End-users
Trusted advisors for end-users
SFA (Oxford) has delivered a number of PGM-related assignments to manufacturers and fabricators in the automotive and jewellery industries, including an assessment of the security of supply against new automotive technologies and product cycles, an evaluation of metal suitability for a major automotive catalyst fabricator, a review of the fuel cell industry, and electric vehicle studies which also provided an overview of the lithium market. In collaboration with a major platinum jewellery organisation, we have also produced an in-depth study of the world’s PGM jewellery pipeline and provided analysis and forecasts of the global autocatalyst and jewellery markets, including elasticity to metal prices.
We have also completed numerous bespoke powertrain related assignments commissioned by a variety of companies including mining companies, battery manufacturers and conglomerates for investment cases and supply security against new automotive technologies and product cycles and long-term market outlooks under varying scenarios for electric vehicle penetration.
Case studies
A long-term sensitivity analysis of future automotive technology and its impact on the PGM market out to 2040 — commissioned by a client
Where and when the expansions and contractions in demand will take place for each metal
An analysis was carried out of the influence of future powertrains on platinum, palladium and rhodium demand out to 2040.
Technological and legislative developments — commissioned by a mining company
Industry watching brief
SFA (Oxford) undertook a watching brief on all technological and legislative developments affecting PGM demand in autocatalyst end-uses.
Security of supply — commissioned by a car manufacturer
Security of PGM supply against new automotive technologies and product cycles
The review considered a car company’s future drive towards new automotive technologies where sourcing the right platinum group metals mix to meet the new challenges arising from the need for more environmentally friendly vehicles is a key factor.
Automotive catalyst end-uses — commissioned by a major mining corporation
Autocatalyst demand study
The team at SFA (Oxford) carried out an overview of automotive catalyst end-uses, including PGM requirements, industry trends, emissions legislation and metal substitution. We also produced historical autocatalyst PGM offtake data and forecast demand.
The impact of electric vehicles on future platinum and palladium demand — commissioned by a major conglomerate
Long-term market impact analysis out to 2040
The project also took account of country-by-country energy supplies, government policies and legislation, cities, and demographic considerations. In summary, using a range of electric vehicle sales growth scenarios to articulate the potential loss of PGM demand and market implications to the client.
A year-long study on the Chinese jewellery market
A full regional appraisal of platinum jewellery, including the value chain, players, metal movements, and influences on demand
A multi-faceted econometric model was developed to quantify platinum jewellery demand evolution now and in the future. The study involved on the ground interviews with jewellery industry players (fabricators, wholesalers and retailers). Demographic influences were also accounted for to ultimately plot platinum demand scenarios for tomorrow.
Predictive jewellery modelling — commissioned by a client
A PGM jewellery demand study of jewellery elasticity to metal prices
SFA (Oxford) developed a robust, predictive model of platinum and palladium jewellery demand and price elasticities, helping to inform the company’s marketing activity with detailed forecasts of platinum and palladium demand and their sensitivities.
Jewellery marketing investment appraisal
Global investment appraisal
The SFA (Oxford) team provided insight on metal price demand elasticity, so as to illustrate the dynamics that impact manufacturers and retailers’ decisions regarding their platinum business.
The report highlighted the margins that apply in the jewellery pipeline from mine to the customer (retailer) to identify levels of marketing investment that can be achieved (net profit, net profit margin, and gross profit margin).
The pipeline was mapped by market, outlining the flow of platinum from importers and refiners through to consumers.
Strategic metals assessment to support tomorrow’s hydrogen economy — commissioned by a consortium of technological leaders
Hydrogen market assessment
SFA (Oxford) provided a detailed report and presentation to a consortium of fuel cell technology companies, major automakers, energy providers, technology companies, and manufacturers on the long-term supply security of platinum and iridium to support a budding hydrogen economy.
Identifying new demand opportunities for PGMs — commissioned by major PGM producers
Commercial evaluation of the fuel cell value chain
Analysis of fuel cells, with a specific focus on technological feasibility, commercial potential, legislative support and market drivers, ownership of IP/licensing as well as company supply chains and commercial arrangements.
Tomorrow’s hydrogen opportunity — commissioned by a client
Evaluation of the hydrogen economy
SFA (Oxford) provided an independent assessment of the hydrogen economy, fuel cell technologies, green hydrogen production economics, supply chains, and major players to help assess investment opportunities.
PGM customers in the hydrogen economy — commissioned by a client
New customer targets
SFA (Oxford) identified and evaluated key PGM customers in the hydrogen economy, a good long-term hedge for PGMs as autocatalyst use declines, and potentially secure demand for iridium and ruthenium.
