Platinum Compounds Market will be Massively Influenced by Macroeconomic Factors
Platinum Compounds Market: Introduction
Platinum is a precious metal used in many forms in various end-use industries, for example, pure platinum finds its application in the jewelry making, rods, etc., platinum alloys and pure platinum are widely used in the chemical industry as catalyst sand platinum when combined with the other non-metals to form compounds used in chemical, pharmaceutical industries. Platinum mostly in its Pt+6, Pt+2, Pt+4 Free State forms compounds with chlorine, iodine, bromine, oxygen, fluorine, etc. to form platinum bromide, iodide, chloride, etc. Platinum compounds are also known as anti-tumor compounds as these compounds are used in the treatment of tumors such as in various types of solid tumors in colorectal, head, lungs, neck, testicular, ovary, bladder and cancer, etc.
Platinum compounds have a unique effect on neurons, thus application of platinum compounds in the healthcare industry, especially in the neurological sector, is expected to drive the overall market of the platinum compounds during the forecast period. Though platinum compounds have wide area of application in the healthcare industry but platinum compounds induce necrosis, and damage the integrity of cells, which is expected to act as a hurdle in the growth of the platinum compounds market during the forecast period
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Platinum Compounds Market: Dynamics
Platinum compounds are widely used in the chemical industry, for example, for hydrogenation of alkenes to alkanes, ketones to alcohols and nitro compounds to amines. Platinum compounds are also used in the selective oxidation of primary alcohols and hydrogenolysis of cyclopropyl group in to an isopropyl group. Thus, attributing to the wide area of application of Platinum compound in the chemical industry it is expected that the platinum compounds market will grow during the forecast period.
Many companies and universities are also involved in the treatment of cancer and other diseases by using platinum compounds, which is expected to act as a driver in the growth of the platinum compounds market during the forecast period.
Owing to the high cost involved in the production of platinum, which in turn leads to the high cost of the platinum compounds is expected to act as an obstacle towards the growth of the platinum compounds market during the forecast period. Platinum compounds also cause hair loss, vomiting and nausea, nephrotoxicity, hearing loss and tinnitus, etc., which is expected to pose restrain to the growth of the platinum compounds market during the forecast period.
Platinum Compounds Market: Market Segmentation
The platinum compounds market can be segmented based on type:
The platinum compounds market can be segmented based on End-Use industry:
- Healthcare Industry
Platinum Compounds Market: Regional Outlook
Asia Pacific is estimated to witness significant demand for platinum compounds during the forecast period, which can be attributed to the rising application of platinum compounds in the pharmaceutical industry that is growing significantly in the developing regions, such as India and China, thus accelerating the growth of the platinum compounds market.
North America and Europe are expected to dominate the global platinum compounds market due to the wide application area of platinum compounds in the treatment of colon, breast, lungs, ovarian cancer coupled with increase in spending of individuals towards cancer treatments, thus fueling the consumption of platinum compounds during the forecast period.
Latin America and the Middle East & Africa (MEA) are expected to witness steady growth in the platinum compounds market during the forecast period.
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Platinum Compounds Market: Key Participants
Examples of some of the key participants in the platinum compounds market are:
- Forbes pharmaceuticals
- J & J Materials
- Alfa Aesar
- America Elements
- ESPI Metals
- Indian Platinum Pvt Ltd
- Evans Chem India Pvt Ltd
- Gelest Imc