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Platinum rose to 1,454.50 USD/t.oz on July 11, 2025, up 3.93% from the previous day. Over the past month, Platinum's price has risen 13.41%, and is up 45.42% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Platinum - values, historical data, forecasts and news - updated on July of 2025.
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The report covers Global Platinum Market Analysis & Trends and is segmented by Application (Exhaust Systems, Jewelry, Chemical Catalysts, Glass Production, Electronics, and Other Applications) and Geography (Asia-Pacific, North America, Europe, and Rest of the World). For each segment, the market sizing and forecasts have been done on the basis of volume (thousand ounces).
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Get the latest insights on price movement and trend analysis of Platinum in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).
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,
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The Platinum Group Metals Report is Segmented by Metal Type (Platinum, Palladium, Rhodium, and More), Application (Auto Catalysts, Electrical and Electronics, and More), Source (Primary (Mined), Recycled/Secondary), End-Use Industry (Automotive, Industrial Chemicals, and More), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Volume (tons).
Platinum futures contracts to be settled in January 2024 were trading on U.S. markets at 1,089 U.S. dollars per troy ounce on June 20, 2024. This is slightly above the price of 1,042 U.S. dollars per troy ounce for contracts to be settled in May 2024, indicating that platinum traders expect the price of platinum to increase a little over the next year. Platinum futures are contracts that effectively lock in a price for an amount of platinum to be purchased at a time in the future, which can then be traded on markets. Futures markets therefore provide an indicator of how investors think a commodities market will develop in the future.
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The global platinum rings market was valued at USD 5.1 billion in 2023 and is projected to reach USD 7.9 billion by 2032, growing at a CAGR of 4.9% during the forecast period. The market size expansion is primarily driven by the increasing consumer preference for luxury and durable jewelry. As consumers become more affluent and style-conscious, they are increasingly opting for high-quality jewelry items such as platinum rings, which are perceived as a symbol of status and sophistication. The market growth is further bolstered by the rising number of weddings and engagements worldwide, coupled with a growing trend of personalization and customization in jewelry.
One of the significant growth factors in the platinum rings market is the inherent qualities of platinum itself. Platinum is renowned for its durability and resistance to tarnish, making it an ideal choice for long-lasting jewelry. This metal’s hypoallergenic properties further enhance its appeal, particularly among consumers with sensitive skin. