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Platinum is an inert metal that is naturally occurring and can be found by mining. Platinum has a high density and is chemically inert but is relatively soft. Platinum is a silverish-white transition metal that is malleable and ductile. Its chemical and physical properties have found its wide-ranging applications in various industries, which has led to a surge in demand for platinum mining.
Based on the type of mine, the market is classified into open-pit and underground. The underground segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period, as most of the platinum is located deep underground. Underground extraction of platinum occurs using explosives to blast the ore, which is then collected and brought to the surface.
Based on the grade, the global market is classified into up to grade native and complex (alloy). The grade determines the purity of platinum by measuring the concentration of platinum present in the ore. Native is pure platinum, and complex (alloy) is when platinum is in copper, nickel, and sulfide ores. The complex segment accounted for the major share in the market as it is the most found grade in explorations.
Based on the ore type, the market is classified into primary and placer. The placer segment accounted for the major share of the market, and it is anticipated that it will maintain its attractiveness during the forecast period. It is the most widely found segment due to its concentration in sand and gravel beds.
Due to the increased urbanization and technological advancements, there has been a surge in demand for vehicles all over the world. This has given rise to the demand for platinum, which is used in making autocatalysts in diesel engine cars and heavy-duty vehicles. Also, the increase in demand for platinum in jewelry making has fuelled the need for platinum. This increase in demand for platinum is likely to drive the global platinum mining market during the forecast period.
The key market restraint for the market is the fast depletion of platinum ores. The high density makes it a very costly precious metal, affecting the growth of the market.
Key Market Driver -
Rising demand for platinum in vehicles
Key Market Restraint -
Depletion of platinum ore resources
Some of the major companies in the platinum mining market are Anglo American, Colossus Minerals Inc., TruLan Resources Inc., GlobalMin LLC, Mojave Gold, Norilsk Nickel, Sibanye-Stillwater, Northam Platinum, Wesizwe Platinum Limited, Implats, Lonmin PLC, JCI Limited, African Rainbow Minerals Limited, and Aquarius Platinum Limited.
The global platinum mining market is studied across different regions like North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Middle East & Africa accounted for the major share of the global market, as most of the platinum deposits are located in this region, like South Africa, Zimbabwe, Botswana, and Ethiopia. South Africa is the world’s largest platinum producer, producing a major portion of the world’s total platinum. Europe is the fastest-growing region for the global platinum mining market, owing to the increasing number of successful explorations in the region, especially in nations such as Russia, Poland, Serbia, and Finland. North America is also a rapidly growing market due to the increased mining activities in the U.S. Latin America is a steadily growing region, owing to the increased explorations in Colombia, Peru, and Brazil.
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By Type of Mine
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