South Africa is by far the largest producer of platinum in the world, with production amounting to an estimated *** metric tons in 2024. Russia came in a distant second place, having produced some ** metric tons that same year. Meanwhile, platinum mine production in the United States has experienced a decline in recent years, plummeting to about *** metric tons in 2024. Platinum demand and production worldwide Platinum is a soft, heavy, white colored precious metal. It is most commonly used in catalytic converters for automobiles as well as in jewelry. The worldwide demand for platinum in 2024 was forecast at *** million ounces. With such a high demand, production of platinum is important in order to meet the demand. The estimated global platinum production in 2024 totaled some *** metric tons. Largest platinum mining companies The world's largest platinum producing company is Anglo American Platinum, having produced **** million ounces of platinum in 2023. Given that Russia is the second-largest platinum producing country, it is not surprising that Russian company Nornickel – also known as Norilsk Nickel – produced ******* ounces of platinum in 2023, also positioning itself amongst the leading platinum producing companies worldwide.

The total mine production of platinum worldwide amounted to an estimated 170 metric tons in 2024, down from some 179 metric tons in the previous year. Platinum is a soft, heavy, white colored precious metal. It is most commonly used in catalytic converters for automobiles as well as in jewelry. Altogether, the global demand for platinum in 2024 was estimated at 7.6 million ounces.

In 2024, the global supply of platinum stood at nearly *** million ounces, a decrease compared to the previous year and in 2025 it is forecast to reach *** million ounces. Platinum is one of the least reactive metals in the world and is highly resistant to corrosion. It is often used as a catalyst or as a precious metal.

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Platinum Market Size 2025-2029

The platinum market size is forecast to increase by USD 1.88 billion at a CAGR of 4.5% between 2024 and 2029.

The market witnesses significant growth, driven primarily by the increasing demand for platinum in various industries, with the automobile sector being a key contributor. The automobile industry's focus on reducing emissions and improving fuel efficiency has led to a wave in the adoption of platinum in exhaust systems. However, the market's growth is tempered by the energy-intensive processing of platinum, which increases production costs. Furthermore, regulatory hurdles impact adoption, as stringent environmental regulations limit the use of platinum in certain applications. In the automotive sector, the rising usage of platinum in catalytic converters and other automotive parts and components is driving market growth.
Supply chain inconsistencies also pose a challenge, as the majority of the world's platinum supply comes from South Africa, which is prone to political instability and labor disputes. Companies seeking to capitalize on market opportunities must focus on optimizing production processes and exploring alternative sources of platinum to mitigate these challenges and maintain a competitive edge.

What will be the Size of the Platinum Market during the forecast period?

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Platinum, a rare precious metal in the platinum group, plays a crucial role in various industries, including jewelry and electronics. The jewelry segment accounts for approximately 25% of global platinum demand, while element's application in electronic equipment and catalytic converters drives significant growth. Spanish explorers discovered platinum over five centuries ago, but its modern uses are more diverse. Catalytic converters, a major application, consume around 40% of the world's platinum supply. Regulatory authorities' stricter emission regulations have boosted demand for platinum in this sector. The automotive industry's shift towards electric vehicles may impact the demand for platinum in catalytic converters. The market is a significant component of the market, which also includes palladium, rhodium, and other rare precious metals.
Meanwhile, the chemical sector and fuel cells are emerging applications, with millions of ounces of platinum used in catalysts. Joint ventures and recycling facilities are essential in the circular economy, as platinum can be recovered and reused. The market faces production halts due to unforeseen circumstances, affecting product prices. Platinum's price volatility is influenced by supply and demand dynamics, as well as source insights from South Africa, the world's largest producer. Silver and gold, platinum's sister precious metals, also impact the market, with their prices influencing platinum's price trend. The platinum group metals' application insights extend to the exhaust systems of gasoline engines and the chemical sector's catalysts.
In the face of regulatory pressures and evolving market trends, the market continues to adapt, offering opportunities for businesses to explore.

How is this Platinum Industry segmented?

The platinum industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Automotive
  Jewelry
  Industrial
  Investment


Source

  Primary
  Secondary


Form Factor

  Platinum bars
  Platinum coins


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The automotive segment is estimated to witness significant growth during the forecast period. Platinum, a precious metal, plays a pivotal role in various industries, most notably in the automotive sector. In this context, the hydrogen fuel segment is a significant consumer, as platinum is a key component in hydrogen fuel cells. Meanwhile, in the automotive exhaust segment, platinum is employed in catalytic converters to minimize pollutant emissions, including carbon dioxide and harmful nitrogen oxides. The chemical sector utilizes platinum in catalysts for various processes, while the semiconductor industry relies on it for producing oxygen sensors. In the jewelry segment, platinum is valued for its white, lustrous appearance and durability. The construction sector employs platinum in catalysts for improving fuel efficiency and reducing exhaust emissions in diesel engines. The market is driven by strong demand from various sectors, including the automotive industry and the chemical sector. In recent years, the automotive sector has witnessed a rise in demand due to the increasing adoption of electric vehicles, hybrid vehicles,

In 2024, Anglo American Platinum produced 1.85 million ounces of platinum. Anglo American Platinum is the world's largest platinum producing company, and is also a leading producer of other platinum group metals (PGMs) such as palladium and rhodium.

