Fairfield Market Research
Platinum Market

Platinum Market

Global Industry Analysis (2019 - 2022), Growth Trends, and Market Forecast (2023 - 2030)

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Industry: Metals & Mining

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Global platinum market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.

Demand for Platinum in Exhaust Systems in the Automotive Sector to Fuel Platinum Market Growth

Growing use of platinum in the automotive sector continues to complement the growth of global platinum market worldwide. This naturally available metal is mainly used in the automotive catalytic converter systems along with other platinum metal groups. Exhaust systems are a critical part of the vehicle that include a catalytic converter, exhaust manifold, muffler, exhaust pipes and oxygen sensor. These parts together function to convert harmful pollutants which get accumulated in the combustion chamber of the engine to less harmful gases, eliminate noise, and provide an exit platform for the discharge of gases out of the automobile. Platinum along with rhodium and palladium is used to neutralize carbon emissions in vehicles.

Although platinum is predominantly used in catalytic converters in vehicles, it is also used in sensors and spark plugs. That said the demand of platinum in the automotive sector remains a vital aspect bolstering its sales. Although a slight downfall in its demand in this sector, it is likely to gain more steam in the forthcoming years. For instance, according to World Platinum Investment Council (WPIC), the demand for the metal in the automotive industry witnessed a slight set back in the second quarter of 2022 standing at around 709 Koz, primarily owing to supply chain limitations induced by scarcity of semiconductors and disruptions caused from Ukraine-Russia war. However, WPIC predicts that the demand for platinum in the coming months is expected to register a significant hike supported by growing vehicle production. This factor coupled with increase in automobile manufacturing is expected to augur well for the platinum market on the global front.   

Stable Rise in Demand for Platinum Jewellery to Accelerate Platinum Market Expansion

After the negative ramifications in the jewellery industry owing to COVID-19 pandemic, the demand for platinum based jewellery has been slowly reviving. However, the market again witnessed a bottleneck owing to geopolitical disruptions. According to WPIC, disruptions in supply chain in the Q1 of 2022 significantly hampered the supply of platinum, in turn impacting the jewellery industry. Albeit this downfall, it is likely to gather momentum. For instance, according to Gem & Jewellery Export Promotion Council (GJEPC), the demand for platinum jewellery grew by 5% in the second quarter of 2022. It also predicts that the platinum jewellery demand by end of 2022 is expected to reach 1959 Koz that represents a slight increase as compared to the previous year. That said, rise in the demand for platinum based jewellery is expected to significantly contribute towards the revenue growth of the platinum market.

Asia Pacific Likely to Dominate Global Platinum Market

Emerging countries in Asia Pacific region are likely to lead the global platinum market in the coming years. This is mainly owing to the rising demand of platinum across various end use applications across nations such as India, Japan, and China. For instance, after the recovery of the jewellery market in China, the demand for platinum and diamond jewellery increased in country rapidly. According to the World Gold Council, amidst a strong economic upswing post COVID-19 pandemic in China, the demand for jewellery in the country during first half of 2021 increased considerably reflecting a 122% growth as compared to the previous year. This is expected to generate ample opportunities for the platinum market in the country in the coming years. In addition, increasing demand for electric vehicles backed by strong growth in the automotive sector is another factor complementing the sales of platinum in the region. For instance, according to India Brand Equity Foundation (IBEF), the total production of passenger cars in India touched 22,652, 108 in 2021 and is likely to grow going forward. Moreover, owing to stringent norms laid by authorities such as the BS-VI in India, automotive manufacturers are focusing on reducing emissions. This factor has promoted the growth of the platinum market significantly.

Furthermore, the stable growth in the glass industry and the electronics sector in the region is expected to further influence the platinum market in Asia Pacific. For instance, according to Japan Electronics and Information Technology Industries Association (JEIT), in December 2021, the total production of electronic components and other equipment in Japan registered a year-on-year growth of 8% in the year to reach a valuation of around JPY 37, 319 billion. Given this backdrop, the demand for platinum is expected to surge across nations in Asia Pacific, making it a lucrative region for the platinum market in the coming years.

Platinum Market: Competitive Scenario

Capacity expansion and other strategies such as collaborations, joint ventures and acquisitions have been observed in the platinum market. For instance, in February 2022, a joint venture between BASF SE, and Heraeus Holdings was formed to recover rare precious metals such as platinum from sold automotive catalysts in China. Under this agreement, a new company referred to as BASF HARAEUS Metal Resource Co. Ltd. would be set up in China. Same year in April, Impala Platinum Holdings Limited announced its plans to acquire 100% stake in Royal Bafokeng Platinum, a South African manufacturer of platinum. Through this acquisition, Impala would be able to strengthen its position in global platinum market.

A few of the major players in global platinum market include Norilsk Nickel, Impala Platinum Holdings Limited, Northam Platinum Limited, Anglo American Platinum Limited, Sibanye-Stillwater, Vale SA, Eastern Platinum, Asahi Holdings Inc., and Eurasia Mining Plc.

Regional Classification of the Global Platinum Market is Listed Below:

North America

  • U.S.
  • Canada


  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Platinum Market

  • Platinum Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2019 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Key Trade Statistics (Import and Export)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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