What is Global PGM Refining Market?
The Global PGM Refining Market is a vast and complex sector that deals with the refining of Platinum Group Metals (PGM). These metals include platinum, palladium, rhodium, iridium, osmium, and ruthenium. The refining process involves the extraction and purification of these precious metals from various sources, including ores and recycled materials. The refined PGMs are then used in a wide range of industries, from automotive to electronics, due to their unique properties such as high melting points, excellent conductivity, and resistance to corrosion. The global PGM refining market is a critical component of the global economy, contributing significantly to the supply of these valuable metals. However, the market is also subject to various challenges, including fluctuating commodity prices, environmental concerns, and geopolitical issues. Despite these challenges, the market continues to grow, driven by increasing demand for PGMs in various industries and advancements in refining technologies.
Pyrometallurgical Method, Hydrometallurgical Method, Others in the Global PGM Refining Market:
The Global PGM Refining Market employs various methods for the extraction and purification of PGMs, including Pyrometallurgical Method, Hydrometallurgical Method, and others. The Pyrometallurgical Method involves the use of high temperatures to extract and purify the metals. This method is commonly used due to its efficiency and cost-effectiveness. However, it also poses environmental concerns due to the emission of harmful gases. On the other hand, the Hydrometallurgical Method uses chemical solutions to extract and purify the metals. This method is more environmentally friendly but can be more costly and time-consuming. Other methods used in the market include electrorefining and bioleaching, each with their own advantages and disadvantages. The choice of method depends on various factors, including the type of ore, the desired purity of the metal, and environmental considerations.
Dental Industry, Jewelry Industry, Chemical Industry, Others in the Global PGM Refining Market:
The refined PGMs from the Global PGM Refining Market find usage in various industries, including the Dental Industry, Jewelry Industry, Chemical Industry, and others. In the Dental Industry, PGMs are used in dental alloys due to their excellent corrosion resistance and biocompatibility. In the Jewelry Industry, PGMs are prized for their luster, durability, and rarity, making them ideal for high-end jewelry. In the Chemical Industry, PGMs are used as catalysts in various chemical reactions due to their ability to speed up reactions without being consumed. Other industries that use PGMs include the automotive industry, where they are used in catalytic converters to reduce harmful emissions, and the electronics industry, where they are used in various components due to their excellent conductivity.
Global PGM Refining Market Outlook:
According to a recent survey, the Global PGM Refining Market is expected to experience steady growth in the coming years. The market, which was valued at US$ 100 million in 2022, is projected to reach a value of US$ 114.9 million by 2029. This represents a Compound Annual Growth Rate (CAGR) of 2.0% during the period from 2023 to 2029. This growth is expected to be driven by increasing demand for PGMs in various industries, advancements in refining technologies, and the recovery of the global economy. However, the market also faces various challenges, including fluctuating commodity prices, environmental concerns, and geopolitical issues. Despite these challenges, the market is expected to continue its upward trajectory, contributing significantly to the global supply of these valuable metals.
| Report Metric | Details |
| Report Name | PGM Refining Market |
| Accounted market size in 2022 | US$ 100 million |
| Forecasted market size in 2029 | US$ 114.9 million |
| CAGR | 2.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| By Region |
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| By Company | Johnson Matthey, Cora refining, Metallix Refining, Proses Makina, multimetco, Global Refining Group, Garfield, EMAK, Manhattan Gold and Silver, IBC, PGM Technologies, Shan Pornam Metals, BASF, MKS PAMP, SCANACON, Argen, PMR, archenterprises |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
