Report Update Nov 1, 2024

Nigeria - Platinum - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Platinum Market 2024

Platinum Market Size in Nigeria

The Nigerien platinum market shrank to $X in 2021, with a decrease of -6.5% against the previous year. Overall, consumption faced a abrupt decline. Platinum consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Platinum Production in Nigeria

In value terms, platinum production reduced to $X in 2021 estimated in export price. In general, production showed a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 21%. Platinum production peaked at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Platinum Exports

Exports from Nigeria

In 2021, approx. X kg of platinum were exported from Nigeria; flattening at 2020. Over the period under review, exports posted buoyant growth. The most prominent rate of growth was recorded in 2018 when exports increased by 138%. Over the period under review, the exports attained the maximum in 2021 and are expected to retain growth in years to come.

In value terms, platinum exports soared to $X in 2021. In general, exports saw strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Germany (X kg) was the main destination for platinum exports from Nigeria, with a approx. 51% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany amounted to +21.0%.

In value terms, Germany ($X) also remains the key foreign market for platinum exports from Nigeria.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany totaled +30.5%.

Export Prices by Country

The average platinum export price stood at $X per ton in 2021, shrinking by -50.7% against the previous year. Over the period under review, the export price showed a perceptible contraction. The most prominent rate of growth was recorded in 2016 when the average export price increased by 108% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Germany.

From 2012 to 2021, the rate of growth in terms of prices for Germany amounted to +7.7% per year.

Platinum Imports

Imports into Nigeria

For the third year in a row, Nigeria recorded growth in purchases abroad of platinum, which increased by 179% to X kg in 2021. Overall, imports, however, continue to indicate a pronounced decline. Imports peaked at X kg in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, platinum imports surged to $X in 2021. Over the period under review, imports, however, continue to indicate a abrupt decline. Imports peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X kg) constituted the largest platinum supplier to Nigeria, with a 66% share of total imports. Moreover, platinum imports from China exceeded the figures recorded by the second-largest supplier, Germany (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume from China totaled -7.0%.

In value terms, the largest platinum suppliers to Nigeria were China ($X) and Germany ($X).

Germany, with a CAGR of +24.1%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review.

Import Prices by Country

In 2021, the average platinum import price amounted to $X per ton, dropping by -36% against the previous year. Over the period under review, the import price showed a abrupt descent. The most prominent rate of growth was recorded in 2018 when the average import price increased by 107% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for platinum in the world?

South Africa constituted the country with the largest volume of platinum consumption, accounting for 59% of total volume. Moreover, platinum consumption in South Africa exceeded the figures recorded by the second-largest consumer, Russia, sixfold. The third position in this ranking was occupied by Zimbabwe, with a 6.5% share.

What are the largest producers of platinum in the world?

South Africa constituted the country with the largest volume of platinum production, accounting for 60% of total volume. Moreover, platinum production in South Africa exceeded the figures recorded by the second-largest producer, Russia, sixfold. The third position in this ranking was occupied by Zimbabwe, with a 6.6% share.

What are the leading suppliers of platinum to Nigeria?

In value terms, the largest platinum suppliers to Nigeria were China and Germany.

What are the leading importers of platinum from Nigeria?

In value terms, Germany remains the key foreign market for platinum exports from Nigeria.

What is the average export price for platinum in Nigeria?

The average platinum export price stood at $279,015 per ton in 2021, surging by 83% against the previous year.

What is the average import price for platinum in Nigeria?

The average platinum import price stood at $64,038 per ton in 2021, increasing by 2,428% against the previous year.

This report provides an in-depth analysis of the platinum market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24413010 -
Prodcom 24413015 -
Prodcom 24413020 -
Prodcom 24413025 -
Prodcom 24413040 -
Prodcom 24413045 -
Prodcom 24413055 -
Prodcom 24413060 -
Prodcom 24413065 -
Prodcom 24413070 - Platinum catalysts in the form of wire cloth or grill
Prodcom 24413030 - Platinum, palladium, rhodium, iridium, osmium and ruthenium, unwrought or in powder form
Prodcom 24413050 - Platinum, palladium, rhodium, iridium, osmium and ruthenium, in semi-manufactured forms (excluding unwrought or in powder form)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023