PLATINUM GROUP METALS RECYCLING TO REACH $9 BILLION BY 2018
According to a new market research
report published by Innovative Research and Products, titled “Global Market for
Platinum, Palladium and Other Platinum Group Metals Recycling - A Global Technology, Industry and Market
the global recycling market for these metals is expected to undergo about 8.2%
market growth. Worldwide growth has the potential to expand from $6 billion in
2013 to about $9 billion by 2018.
The platinum group metals (PGMs), platinum, palladium and rhodium, have
significant catalytic properties. Additionally, platinum metals possess natural
beauty which makes them a valuable jewelry item in many parts of the world.
Future demand for PGMs is expected to be heavily influenced by the automobile
industry, while jewelry demand for platinum is expected to see significant
growth among the key economies of Asia, such as China. Demand for platinum
metals in industrial applications is also expected to rise along with the
growing global economy.
The platinum group metals (PGMs)
recycling industry has sustained growth in the last decade and is likely to
continue this growth into the next decade because of the increasing value of
PGMs and an expansion of technologies which depend on their physical
properties. Economic growth in China, India Brazil and elsewhere has fostered a
global increase in the use of automobiles, electronic devices and jewelry, all
of which use recycled platinum metals. Additionally, within the industry, there
has been growing innovation over the past decade in the technologies of PGM
Rising PGM prices which have occurred
in recent decades have led to an increase in the recycling of these metals,
which are used in automobile catalytic converters and electronic components.
The recycling of PGMs usually starts with scrap refiners that collect scrap
material such as waste catalytic converters and electronic parts that contain
PGMs to extract the valuable metals. Other refiners usually buy the recovered
PGM material to further upgrade the quality of the recycled material.
The demand for recycled platinum
metals is expected to continue to increase in the coming years as new
technologies which rely on the catalytic properties of PGMs, such as fuel
cells, become more widely used the world over.
According to the new iRAP report
titled ‘Recycling of Platinum, Palladium and other Platinum Group of Metals: A
Global Technology, Industry and Market Analysis’, the Asian region offers the
greatest opportunities for growth, a trend that is expected to continue through
2018. Asia is expected to exhibit growth that exceeds some of the world’s most
vibrant markets in the Americas and Europe by expanding at a rate of
approximately 9.2% annually.
The Americas recycled platinum metals
market, led by the U.S., is expected to grow at a good rate in the coming
years, while at the same time being one of the world’s key sources of recycled
platinum metals. Between the years of 2013 to 2018, demand in the Americas will
increase by a rate of some 7.5%.
This study also reveals that Europe
will likely experience positive growth, estimated at 7.7%. The magnitude of the
demand for these recycled precious metals in Europe in the year 2018 is
expected to be significantly greater than the current European community market
size. The Middle East and Africa are also emerging recycling market for PGMs.
Market for Platinum Group Metals Recycling for 2013 and 2018
of the report:
Print copy: $3,650,
$595 for second
copy and $295 for 3rd copy onwards.
Single User License PDF: $3,950
User PDF License at the Same Location: $4,950 and
Enterprise License PDF: $5,950