Platinum (Pt) is a precious, grayish-white, noncorroding, ductile, malleable heavy metallic element, which is practically inoxidizable except in the presence of bases and fusible only at extremely high temperatures. According to BlueQuark Research & Consulting, the global Platinum market is expected to witness a slow growth rate during the forecasted period. Platinum is used in auto-catalyst, sensors, and spark plugs in the automotive sector, reducing harmful emissions from vehicles and improving air quality, which is expected to drive the global market. Further, in jewelry, the main advantage of Platinum in jewelry which makes it an ideal setting for diamonds and other gems due to its strength and resistance to tarnishing, is projected to drive the global market. Furthermore, Platinum is used to make various medical devices, including pacemakers, catheters, implantable defibrillators stents, and neuromodulation devices owing to its properties such as durability and radiopacity are expected to drive market growth. However, Platinum may cause skin allergy causing itching and skin rashes, and the maintenance of Platinum involves high cost. The adverse conditions arising due to the impact of Covid-19 are expected to hinder the global market growth.

Platinum is used in automobiles for manufacturing autocatalysts, sensors, and spark plugs. It is used in jewelry and medical devices such as pacemakers, catheters, implantable defibrillators, stents, hearing assist devices, heart pumps, spinal fixation, hip implants, and knee implants. Platinum is used in tiny components of electronic devices such as fiberglass, LCD glass, flat panel display, and cathode ray tube. Platinum and its alloy are also used in the glass industry.

The Automotive Industry is the most vital consumer of Platinum and is projected to drive the Global Market. Platinum is most commonly used in automobiles as a catalytic converter which allows for complete combustion of unburned hydrocarbons traveling through the exhaust. They are typically utilized to decrease gasoline and diesel-powered cars emissions, making the Global Platinum Market bound to rise. According to World Platinum Investment Council, in 2020, the Platinum market was in a deficit of -932 Koz, the most significant annual deficit on the record below the -1,202 Koz deficit forecasted in November 2020. Total supply in 2021 was ∽3% lower than in 2019 in the industrial, jewelry, and automotive sectors. Automotive airbags are coated with platinum-cured silicones to protect them from their explosive systems. These airbags are stable and may be folded and transported for extended periods without degrading, demanding the industry shoot, thus driving the Global Platinum Industry. Therefore the use of Platinum in the Automotive industry is expected to grow and drive the overall market in the future.

The Asia-Pacific region is expected to be the leader in the production and consumption of Platinum, with most of the consumption in countries like China and India. The greater the number of automobiles on the road, the more autocatalysts are required, increasing Platinum use. Economic growth and consumer trends drive vehicle manufacturing, and sales drive the demand for Platinum in the Global market. Due to the increasing population and sophisticated lifestyle, they are leading to increasing demand for Jewelry, Platinum’s uniqueness and durability appeal to many customers. At the same time, its density provides a pleasing, substantial feel, the need for Platinum is increasing in the Global Market. The expanding population necessitates more access to improved medical services, Platinum is also used in anticancer drugs such as cisplatin and carboplatin and is expected to drive the demand for Platinum. Platinum is found in both thick and thin-film devices, which make up the backbone of electronic production. In the glass industry, Platinum and its alloys are vital tools in the effective manufacturing of a wide range of glassware, from modest bottles to the most delicate optical glasses, it is expected to drive the demand for Platinum in the Global Market. The mentioned factors have made the Asia-Pacific an essential region for growth in the Platinum Market.

Some of the market's key players are African Rainbow Minerals Limited, Anglo American Platinum Limited, Asahi Holdings, Inc., Norilsk Nickel PJSC, Hindustan Platinum Pvt. Ltd, among others.

In January 2022, Platinum-Gold (PtAu) nanoparticles deposited on graphene oxide show remarkable high catalytic activity for hydrogen evolution in H2SO4 solution.

In January 2022, US-based researchers developed a catalyst that consists of one or two layers of platinum deposited on two-dimensional metal carbide. The thin layers allow every platinum atom to be used as a catalyst and prevent the formation of residues.

Global Platinum Market report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Platinum market by segmenting based on the By Isotope (Platinum 190, Platinum 192, Platinum 194, Platinum 195, Platinum 196, Platinum 198), By Application (Automotive, Jewelry, Medical, Electronics, Glass, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with prominent companies and profiles, including their market shares and projects.