Global Platinum Group Metals Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 09:29:04
The Global Platinum Group Metals market is forecast to grow at a CAGR of 4.29 percent over the period 2013-2018. One of the key factors contributing to this market growth is the increased use of PGMs in Automotive sector. The Global PGM market has also been witnessing the increasing vehicle production worldwide. However, the supply constraints could pose a challenge to the growth of this market.
Key vendors dominating this space are Anglo American Platinum Ltd., JSC MMC Norilsk Nickel, Lonmin plc, Stillwater Mining Co., and Impala Platinum Holdings Ltd.
Other vendors mentioned in the report are African Rainbow Minerals Ltd. (ARM), Glencore Xstrata plc, Eastern Platinum Ltd., and North American Palladium Ltd.
The following companies represent the key players in Global Platinum Group Metals Market: ""Anglo American Platinum Ltd., JSC MMC Norilsk Nickel, Lonmin plc, Stillwater Mining Co., and Impala Platinum Holdings Ltd.
The increasing vehicle production worldwide, especially that expected to take place in Asia in the coming years, presents a huge opportunity for the usage of PGM in the Automobile sector. The sharp rise in the number of vehicles will lead to the implementation of stringent emission standards for diesel vehicles, particularly in the Commercial Vehicle segment, thereby resulting in the rising consumption of autocatalysts to control vehicular emissions. Also, the electronic and safety systems that improve automobile reliability make use of the physical properties of PGM such as conductivity, stability, and durability. PGM are also used in the Automobile sector in fuel cells, antilock breaking systems, air bag initiators, and spark plugs. Hence, the booming Automobile sector and the increased usage of PGM in automobiles are expected to propel the growth of the market during the forecast period.
One of the major drivers in this market is the increasing usage of PGM in the Automobile sector. PGM play a significant role in making modern cars efficient and safe. Eco-friendly innovations such as fuel cells and catalytic converters would not be possible without PGM.
Further, one of the major challenges in this market is the increasing demand and supply gap. PGM are used across various sectors in a number of applications; hence, there is a high demand for these metals. However, since they are natural resources, their supply is limited. It is expected that there will be a shortage of platinum and palladium during the forecast period.
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