India: Platinum Market 2024

Platinum Market Size in India

In 2021, the Indian platinum market increased by 4.9% to $X for the first time since 2013, thus ending a seven-year declining trend. In general, consumption, however, recorded a abrupt shrinkage. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a lower figure.

Platinum Production in India

In value terms, platinum production rose sharply to $X in 2021 estimated in export price. In general, production, however, saw a abrupt decrease. The pace of growth was the most pronounced in 2013 with an increase of 73%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Platinum Exports

Exports from India

In 2021, the amount of platinum exported from India contracted to X kg, shrinking by -12.6% compared with the previous year's figure. Over the period under review, exports recorded a abrupt decrease. The most prominent rate of growth was recorded in 2017 with an increase of 724% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, platinum exports surged to $X in 2021. Overall, exports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2017 when exports increased by 1,502% against the previous year. The exports peaked in 2021 and are likely to see gradual growth in years to come.

Exports by Country

Italy (X kg), the UK (X kg) and Switzerland (X kg) were the main destinations of platinum exports from India, together comprising 63% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Italy (with a CAGR of +88.9%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for platinum exported from India were Italy ($X), the UK ($X) and Switzerland ($X), with a combined 59% share of total exports.

In terms of the main countries of destination, Italy, with a CAGR of +176.8%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average platinum export price amounted to $X per kg, jumping by 60% against the previous year. In general, the export price posted a significant expansion. The pace of growth appeared the most rapid in 2016 when the average export price increased by 3,528%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per kg), while the average price for exports to the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Democratic Republic of the Congo (+522.2%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into India

In 2021, overseas purchases of platinum were finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 93% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, platinum imports skyrocketed to $X in 2021. Overall, total imports indicated mild growth from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +43.9% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 67%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The UK (X tons), Germany (X kg) and South Africa (X kg) were the main suppliers of platinum imports to India, with a combined 69% share of total imports.

From 2012 to 2021, the biggest increases were recorded for South Africa (with a CAGR of +21.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest platinum suppliers to India were the UK ($X), Germany ($X) and South Africa ($X), with a combined 73% share of total imports.

In terms of the main suppliers, South Africa, with a CAGR of +8.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average platinum import price stood at $X per kg in 2021, surging by 7.6% against the previous year. Over the period under review, import price indicated a modest expansion from 2012 to 2021: its price increased at an average annual rate of +1.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, platinum import price increased by +31.7% against 2018 indices. The most prominent rate of growth was recorded in 2013 an increase of 75% against the previous year. As a result, import price attained the peak level of $X per kg. From 2014 to 2021, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the highest price was recorded for prices from the United States ($X per kg) and South Africa ($X per kg), while the price for the United Arab Emirates ($X per kg) and Germany ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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