The mine production of palladium in Russia reached an estimated 75 metric tons in 2024. This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 1,491 U.S. dollars per ounce in 2023. Palladium is a platinum group metal. Uses of palladium The largest share of global palladium consumption is attributed to catalytic converter production, a key component of internal combustion engines that power the majority of motor vehicles produced worldwide. Other areas of application of palladium are electronics, jewelry, medical purposes, dentistry, and other chemical applications. Palladium is a key component of fuel cells, which are used to convert chemical energy from fuel into electricity. Regional palladium production In 2024, approximately 190 metric tons of palladium was produced worldwide. South Africa was the second-largest palladium producer after Russia that year, with production amounting to some 72 metric tons. The top palladium consuming regions are China, North America, and Europe. The United States and China are also the two individual countries with the largest global market shares of auto production.

In 2024, Norilsk Nickel (also known as Nornickel) produced ******* troy ounces of platinum. Norilsk Nickel is the world's largest nickel and palladium producing company, in addition to producing gold, silver, platinum, cobalt, rhodium, sulfur, tellurium, selenium, ruthenium, and iridium. Norilsk Nickel is based in Russia, and has mining operations in five different countries located on three continents worldwide.

As of May 21, 2025, the average platinum price decreased to around *** U.S. dollars per troy ounce. In 2021, platinum was sold at approximately, **** U.S. dollars per troy ounce, a year-on-year rise of close to ** percent. Platinum is a precious metal commodity which is used in jewelry and autocatalyst manufacturing.

In 2024, the total global supply of iridium, a platinum group metal, amounted to around ******* ounces. This represented a supply increase of 10,000 ounces from the previous year. In 2025, the demand is expected to stand at ******* ounces. Although iridium is a very rare metal, it has increased in prominence in recent years due to its use in electrochemical processes and other applications.

Ruthenium is a platinum-group metal. In 2024, the global demand for ruthenium amounted to approximately *** million ounces. The demand of this metal worldwide is expected to grow in 2025, reaching nearly **** million metric ounces.

In 2025, the demand for rhodium in North America is forecast to reach 225,000 ounces. Within the period of consideration, the region's record lowest demand volume happened in 2020, at 135,000 ounces of rhodium. Rhodium is a platinum-group metal primarily used in the production of catalytic converters for automobiles.

In 2025, the price of platinum is forecast to hover around ***** U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to amount to ***** U.S. dollars. Precious metals Precious metals are counted among the most valuable commodities worldwide. The most well known such metals are gold, silver and the platinum group metals. A precious metal can be used as an industrial commodity or as an investment. The major areas of application include the following sectors: technology, car-making, industrial manufacturing and jewelry making. Furthermore, gold and silver are used as coinage metals, and gold reserves are held by the central banks of many countries worldwide in order to store value or for use as a redemption medium. The idea behind this procedure is that gold reserves will help secure and stabilize the countries’ respective currencies. At ***** tons, the United States is the country with the most extensive stock of gold. It is kept in an underground vault at the New York Federal Reserve Bank. Russia, the United States, Canada, South Africa and China are the main producers of precious metals. Silver is the most abundant of the metals, followed by gold and palladium. Barrick Gold is the world’s largest gold mining company. The Toronto-based firm produced some **** million ounces of gold in 2020. The leading silver producers include Mexico-based Fresnillo, Poland’s KGHM Polska Miedž and the mining giant Glencore. Anglo Platinum and Impala are the key mining companies to produce platinum group metals. In 2023, Silver prices are expected to settle at around **** U.S. dollars per troy ounce. It is expected to remain the precious metal with the lowest value per ounce. The price of gold is forecast to drop to around ***** U.S. dollars per ounce, making it the most expensive precious metal in 2023.

In 2024, Norilsk Nickel (also known as Nornickel) produced some 2.76 million troy ounces of palladium. Nornickel is the world's largest nickel and palladium producing company, in addition to producing gold, silver, platinum, cobalt, rhodium, sulfur, tellurium, selenium, ruthenium, and iridium. Nornickel is based in Russia, and has mining operations in five different countries located on three continents worldwide.