Middle East: Platinum Market 2025

Platinum Market Size in the Middle East

The Middle Eastern platinum market was finally on the rise to reach $X in 2021, after three years of decline. Overall, consumption, however, saw a deep slump. 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 the Middle East

In value terms, platinum production amounted to $X in 2021 estimated in export price. Overall, production, however, recorded a noticeable contraction. The pace of growth appeared the most rapid in 2014 with an increase of 7.2%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Platinum Exports

Exports in the Middle East

In 2021, the amount of platinum exported in the Middle East surged to X tons, increasing by 30% compared with 2020. In general, exports showed prominent growth. The most prominent rate of growth was recorded in 2013 when exports increased by 157%. Over the period under review, the exports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, platinum exports surged to $X in 2021. Overall, exports posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 102% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

Turkey was the major exporter of platinum in the Middle East, with the volume of exports accounting for X tons, which was near 52% of total exports in 2021. Lebanon (X kg) ranks second in terms of the total exports with a 16% share, followed by the United Arab Emirates (12%) and Saudi Arabia (12%). Iran (X kg) and Israel (X kg) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to platinum exports from Turkey stood at +21.5%. At the same time, Lebanon (+45.9%), Iran (+45.4%), Saudi Arabia (+18.2%) and Israel (+10.9%) displayed positive paces of growth. Moreover, Lebanon emerged as the fastest-growing exporter exported in the Middle East, with a CAGR of +45.9% from 2012-2021. The United Arab Emirates experienced a relatively flat trend pattern. Turkey (+20 p.p.), Lebanon (+14 p.p.), Iran (+3.2 p.p.) and Saudi Arabia (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -33% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest platinum supplying countries in the Middle East were Saudi Arabia ($X), Turkey ($X) and the United Arab Emirates ($X), together comprising 93% of total exports. Iran, Lebanon and Israel lagged somewhat behind, together accounting for a further 3.9%.

Iran, with a CAGR of +47.9%, recorded the highest growth rate of the value of exports, among 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 the Middle East stood at $X per kg in 2021, picking up by 5.9% against the previous year. Export price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, platinum export price increased by +9.2% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 121% against the previous year. As a result, the export price reached the peak level of $X per kg. From 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: 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 the Middle East

In 2021, approx. X tons of platinum were imported in the Middle East; increasing by 163% compared with the previous year's figure. In general, imports, however, saw a noticeable reduction. Over the period under review, imports hit record highs 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 prominent growth. The most prominent rate of growth was recorded in 2018 when imports increased by 151%. The level of import peaked in 2021 and is expected to retain growth in the near future.

Imports by Country

The United Arab Emirates represented the main importing country with an import of about X tons, which resulted at 39% of total imports. Qatar (X kg) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by Bahrain (13%), Turkey (7.8%) and Saudi Arabia (6.4%). The following importers - Iraq (X kg) and Jordan (X kg) - each accounted for an 8.8% 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%) and Jordan (+18.0%) 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. From 2012 to 2021, the share of the United Arab Emirates, Bahrain, Jordan and Turkey increased by +37, +11, +3.7 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported platinum in the Middle East, comprising 47% of total imports. The second position in the ranking was held by Jordan ($X), with a 12% share of total imports. It was followed by Turkey, with a 9.8% 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: Jordan (+22.7% per year) and Turkey (-0.3% per year).

Import Prices by Country

In 2021, the import price in the Middle East amounted to $X per kg, waning by -17% against the previous year. Overall, the import price, however, enjoyed a resilient increase. The pace of growth was the most pronounced in 2013 when the import price increased by 114% against the previous year. Over the period under review, import prices reached the peak figure at $X per kg in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Jordan ($X per kg), while Qatar ($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

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