Middle East: Platinum Market 2024

Platinum Market Size in the Middle East

The Middle Eastern platinum market rose to $X.4B in 2022, with an increase of X% against the previous year. In general, consumption, however, continues to indicate a remarkable increase. Over the period under review, the market reached the peak level at $X.2B in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Platinum Production in the Middle East

In value terms, platinum production expanded to $X.2B in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a buoyant increase. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. The level of production peaked at $X.1B in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Platinum Exports

Exports in the Middle East

In 2022, the amount of platinum exported in the Middle East skyrocketed to X tons, rising by X% on the previous year's figure. Overall, exports recorded a significant expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, platinum exports soared to $X in 2022. Over the period under review, exports posted a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates prevails in exports structure, amounting to X tons, which was approx. X% of total exports in 2022. Turkey (X tons) followed a long way behind the leaders.

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. From 2012 to 2022, the share of the United Arab Emirates increased by X percentage points.

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

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled X%.

Export Prices by Country

The export price in the Middle East stood at $X per kg in 2022, increasing by X% against the previous year. Overall, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced 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 stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per kg), while Turkey stood at $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 the Middle East

In 2022, the amount of platinum imported in the Middle East skyrocketed to X tons, picking up by X% compared with 2021. Overall, imports, however, recorded a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, platinum imports rose notably to $X in 2022. In general, imports recorded a buoyant increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Over the period under review, imports reached the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

The United Arab Emirates dominates imports structure, recording X tons, which was near X% of total imports in 2022. Jordan (X kg) took the second position in the ranking, followed by Iraq (X kg) and Turkey (X kg). All these countries together took near X% share of total imports. The following importers - Iran (X kg) and Israel (X kg) - each resulted at 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%) 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.), 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 ($X) constitutes the largest market for imported platinum in the Middle East, comprising X% of total imports. The second position in the ranking was held by Iran ($X), with a X% share of total imports. It was followed by Jordan, with an X% share.

In the United Arab Emirates, platinum imports expanded at an average annual rate of X% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Iran (X% per year) and Jordan (X% per year).

Import Prices by Country

The import price in the Middle East stood at $X per kg in 2022, shrinking by X% against the previous year. In general, the import price, however, recorded a buoyant expansion. The pace of growth was the most pronounced in 2013 when the import price increased by X% against the previous year. The level of import peaked at $X per kg in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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 Iran (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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