Asia: Platinum Market 2022

Platinum Market Size in Asia

In 2021, the Asian platinum market was finally on the rise to reach $X for the first time since 2013, thus ending a seven-year declining trend. Overall, consumption, however, recorded a abrupt descent. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Platinum Production in Asia

In value terms, platinum production totaled $X in 2021 estimated in export price. Overall, production, however, showed a abrupt descent. The growth pace was the most rapid in 2013 when the production volume increased by 7.6% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Platinum Exports

Exports in Asia

In 2021, approx. X tons of platinum were exported in Asia; with an increase of 36% against the previous year. In general, exports saw a prominent expansion. The pace of growth was the most pronounced in 2019 when exports increased by 158%. As a result, the exports attained the peak of X tons. From 2020 to 2021, the growth of the exports remained at a lower figure.

In value terms, platinum exports skyrocketed to $X in 2021. Total exports indicated resilient growth from 2012 to 2021: its value increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +77.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 35%. Over the period under review, the exports hit record highs in 2021 and are likely to continue growth in the immediate term.

Exports by Country

Singapore (X tons), Turkey (X tons) and Hong Kong SAR (X tons) represented roughly 80% of total exports in 2021. It was distantly followed by Japan (X tons), making up an 11% share of total exports. The following exporters - South Korea (X tons) and Taiwan (Chinese) (X tons) - each reached a 5.5% share of total exports.

From 2012 to 2021, the biggest increases were in Turkey (with a CAGR of +71.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the largest platinum supplier in Asia, comprising 53% of total exports. The second position in the ranking was taken by Japan ($X), with a 24% share of total exports. It was followed by Singapore, with a 7.1% share.

In Hong Kong SAR, platinum exports increased at an average annual rate of +10.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-1.6% per year) and Singapore (+22.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per kg, with a decrease of -3.2% against the previous year. Over the period under review, the export price recorded a abrupt slump. The pace of growth was the most pronounced in 2020 an increase of 91%. The level of export peaked at $X per kg in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per kg), while Turkey ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.6%), while the other leaders experienced a decline in the export price figures.

Platinum Imports

Imports in Asia

After two years of decline, supplies from abroad of platinum increased by 69% to X tons in 2021. Total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +6.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, platinum imports skyrocketed to $X in 2021. Overall, imports, however, saw a mild curtailment. The level of import peaked at $X in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Indonesia (X tons) and China (X tons) were the largest importers of platinum in Asia, together amounting to approx. 58% of total imports. Hong Kong SAR (X tons) held a 14% share (based on physical terms) of total imports, which put it in second place, followed by Japan (9.8%). Azerbaijan (X tons), Singapore (X tons) and the United Arab Emirates (X tons) held a relatively small share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Azerbaijan (with a CAGR of +168.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constitutes the largest market for imported platinum in Asia, comprising 47% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 23% share of total imports. It was followed by Japan, with a 17% share.

In China, platinum imports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Hong Kong SAR (+0.2% per year) and Japan (-6.5% per year).

Import Prices by Country

The import price in Asia stood at $X per kg in 2021, declining by -8.8% against the previous year. Overall, the import price saw a deep setback. The pace of growth was the most pronounced in 2020 an increase of 20% against the previous year. Over the period under review, import prices hit record highs at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per kg), while Azerbaijan ($X per kg) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+4.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Market Intelligence Platform

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