World - Platinum - Market Analysis, Forecast, Size, Trends And Insights
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The global platinum market is projected to show steady growth in consumption and value from 2022 to 2030, with South Africa leading in both production and consumption. Despite a slight decline in recent years, the market is expected to rebound with an anticipated CAGR of +0.9% in consumption and +2.8% in value. South Africa, Russia, and Zimbabwe are the top consuming countries, with South Africa also leading in production. Import and export trends show fluctuations in both volume and value, with Spain and Belgium emerging as key importers, and South Africa, the UK, and Germany as major exporters. Price trends vary by country, with Germany and the United States having the highest export prices. Overall, the global platinum market is poised for growth, driven by increasing demand worldwide.
Market Forecast
Driven by rising demand for platinum worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.9% for the period from 2022 to 2030, which is projected to bring the market volume to 224K tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +2.8% for the period from 2022 to 2030, which is projected to bring the market value to $7,687.1B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Platinum
For the fourth year in a row, the global market recorded decline in consumption of platinum, which decreased by -0.4% to 209K tons in 2022. Overall, consumption saw a mild downturn. As a result, consumption attained the peak volume of 250K tons. From 2014 to 2022, the growth of the global consumption remained at a somewhat lower figure.
The global platinum market value declined to $6,160.1B in 2022, which is down by -3.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption saw a slight setback. As a result, consumption attained the peak level of $8,043.6B. From 2014 to 2022, the growth of the global market failed to regain momentum.
Consumption By Country
The country with the largest volume of platinum consumption was South Africa (118K tons), comprising approx. 57% of total volume. Moreover, platinum consumption in South Africa exceeded the figures recorded by the second-largest consumer, Russia (21K tons), sixfold. Zimbabwe (15K tons) ranked third in terms of total consumption with a 7% share.
In South Africa, platinum consumption remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (-1.8% per year) and Zimbabwe (+3.3% per year).
In value terms, South Africa ($3,666B) led the market, alone. The second position in the ranking was held by Russia ($726.3B). It was followed by Zimbabwe.
In South Africa, the platinum market remained relatively stable over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Russia (-3.6% per year) and Zimbabwe (+4.2% per year).
In 2022, the highest levels of platinum per capita consumption was registered in South Africa (1,949 kg per 1000 persons), followed by Zimbabwe (948 kg per 1000 persons), Canada (272 kg per 1000 persons) and Russia (144 kg per 1000 persons), while the world average per capita consumption of platinum was estimated at 27 kg per 1000 persons.
In South Africa, platinum per capita consumption declined by an average annual rate of -2.2% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Zimbabwe (+1.7% per year) and Canada (+1.4% per year).
Production
World Production of Platinum
For the fourth consecutive year, the global market recorded decline in production of platinum, which decreased by -1.1% to 208K tons in 2022. Over the period under review, production continues to indicate a slight decline. The most prominent rate of growth was recorded in 2013 when the production volume increased by 5.8% against the previous year. As a result, production attained the peak volume of 251K tons. From 2014 to 2022, global production growth remained at a somewhat lower figure.
In value terms, platinum production shrank to $6,403.8B in 2022 estimated in export price. Overall, production continues to indicate a mild decline. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. Over the period under review, global production reached the peak level at $9,002.7B in 2013; however, from 2014 to 2022, production failed to regain momentum.
Production By Country
South Africa (119K tons) constituted the country with the largest volume of platinum production, accounting for 57% of total volume. Moreover, platinum production in South Africa exceeded the figures recorded by the second-largest producer, Russia (21K tons), sixfold. Zimbabwe (15K tons) ranked third in terms of total production with a 7% share.
In South Africa, platinum production remained relatively stable over the period from 2012-2022. In the other countries, the average annual rates were as follows: Russia (-1.8% per year) and Zimbabwe (+3.3% per year).
Imports
World Imports of Platinum
For the fourth year in a row, the global market recorded growth in overseas purchases of platinum, which increased by 5.6% to 1.5K tons in 2022. Over the period under review, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2015 with an increase of 105%. As a result, imports attained the peak of 2.1K tons. From 2016 to 2022, the growth of global imports remained at a lower figure.
In value terms, platinum imports fell modestly to $17.8B in 2022. In general, imports, however, recorded a mild slump. The most prominent rate of growth was recorded in 2021 when imports increased by 29%. Global imports peaked at $19.6B in 2012; however, from 2013 to 2022, imports remained at a lower figure.
Imports By Country
Spain was the main importer of platinum in the world, with the volume of imports resulting at 482 tons, which was near 33% of total imports in 2022. Belgium (192 tons) held the second position in the ranking, distantly followed by China (87 tons), Mexico (77 tons) and the UK (71 tons). All these countries together took approx. 29% share of total imports. The United States (64 tons), Italy (56 tons), Hong Kong SAR (53 tons), Japan (52 tons), Denmark (41 tons), Germany (40 tons), France (40 tons) and Switzerland (33 tons) followed a long way behind the leaders.
