Platinum Market

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.

Source: IndexBox Market Intelligence Platform