India: Platinum Market 2022

Platinum Market Size in India

In 2021, the Indian platinum market increased by 13% to $X, rising for the second year in a row after two years of decline. In general, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Platinum Production in India

In value terms, platinum production expanded notably to $X in 2021 estimated in export price. Over the period under review, production, however, faced a abrupt slump. The pace of growth was the most pronounced in 2013 with an increase of 73%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Platinum Exports

Exports from India

In 2021, exports of platinum from India skyrocketed to X kg, with an increase of 84% against the previous year. Overall, exports, however, showed a mild slump. The most prominent rate of growth was recorded in 2015 when exports increased by 286%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, platinum exports soared to $X in 2021. Over the period under review, exports saw resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The UK (X kg) was the main destination for platinum exports from India, accounting for a 51% share of total exports. Moreover, platinum exports to the UK exceeded the volume sent to the second major destination, Tunisia (X kg), twofold. Egypt (X kg) ranked third in terms of total exports with a 19% share.

From 2012 to 2021, the average annual growth rate of volume to the UK totaled +36.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (+23.5% per year) and Egypt (-4.8% per year).

In value terms, the UK ($X) remains the key foreign market for platinum exports from India, comprising 68% of total exports. The second position in the ranking was held by Egypt ($X), with a 12% share of total exports. It was followed by Singapore, with an 8.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the UK amounted to +42.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+8.1% per year) and Singapore (+147.5% per year).

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, with an increase of 5.6% against the previous year. In general, the export price saw resilient growth. The most prominent rate of growth was recorded in 2020 when the average export price increased by 118% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Singapore ($X per kg), while the average price for exports to Tunisia ($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 Singapore (+26.8%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into India

In 2021, purchases abroad of platinum increased by 9.7% to X tons, rising for the second year in a row after two years of decline. In general, imports posted resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 74% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, platinum imports surged to $X in 2021. Overall, total imports indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +45.2% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 70%. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

The UK (X tons), Germany (X tons) and South Africa (X kg) were the main suppliers of platinum imports to India, together accounting for 78% of total imports. These countries were followed by the United States, Italy, the United Arab Emirates, Japan and Belgium, which together accounted for a further 20%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United Arab Emirates (with a CAGR of +70.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Germany ($X) and South Africa ($X) were the largest platinum suppliers to India, together comprising 78% of total imports. The United States, Italy, the United Arab Emirates, Japan and Belgium lagged somewhat behind, together comprising a further 20%.

Among the main suppliers, the United Arab Emirates, with a CAGR of +62.1%, saw the highest rates of growth with regard to the value of imports, 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, with an increase of 17% against the previous year. Over the period under review, the import price, however, saw a perceptible contraction. Over the period under review, average import prices hit record highs at $X per kg in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United Arab Emirates ($X per kg) and the United States ($X per kg), while the price for Belgium ($X per kg) and Japan ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-2.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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