U.S.: Platinum Market 2022

Platinum Market Size in the U.S.

The U.S. platinum market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption, however, saw a perceptible reduction. The pace of growth appeared the most rapid in 2018 with an increase of 7.2%. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Platinum Production in the U.S.

In value terms, platinum production amounted to $X in 2021. In general, production, however, saw a pronounced reduction. The most prominent rate of growth was recorded in 2018 with an increase of 8.6%. Platinum production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Platinum Exports

Exports from the U.S.

In 2021, exports of platinum from the United States expanded markedly to X tons, picking up by 5.3% compared with 2020. Overall, exports saw a buoyant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 91%. The exports peaked in 2021 and are expected to retain growth in the immediate term.

In value terms, platinum exports soared to $X in 2021. Over the period under review, exports posted a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by 90%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

Switzerland (X tons), Italy (X tons) and Germany (X tons) were the main destinations of platinum exports from the United States, together accounting for 48% of total exports. These countries were followed by the UK, Japan, Mexico, Canada, South Korea, Singapore, South Africa, Hong Kong SAR, India and Brazil, which together accounted for a further 44%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa (with a CAGR of +111.5%), while the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Italy ($X) and Germany ($X) were the largest markets for platinum exported from the United States worldwide, together accounting for 47% of total exports. The UK, Japan, Mexico, South Korea, Canada, Singapore, South Africa, Hong Kong SAR, India and Brazil lagged somewhat behind, together comprising a further 47%.

Among the main countries of destination, South Africa, with a CAGR of +102.8%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average platinum export price stood at $X per kg in 2021, rising by 17% against the previous year. In general, the export price, however, recorded a slight slump. Over the period under review, the average export prices hit record highs at $X per kg in 2014; however, from 2015 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was South Korea ($X per kg), while the average price for exports to Hong Kong SAR ($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 Canada (+5.7%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into the U.S.

Platinum imports into the United States totaled X tons in 2021, surging by 6.7% against 2020 figures. Overall, total imports indicated noticeable growth from 2012 to 2021: its volume increased at an average annual rate of +4.8% 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 +64.1% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 54% against the previous year. Over the period under review, imports hit record highs in 2021 and are likely to see steady growth in the immediate term.

In value terms, platinum imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a moderate increase from 2012 to 2021: its value increased at an average annual rate of +2.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +105.6% against 2019 indices. The pace of growth appeared the most rapid in 2020 when imports increased by 62%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

Imports by Country

In 2021, South Africa (X tons) constituted the largest platinum supplier to the United States, with a 40% share of total imports. Moreover, platinum imports from South Africa exceeded the figures recorded by the second-largest supplier, Germany (X tons), threefold. Switzerland (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from South Africa amounted to +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.3% per year) and Switzerland (+37.5% per year).

In value terms, South Africa ($X) constituted the largest supplier of platinum to the United States, comprising 38% of total imports. The second position in the ranking was held by Germany ($X), with a 15% share of total imports. It was followed by Switzerland, with an 11% share.

From 2012 to 2021, the average annual growth rate of value from South Africa was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+4.2% per year) and Switzerland (+33.5% per year).

Import Prices by Country

In 2021, the average platinum import price amounted to $X per kg, surging by 19% against the previous year. Over the period under review, the import price, however, showed a pronounced contraction. The import price peaked at $X per kg in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Germany ($X per kg) and the UK ($X per kg), while the price for South Korea ($X per kg) and Colombia ($X per kg) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Market Intelligence Platform

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