Precious Metals Market Top Companies, Growth Trends and Future Prospects 2022-2031

FREMONT, Calif. - Sept. 6, 2022 - PRLog -- Precious metals are being utilized by end users, such as light commercial vehicles, heavy commercial vehicles, passenger cars, and electric vehicles. Passenger cars and electric vehicles are one of the most prominent end users globally. Precious metals are widely used in the automotive industry on the back of their advantages, such as high melting points and ease of recycling. The primary goal of automakers is to create cars that are clean, safe, and energy efficient. Moreover, with increased concerns from various environment protection agencies and governments about CO2 emissions and sustainability, demand for electric vehicles is expected to grow over the forecast period 2022-2031.

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Various metals used to manufacture automotive components include palladium, platinum, rhodium, gold, silver, and others. Palladium, platinum, and rhodium are the most prominent metals used in manufacturing catalytic converters for automobiles. As per the current scenario, palladium, platinum rhodium, are expected to dominate the market; however, in the long run, with technological developments, manufacturers can use fewer precious metals to clear particulate emissions, as nanotechnology prohibits micro metal particles from accumulating in catalysts. Moreover, platinum and palladium are vital components of catalytic converters, and both metals play an important role in reducing harmful emissions from vehicle exhausts on a global scale. Rhodium has become the most expensive of the major precious metals, with a severe scarcity pushing costs to all-time highs. As a result, the rising price of precious metals is expected to hinder the market growth in the forecast period.

At present, North America, China, and Asia-Pacific are the prominent regions expected to utilize precious metals for automotive applications. The automotive industry in North America is expected to significantly grow on the back of technological advancements, including the development of autonomous vehicles and electric vehicles, and is anticipated to push the demand for precious metals in the region.

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Technological developments such as digitization, increased automation, and implementation of new business models are expected to fuel the growth of the automotive industry in the upcoming future. These developments are anticipated to give rise to technology-driven trends, including diverse mobility, autonomous driving, electrification, and connectivity.

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