DUBLIN--(BUSINESS WIRE )--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.
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.
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
Demand - Drivers and Limitations
Following are the demand drivers for the precious metals market for automotive applications:
The market is expected to face some limitations due to the following challenges:
5 Markets - Competitive Benchmarking & Company Profiles
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900