Norway: Platinum Market 2025

Platinum Market Size in Norway

The Norwegian platinum market was finally on the rise to reach $X in 2021, after seven years of decline. In general, consumption, however, continues to indicate a deep slump. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Platinum Production in Norway

In value terms, platinum production rose modestly to $X in 2021 estimated in export price. Overall, production, however, continues to indicate a drastic downturn. Platinum production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from Norway

In 2021, shipments abroad of platinum increased by 34% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, saw a relatively flat trend pattern. The exports peaked at X tons in 2016; however, from 2017 to 2021, the exports remained at a lower figure.

In value terms, platinum exports surged to $X in 2021. Over the period under review, exports, however, recorded a noticeable decline. The most prominent rate of growth was recorded in 2020 with an increase of 30% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The UK (X tons) was the main destination for platinum exports from Norway, accounting for a 32% share of total exports. Moreover, platinum exports to the UK exceeded the volume sent to the second major destination, the Netherlands (X kg), twofold. The third position in this ranking was held by South Korea (X kg), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the UK totaled +4.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+4.1% per year) and South Korea (+206.2% per year).

In value terms, the UK ($X) remains the key foreign market for platinum exports from Norway, comprising 31% of total exports. The second position in the ranking was held by the Netherlands ($X), with a 14% share of total exports. It was followed by Germany, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK stood at +1.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+4.1% per year) and Germany (-1.4% per year).

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, with a decrease of -3.8% against the previous year. In general, the export price saw a perceptible slump. The pace of growth appeared the most rapid in 2020 an increase of 27%. The export price peaked at $X per kg in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Germany ($X per kg) and Sweden ($X per kg), while the average price for exports to Ukraine ($X per kg) and South Korea ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Sweden (+3.8%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into Norway

For the third year in a row, Norway recorded growth in supplies from abroad of platinum, which increased by 51% to X tons in 2021. Overall, imports saw a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 129% against the previous year. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, platinum imports soared to $X in 2021. Over the period under review, imports saw significant growth. The most prominent rate of growth was recorded in 2017 with an increase of 202%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

Imports by Country

Finland (X kg), the United States (X kg) and Germany (X kg) were the main suppliers of platinum imports to Norway, together comprising 52% of total imports. These countries were followed by Australia, Russia, France and South Africa, which together accounted for a further 36%.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +52.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest platinum suppliers to Norway were Germany ($X), Finland ($X) and France ($X), together accounting for 56% of total imports. These countries were followed by Australia, the United States, South Africa and Russia, which together accounted for a further 24%.

Russia, with a CAGR of +321.2%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average platinum import price amounted to $X per kg, which is down by -18.5% against the previous year. Over the period under review, the import price, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 78%. As a result, import price reached the peak level of $X per kg, and then declined sharply in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per kg), while the price for Russia ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Australia (+68.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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