Report Update: May 1, 2024

Republic of Korea - Platinum - Market Analysis, Forecast, Size, Trends And Insights

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Platinum Price in South Korea - 2022

Platinum Price in South Korea (CIF) - 2022

In December 2022, the average platinum import price amounted to $30.8M per ton, picking up by 20% against the previous month. Overall, the import price, however, recorded a slight downturn. The pace of growth was the most pronounced in April 2022 an increase of 43% m-o-m. As a result, import price reached the peak level of $41,098 per kg; afterwards, it flattened through to December 2022.

Average prices varied noticeably amongst the major supplying countries. In December 2022, the highest price was recorded for prices from South Africa ($32.0M per ton) and the United States ($30.5M per ton), while the price for Japan ($25.7M per ton) and the UK ($29.4M per ton) were amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by Belgium (+21.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Platinum Price in South Korea (FOB) - 2022

In December 2022, the average platinum export price amounted to $37.7M per ton, increasing by 13% against the previous month. Over the period from December 2021 to December 2022, it increased at an average monthly rate of +2.6%. The most prominent rate of growth was recorded in January 2022 when the average export price increased by 31% m-o-m. The export price peaked at $43.2M per ton in April 2022; afterwards, it flattened through to December 2022.

There were significant differences in the average prices for the major foreign markets. In December 2022, the country with the highest price was the UK ($77.6M per ton), while the average price for exports to Taiwan (Chinese) ($31.5M per ton) was amongst the lowest.

From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+25.5%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports in South Korea

After three years of growth, supplies from abroad of platinum decreased by -32.9% to 3.9 tons in 2022. Overall, imports recorded a slight decrease. The growth pace was the most rapid in 2020 when imports increased by 27% against the previous year.

In value terms, platinum imports contracted dramatically to $173M in 2022. Over the period under review, total imports indicated a prominent increase from 2019 to 2022: its value increased at an average annual rate of +12.2% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +41.1% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 68%. As a result, imports attained the peak of $217M, and then shrank rapidly in the following year.

Import of Platinum in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United Kingdom	18.8	28.5	111	70.7	55.5%
United States	37.7	66.8	19.9	39.8	1.8%
Belgium	6.5	3.3	31.8	20.2	45.9%
Norway	2.3	5.2	21.8	13.9	82.1%
South Africa	28.5	5.8	11.5	10.8	-27.6%
Japan	13.2	7.7	11.8	8.4	-14.0%
Germany	12.7	8.0	7.6	7.6	-15.7%
Sweden	N/A	0.5	N/A	N/A	0%
Others	2.8	3.4	2.3	1.7	-15.3%
Total	123	129	217	173	12.0%

Top Suppliers of Platinum to South Korea in 2022:

United Kingdom (1441.0 kg)
United States (716.0 kg)
Belgium (512.0 kg)
Norway (390.0 kg)
South Africa (318.0 kg)
Japan (265.0 kg)
Germany (228.0 kg)

Platinum Exports in South Korea

In 2022, after three years of growth, there was decline in overseas shipments of platinum, when their volume decreased by -4.3% to 2.7 tons. The total export volume increased at an average annual rate of +3.5% from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when exports increased by 13% against the previous year.

In value terms, platinum exports expanded rapidly to $182M in 2022. Overall, exports, however, enjoyed significant growth. The pace of growth was the most pronounced in 2020 when exports increased by 99% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Export of Platinum in South Korea (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Hong Kong SAR	4.0	36.0	61.2	63.5	151.3%
United Kingdom	21.6	57.4	47.5	49.3	31.7%
Japan	14.1	10.3	26.2	27.2	24.5%
United States	7.9	16.8	10.7	13.6	19.8%
Taiwan (Chinese)	4.6	5.7	9.8	10.2	30.4%
Switzerland	6.5	2.8	7.3	7.6	5.3%
Singapore	2.6	N/A	7.3	7.5	42.4%
Others	3.7	0.6	2.2	2.8	-8.9%
Total	65.0	130	172	182	40.9%

Top Export Markets for Platinum from South Korea in 2022:

Hong Kong SAR (1028.0 kg)
United Kingdom (568.0 kg)
Japan (442.0 kg)
United States (177.0 kg)
Taiwan (Chinese) (160.0 kg)
Switzerland (129.0 kg)
Singapore (121.0 kg)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the platinum market in Republic of Korea. 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:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
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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.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
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
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023