India: Platinum Market 2024

Platinum Market Size in India

The Indian platinum market contracted to $X in 2022, remaining relatively unchanged against the previous year. In general, consumption continues to indicate a noticeable reduction. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Platinum Production in India

In value terms, platinum production shrank to $X in 2022 estimated in export price. Over the period under review, production faced a deep contraction. The pace of growth appeared the most rapid in 2013 with an increase of X%. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Platinum Exports

Exports from India

Platinum exports from India reduced rapidly to X kg in 2022, declining by X% compared with the previous year. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, platinum exports dropped remarkably to $X in 2022. In general, exports saw a perceptible decline. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then contracted dramatically in the following year.

Exports by Country

The United States (X kg), Italy (X kg) and the UK (X kg) were the main destinations of platinum exports from India, together accounting for X% of total exports. These countries were followed by Tanzania, which accounted for a further X%.

From 2012 to 2022, the biggest increases were recorded for Tanzania (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X) remains the key foreign market for platinum exports from India, comprising X% of total exports. The second position in the ranking was taken by Italy ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the UK totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (X% per year) and the United States (X% per year).

Export Prices by Country

In 2022, the average platinum export price amounted to $X per kg, with a decrease of X% against the previous year. In general, the export price saw a noticeable contraction. The pace of growth was the most pronounced in 2016 an increase of X% against the previous year. The export price peaked at $X per kg in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per kg), while the average price for exports to Tanzania ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Italy (X%), while the prices for the other major destinations experienced mixed trend patterns.

Platinum Imports

Imports into India

In 2022, approx. X tons of platinum were imported into India; with an increase of X% against the previous year. Overall, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, platinum imports soared to $X in 2022. In general, imports posted a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the United Arab Emirates (X tons) constituted the largest supplier of platinum to India, with a X% share of total imports. Moreover, platinum imports from the United Arab Emirates exceeded the figures recorded by the second-largest supplier, the UK (X tons), more than tenfold. South Africa (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and South Africa (X% per year).

In value terms, the United Arab Emirates ($X) constituted the largest supplier of platinum to India, comprising X% of total imports. The second position in the ranking was held by the UK ($X), with a X% share of total imports. It was followed by South Africa, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United Arab Emirates totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (X% per year) and South Africa (X% per year).

Import Prices by Country

The average platinum import price stood at $X per kg in 2022, picking up by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per kg), while the price for Germany ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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