Solutions for end-users
Due diligence studies and commercial advisory
Working with clients and third parties, SFA has a long track record of providing technical due diligence and financial modelling support to help secure future funding from investors and lenders.
Mergers, acquisitions, and corporate defence
Clients have used SFA to provide the analytical link with banks and financial institutions to support PGM investment decision-making and provide robust market support.
Covid-19 PGM market analysis and scenarios
With extensive experience covering the PGM markets and industry fundamentals, SFA can provide you with our latest market outlook and the window of upside and downside scenarios.
Strategy, planning and Board support
SFA is a trusted advisor to Board members and senior management of significant stakeholders and provides regular assistance to strategy and planning efforts.
Price forecasting and project incentive pricing
SFA can provide accurate short-, medium- and long-term PGM price forecasts to support your business plans and contract negotiations, backed by our extensive supply and demand databases.
PGM markets and supply risk dashboards
SFA provides regular data flows of mine supply and metallurgical pipelines, basket prices, mine economics, and future supply and demand profiles to assist strategic decision-making and supply-chain purchasing.
'Black-box' PGM and macro scenario modelling
Clients approach SFA to run their own supply and macro modelling demand inputs to see the impact this has on the medium- to long-term PGM market balances to complement future strategic decision-making.
Investor Board packs and roadshows
SFA regularly supports its clients on global roadshows to assist on capital raisings and converse with fund managers, institutional investors and family wealth officers.
Black swan events and PGM market impacts
The SFA team is constantly providing rich insights for its clients on structural events moving the PGM markets, particularly when the situation continues to change.
Corporate ESG strategy and stewardship
SFA works closely with value chain players to understand how materially significant ESG issues can be integrated into their wider company strategy.
Peer-group ESG benchmarking
SFA's benchmarking of PGM producers on material ESG factors generates high-resolution insights for sustainability-conscious investors.
Cradle-to-grave ESG recycling studies
SFA's analysis of environmental footprints from recycled material in terms of greenhouse gases, waste generation and processing is helping future PGM recycling investments.
Macroeconomics and precious metals
For many years, SFA's extensive expertise in analysing the changing dynamics of global economies, financial markets and precious metals has enabled us to deliver bespoke research to enhance your next strategy.
Automotive powertrains and PGM demand
SFA delivers detailed insights into the effects of new automotive technologies on PGM demand for light-duty, heavy-duty, off-road and fuel cell vehicles to meet government emission targets.
The future of cities and mobility solutions
SFA has advised mobility companies with their strategies, providing global or local industry context, benchmarking competitors, creating industry scenarios and identifying new opportunities.
PGM purchasing and new customer targets
SFA has explored the purchasing dynamics between market participants, the complexity of the associated price web factors for platinum, palladium and rhodium, providing definitive answers to commercial questions.
Emerging technologies – opportunities and threats
SFA is constantly monitoring the evolution of emerging technologies and threats to new metal substitution. Let us cut through the noise, and highlight the short to long-term price risk impacts for your business.
PGM catalyst and chemicals intelligence
SFA is equipped to provide detailed regional insights of the major players, market shares, demand volumes, and market value for automotive, chemical and petrochemical catalysts, and smaller industrial markets.
PGM trade flows and stock reconciliation
SFA analyses the physical movements of PGMs for demand-side and supply-side participants, how futures contracts are priced and traded, and quantifies above-ground PGM stocks from key sectors.
Jewellery pipeline mapping and econometrics
SFA has mapped jewellery pipelines, examined costs and margins, quantified future demand levels, and analysed the competitor landscape of fabricators, wholesalers, and retailers for future investment decision-making.
Closed and open-loop PGM market evaluation
SFA can provide you with the most insightful 360-degree research covering the secret closed-loop market sectors by quantifying installed capacities, system losses and top-up requirements by company and sector.
Formulating regional trading desk strategies
SFA has significant experience mapping regional and localised end-use markets for PGMs to assist clients in discovering new trading opportunities and client targets by volume and sector.
PGM recycling value chain assessments
SFA's discreet work with recyclers gives us unique market insights, for the major regions of the USA, Europe, China and Japan. We also closely monitor jewellery recycling, electronic scrap and spent catalysts.
Our industry value chain expertise
How can we help you?
SFA (Oxford) provides bespoke, independent intelligence on the strategic metal markets, specifically tailored to your needs. To find out more about what we can offer you, please contact us.