Report Update: May 1, 2024

Singapore - Platinum - Market Analysis, Forecast, Size, Trends And Insights

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Platinum Price in Singapore - 2022

Platinum Price in Singapore (CIF) - 2022

The average platinum import price stood at $25.3M per ton in September 2022, declining by -38.3% against the previous month. Overall, import price indicated a prominent increase from September 2021 to September 2022: its price increased at an average monthly rate of +5.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on September 2022 figures, platinum import price decreased by -38.3% against August 2022 indices. The most prominent rate of growth was recorded in October 2021 an increase of 64% month-to-month. The import price peaked at $41.1M per ton in August 2022, and then reduced markedly in the following month.

There were significant differences in the average prices amongst the major supplying countries. In September 2022, the country with the highest price was Switzerland ($40.8M per ton), while the price for Taiwan (Chinese) ($20.5M per ton) was amongst the lowest.

From September 2021 to September 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Platinum Price in Singapore (FOB) - 2022

In 2022, the average platinum export price amounted to $19,290,054 per ton, remaining relatively unchanged against the previous year. In general, the export price, however, posted a significant expansion. The most prominent rate of growth was recorded in 2019 when the average export price increased by 113% against the previous year. The export price peaked at $19,498,277 per ton in 2021, and then dropped slightly in the following year.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($62,557,132 per ton), while the average price for exports to Hong Kong SAR ($1,101,399 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+25.7%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports in Singapore

In 2022, after three years of growth, there was significant decline in supplies from abroad of platinum, when their volume decreased by -29.8% to 10 tons. Overall, total imports indicated a slight expansion from 2019 to 2022: its volume increased at an average annual rate of +1.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 27%.

In value terms, platinum imports reduced to $260M in 2022. In general, imports, however, showed a significant increase. The growth pace was the most rapid in 2021 with an increase of 91%. As a result, imports reached the peak of $306M, and then dropped in the following year.

Import of Platinum in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	78.3	67.3	132	113	13.0%
United States	2.9	25.8	95.3	81.5	204.0%
Germany	11.9	12.4	22.8	19.5	17.9%
Switzerland	7.1	23.6	19.6	16.7	33.0%
Taiwan (Chinese)	0.2	0.3	11.7	10.0	268.4%
South Korea	3.0	N/A	10.1	8.6	42.1%
Others	6.4	30.5	14.2	10.9	19.4%
Total	110	160	306	260	33.2%

Top Suppliers of Platinum to Singapore in 2022:

Japan (5.9 tons)
United States (1.5 tons)
Taiwan (Chinese) (1.2 tons)
Germany (0.5 tons)
Switzerland (0.4 tons)
South Korea (0.2 tons)

Platinum Exports in Singapore

For the third year in a row, Singapore recorded decline in shipments abroad of platinum, which decreased by -27.9% to 9 tons in 2022. Overall, exports saw a sharp reduction. The smallest decline of -14.3% was in 2020.

In value terms, platinum exports dropped rapidly to $174M in 2022. In general, exports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2020 with an increase of 29% against the previous year.

Export of Platinum in Singapore (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Japan	24.6	26.7	123	73.8	44.2%
United States	135	145	69.4	66.0	-21.2%
Italy	4.4	28.9	9.3	8.0	22.1%
Australia	0.2	12.1	11.7	7.0	227.1%
Germany	7.7	9.7	5.9	4.4	-17.0%
Hong Kong SAR	6.1	7.4	2.2	2.9	-22.0%
China	N/A	0.3	1.4	0.9	73.2%
Others	1.1	1.9	20.5	11.0	115.4%
Total	179	232	244	174	-0.9%

Top Export Markets for Platinum from Singapore in 2022:

Japan (4.0 tons)
Hong Kong SAR (2.7 tons)
United States (1.1 tons)
China (0.7 tons)
Australia (0.2 tons)
Italy (0.1 tons)
Germany (0.1 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the platinum market in Singapore. 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:

Singapore

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Singapore
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