • Fresnillo plc • Newmont Corporation • Royal Bafokeng Platinum • Generation Mining Limited • Desktop Metal, Inc. • Nexa • Freeport-McMoRan Countries Covered • North America • U.S. • Canada • Mexico • Europe • Germany • France • Italy • Spain • Rest-of-Europe (RoE) • U.K. • China • Asia-Pacific and Japan • Japan • South Korea • India • Rest-of-Asia-Pacific • Rest-of-the-World • Middle East and Africa • South America Read the full report: https://www.reportlinker.com/p06313465/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________
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