GCC: Platinum Market 2025

Platinum Market Size in GCC

The GCC platinum market fell modestly to $X in 2021, approximately reflecting the previous year. In general, consumption, however, continues to indicate a abrupt setback. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Platinum Production in GCC

In value terms, platinum production fell slightly to $X in 2021 estimated in export price. Overall, production recorded a deep downturn. The pace of growth was the most pronounced in 2014 with an increase of 19%. Over the period under review, production attained the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Platinum Exports

Exports in GCC

For the third year in a row, GCC recorded decline in overseas shipments of platinum, which decreased by -15.7% to X tons in 2021. Over the period under review, exports, however, saw a tangible increase. The most prominent rate of growth was recorded in 2013 with an increase of 261%. As a result, the exports attained the peak of X tons. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, platinum exports skyrocketed to $X in 2021. In general, exports, however, enjoyed a significant expansion. The growth pace was the most rapid in 2013 when exports increased by 256%. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

Exports by Country

The United Arab Emirates (X kg) and Saudi Arabia (X kg) dominates exports structure, together making up 96% of total exports. Bahrain (X kg) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Saudi Arabia (with a CAGR of +18.2%), while the other leaders experienced a decline in the exports figures.

In value terms, Saudi Arabia ($X), the United Arab Emirates ($X) and Bahrain ($X) constituted the countries with the highest levels of exports in 2021, together accounting for 100% of total exports.

Among the main exporting countries, Saudi Arabia, with a CAGR of +33.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in GCC stood at $X per kg in 2021, with an increase of 111% against the previous year. Overall, the export price recorded a resilient expansion. The most prominent rate of growth was recorded in 2017 when the export price increased by 144% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per kg), while Bahrain ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+14.3%), while the other leaders experienced more modest paces of growth.

Platinum Imports

Imports in GCC

In 2021, supplies from abroad of platinum increased by 231% to X tons, rising for the second year in a row after four years of decline. Overall, imports, however, showed a abrupt decrease. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, platinum imports soared to $X in 2021. Over the period under review, imports posted a significant expansion. The growth pace was the most rapid in 2015 when imports increased by 270% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

In 2021, the United Arab Emirates (X tons) represented the key importer of platinum, making up 49% of total imports. Qatar (X kg) took the second position in the ranking, distantly followed by Bahrain (X kg) and Saudi Arabia (X kg). All these countries together held near 48% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the platinum imports, with a CAGR of +36.9% from 2012 to 2021. At the same time, Bahrain (+21.0%) displayed positive paces of growth. By contrast, Saudi Arabia (-7.9%) and Qatar (-17.8%) illustrated a downward trend over the same period. The United Arab Emirates (+48 p.p.) and Bahrain (+14 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia and Qatar saw its share reduced by -2.2% and -60.4% from 2012 to 2021, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported platinum in GCC, comprising 84% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 13% share of total imports. It was followed by Bahrain, with a 1.9% share.

In the United Arab Emirates, platinum imports increased at an average annual rate of +26.2% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+12.4% per year) and Bahrain (+13.1% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per kg, reducing by -21.4% against the previous year. Over the period under review, the import price, however, enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 when the import price increased by 214%. Over the period under review, import prices reached the maximum at $X per kg in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per kg), while Qatar ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+22.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform