MENA: Platinum Market 2024

Platinum Market Size in MENA

The MENA's platinum market amounted to $X in 2022, standing approx. at the previous year. The total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. The level of consumption peaked at $X.6B in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Platinum Production in MENA

In value terms, platinum production rose modestly to $X.9B in 2022 estimated in export price. The total production indicated strong growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. The level of production peaked at $X.6B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Platinum Exports

Exports in MENA

For the third year in a row, MENA recorded growth in shipments abroad of platinum, which increased by X% to X tons in 2022. In general, exports saw significant growth. The pace of growth appeared the most rapid in 2013 when exports increased by X%. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the near future.

In value terms, platinum exports skyrocketed to $X in 2022. Overall, exports showed significant growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X tons, which was near X% of total exports in 2022. Turkey (X tons) took a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the platinum exports, with a CAGR of X% from 2012 to 2022. At the same time, Turkey (X%) displayed positive paces of growth. While the share of the United Arab Emirates (X p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Turkey (X p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) emerged as the largest platinum supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Turkey ($X), with a X% share of total exports.

In the United Arab Emirates, platinum exports increased at an average annual rate of X% over the period from 2012-2022.

Export Prices by Country

The export price in MENA stood at $X per kg in 2022, jumping by X% against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The level of export peaked at $X per kg in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Turkey amounted to $X per kg.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Platinum Imports

Imports in MENA

Platinum imports surged to X tons in 2022, rising by X% against the year before. In general, imports, however, showed a pronounced curtailment. The most prominent rate of growth was recorded in 2020 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, platinum imports rose rapidly to $X in 2022. Over the period under review, imports continue to indicate a strong increase. The pace of growth appeared the most rapid in 2018 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

The United Arab Emirates prevails in imports structure, finishing at X tons, which was near X% of total imports in 2022. Egypt (X kg) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Jordan (X%), Iraq (X%) and Turkey (X%). The following importers - Iran (X kg) and Israel (X kg) - each amounted to a X% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the platinum imports, with a CAGR of X% from 2012 to 2022. At the same time, Jordan (X%), Egypt (X%) and Israel (X%) displayed positive paces of growth. Iraq experienced a relatively flat trend pattern. By contrast, Iran (X%) and Turkey (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.), Egypt (X p.p.), Jordan (X p.p.), Israel (X p.p.) and Iraq (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported platinum in MENA, comprising X% of total imports. The second position in the ranking was held by Egypt ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

In the United Arab Emirates, platinum imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Egypt (X% per year) and Iran (X% per year).

Import Prices by Country

In 2022, the import price in MENA amounted to $X per kg, waning by X% against the previous year. In general, the import price, however, posted prominent growth. The pace of growth appeared the most rapid in 2017 an increase of X%. The level of import peaked at $X per kg in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Iran ($X per kg), while the United Arab Emirates ($X per kg) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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