MENA: Platinum Market 2024

Platinum Market Size in MENA

In 2021, the MENA's platinum market increased by 2.6% to $X for the first time since 2014, thus ending a six-year declining trend. Over the period under review, consumption, however, saw a deep setback. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Platinum Production in MENA

In value terms, platinum production expanded slightly to $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2014 with an increase of 5.7%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Platinum Exports

Exports in MENA

Platinum exports surged to X tons in 2021, picking up by 57% on the previous year's figure. Overall, exports recorded strong growth. The most prominent rate of growth was recorded in 2013 with an increase of 173% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, platinum exports surged to $X in 2021. Over the period under review, exports posted a significant increase. The pace of growth was the most pronounced in 2013 when exports increased by 102%. The level of export peaked in 2021 and is likely to see steady growth in the near future.

Exports by Country

Egypt (X tons) and Turkey (X tons) dominates exports structure, together generating 70% of total exports. Lebanon (X kg) ranks next in terms of the total exports with a 9.7% share, followed by the United Arab Emirates (7.7%) and Saudi Arabia (7.7%). Iran (X kg) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for Lebanon (with a CAGR of +45.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Saudi Arabia ($X), Egypt ($X) and Turkey ($X) constituted the countries with the highest levels of exports in 2021, with a combined 78% share of total exports.

Egypt, with a CAGR of +49.1%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in MENA stood at $X per kg in 2021, remaining relatively unchanged against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the export price increased by 62% against the previous year. Over the period under review, the export prices attained the maximum at $X per kg in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per kg), while Lebanon ($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 MENA

In 2021, the amount of platinum imported in MENA soared to X tons, rising by 101% compared with 2020 figures. Overall, imports, however, recorded a noticeable shrinkage. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, platinum imports surged to $X in 2021. In general, imports enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 145%. 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) was the largest importer of platinum, generating 35% of total imports. Qatar (X kg) held the second position in the ranking, followed by Bahrain (X kg), Turkey (X kg), Egypt (X kg) and Saudi Arabia (X kg). All these countries together took approx. 48% share of total imports. Iraq (X kg) followed a long way behind the leaders.

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, Egypt (+26.5%) and Bahrain (+21.0%) displayed positive paces of growth. By contrast, Iraq (-1.5%), Turkey (-1.9%), Saudi Arabia (-7.9%) and Qatar (-17.8%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+34 p.p.), Bahrain (+10 p.p.) and Egypt (+6.1 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Saudi Arabia (-3 p.p.) and Qatar (-54.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported platinum in MENA, comprising 41% of total imports. The second position in the ranking was held by Egypt ($X), with a 12% share of total imports. It was followed by Turkey, with an 8.6% share.

In the United Arab Emirates, platinum imports increased at an average annual rate of +26.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Egypt (+45.1% per year) and Turkey (-0.3% per year).

Import Prices by Country

In 2021, the import price in MENA amounted to $X per kg, declining by -14.3% against the previous year. Overall, the import price, however, continues to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 when the import price increased by 107% against the previous year. Over the period under review, import prices attained the maximum at $X per kg in 2018; however, from 2019 to 2021, 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 Iraq ($X per kg), while Qatar ($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 more modest paces of growth.

Source: IndexBox Platform