U.S.: Platinum Market 2024

Platinum Market Size in the U.S.

The U.S. platinum market dropped to $X in 2022, leveling off at the previous year. Over the period under review, consumption recorded a noticeable decline. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Platinum Production in the U.S.

In value terms, platinum production shrank modestly to $X in 2022. Overall, production continues to indicate a noticeable slump. The pace of growth was the most pronounced in 2018 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

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Platinum Exports

Exports from the U.S.

In 2022, after two years of growth, there was significant decline in overseas shipments of platinum, when their volume decreased by X% to X tons. In general, exports, however, enjoyed a resilient increase. The most prominent rate of growth was recorded in 2020 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2021, and then contracted in the following year.

In value terms, platinum exports contracted to $X in 2022. Overall, exports, however, continue to indicate a prominent expansion. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at $X in 2021, and then fell in the following year.

Exports by Country

Italy (X tons), the UK (X tons) and Germany (X tons) were the main destinations of platinum exports from the United States, together comprising X% of total exports. Japan, Switzerland, Hong Kong SAR, Canada, India, Mexico and South Korea lagged somewhat behind, together comprising a further X%.

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

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

In terms of the main countries of destination, Switzerland, with a CAGR of X%, saw the highest growth rate of 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 2022, rising by X% against the previous year. In general, the export price, however, continues to indicate a slight curtailment. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum at $X per kg in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, 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 2022, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (X%), while the prices for the other major destinations experienced more modest paces of growth.

Platinum Imports

Imports into the U.S.

In 2022, purchases abroad of platinum decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, total imports indicated a noticeable expansion from 2012 to 2022: its volume 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, imports increased by X% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of X%. Imports peaked at X tons in 2021, and then reduced modestly in the following year.

In value terms, platinum imports contracted to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. 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 in 2021, and then reduced in the following year.

Imports by Country

In 2022, South Africa (X tons) constituted the largest supplier of platinum to the United States, accounting for a X% share of total imports. Moreover, platinum imports from South Africa exceeded the figures recorded by the second-largest supplier, Belgium (X tons), threefold. The third position in this ranking was taken by Germany (X tons), with a X% share.

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

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

From 2012 to 2022, the average annual rate of growth in terms of value from South Africa stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Belgium (X% per year).

Import Prices by Country

In 2022, the average platinum import price amounted to $X per kg, which is down by X% against the previous year. Overall, the import price showed a pronounced descent. The growth pace was the most rapid in 2021 an increase of X% against the previous year. The import price peaked at $X per kg in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Germany ($X per kg), while the price for Colombia ($X per kg) was amongst the lowest.

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

Source: IndexBox Platform

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