U.S.: Platinum Market 2025

Platinum Market Size in the U.S.

In 2021, the U.S. platinum market increased by 1.3% to $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2018 with an increase of 7.2% against the previous year. Platinum consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Platinum Production in the U.S.

In value terms, platinum production amounted to $X in 2021. Over the period under review, production, however, showed a pronounced curtailment. The pace of growth was the most pronounced in 2018 with an increase of 8.6%. Platinum production peaked at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Platinum Exports

Exports from the U.S.

In 2021, the amount of platinum exported from the United States expanded markedly to X tons, surging by 5.3% against the previous year. In general, exports saw buoyant growth. The pace of growth appeared the most rapid in 2020 when exports increased by 91% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in the near future.

In value terms, platinum exports skyrocketed to $X in 2021. Overall, exports continue to indicate a resilient expansion. The growth pace was the most rapid in 2020 with an increase of 90% against the previous year. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

Exports by Country

Switzerland (X tons), Italy (X tons) and Germany (X tons) were the main destinations of platinum exports from the United States, together comprising 48% of total exports. These countries were followed by the UK, Japan, Mexico, Canada, South Korea, Singapore, South Africa, Hong Kong SAR, India and Brazil, which together accounted for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +111.5%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Italy ($X) and Germany ($X) were the largest markets for platinum exported from the United States worldwide, with a combined 47% share of total exports. These countries were followed by the UK, Japan, Mexico, South Korea, Canada, Singapore, South Africa, Hong Kong SAR, India and Brazil, which together accounted for a further 47%.

South Africa, with a CAGR of +102.8%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, picking up by 17% against the previous year. Over the period under review, the export price, however, showed a slight slump. The export price peaked at $X per kg in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

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 South Korea ($X per kg), while the average price for exports to Hong Kong SAR ($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 Canada (+5.8%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into the U.S.

Platinum imports into the United States rose significantly to X tons in 2021, surging by 6.7% compared with the year before. In general, total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +64.0% against 2019 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 54%. Imports peaked in 2021 and are expected to retain growth in years to come.

In value terms, platinum imports surged to $X in 2021. Overall, total imports indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +105.6% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 62%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

In 2021, South Africa (X tons) constituted the largest platinum supplier to the United States, with a 40% share of total imports. Moreover, platinum imports from South Africa exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. The third position in this ranking was taken by Switzerland (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from South Africa stood at +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.3% per year) and Switzerland (+37.5% per year).

In value terms, South Africa ($X) constituted the largest supplier of platinum to the United States, comprising 38% of total imports. The second position in the ranking was taken by Germany ($X), with a 15% share of total imports. It was followed by Switzerland, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from South Africa was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.2% per year) and Switzerland (+33.5% per year).

Import Prices by Country

The average platinum import price stood at $X per kg in 2021, surging by 19% against the previous year. In general, the import price, however, showed a noticeable curtailment. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices remained at a 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 Germany ($X per kg) and the UK ($X per kg), while the price for South Korea ($X per kg) and Colombia ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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