Imports into Spain increased at an average annual rate of +31.1% from 2012 to 2022. At the same time, Belgium (+34.9%), Mexico (+26.1%), Italy (+21.3%), Denmark (+10.2%), the United States (+3.8%), Hong Kong SAR (+2.9%) and Germany (+1.3%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing importer imported in the world, with a CAGR of +34.9% from 2012-2022. China and Japan experienced a relatively flat trend pattern. By contrast, Switzerland (-1.8%), the UK (-3.0%) and France (-13.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Spain, Belgium, Mexico and Italy increased by +29, +12, +4.3 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($2.6B), the United States ($2.2B) and the UK ($2.1B) appeared to be the countries with the highest levels of imports in 2022, together comprising 39% of global imports. Hong Kong SAR, Japan, Germany, Switzerland, Italy, Belgium, France, Spain, Mexico and Denmark lagged somewhat behind, together comprising a further 39%.
Belgium, with a CAGR of +16.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.
Import Prices By Country
The average platinum import price stood at $12,118 per kg in 2022, declining by -10% against the previous year. Over the period under review, the import price continues to indicate a drastic downturn. The pace of growth was the most pronounced in 2018 an increase of 134% against the previous year. Over the period under review, average import prices attained the peak figure at $25,057 per kg in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($34,838 per kg), while Spain ($97 per kg) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+9.9%), while the other global leaders experienced mixed trends in the import price figures.
Exports
World Exports of Platinum
After three years of growth, shipments abroad of platinum decreased by -56.1% to 999 tons in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when exports increased by 127% against the previous year. As a result, the exports reached the peak of 2.3K tons, and then declined rapidly in the following year.
In value terms, platinum exports reduced remarkably to $16.8B in 2022. In general, exports recorded a mild setback. The pace of growth was the most pronounced in 2021 when exports increased by 35% against the previous year. As a result, the exports attained the peak of $21.1B, and then shrank dramatically in the following year.
Exports By Country
The shipments of the seven major exporters of platinum, namely South Africa, the Czech Republic, Bulgaria, the UK, Denmark, Belgium and the Netherlands, represented more than half of total export. The following exporters - Hong Kong SAR (45 tons), the United States (38 tons), Germany (34 tons), Japan (32 tons), Italy (31 tons) and Switzerland (25 tons) - together made up 20% of total exports.
From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +46.2%), while shipments for the other global leaders experienced more modest paces of growth.
In value terms, South Africa ($3.7B), the UK ($3B) and Germany ($1.5B) appeared to be the countries with the highest levels of exports in 2022, with a combined 49% share of global exports. The United States, Hong Kong SAR, Italy, Japan, Switzerland, Belgium, the Czech Republic, the Netherlands, Denmark and Bulgaria lagged somewhat behind, together comprising a further 37%.
Among the main exporting countries, Italy, with a CAGR of +7.2%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
In 2022, the average platinum export price amounted to $16,769 per kg, jumping by 81% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices attained the maximum at $26,300 per kg in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($44,882 per kg), while Bulgaria ($47 per kg) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+14.9%), while the other global leaders experienced mixed trends in the export price figures.
This report provides an in-depth analysis of the global platinum market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24413010 -
- Prodcom 24413015 -
- Prodcom 24413020 -
- Prodcom 24413025 -
- Prodcom 24413040 -
- Prodcom 24413045 -
- Prodcom 24413055 -
- Prodcom 24413060 -
- Prodcom 24413065 -
- Prodcom 24413070 - Platinum catalysts in the form of wire cloth or grill
- Prodcom 24413030 - Platinum, palladium, rhodium, iridium, osmium and ruthenium, unwrought or in powder form
- Prodcom 24413050 - Platinum, palladium, rhodium, iridium, osmium and ruthenium, in semi-manufactured forms (excluding unwrought or in powder form)
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Company coverage:
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
Explore the top import markets for platinum, with key statistics and insights. China, the United States, and the United Kingdom lead the pack in platinum imports. Find out more.
In 2016, approx. X tons of platinum were imported worldwide- jumping by X% against the previous year figure. Overall, it indicated a notable increase from 2007 to 2016: the total imports volume i...
In 2016, approx. X tons of platinum were imported worldwide- jumping by X% against the previous year figure. Overall, it indicated a notable increase from 2007 to 2016: the total imports volume i...
In 2014, the U.S. (X%), Switzerland (X%), the United Kingdom (X%) and Germany (X%) were the main suppliers of platinum into Italy, together making up X% of their total imports. Between 2007 and 2014, Austria had the highest growth rates in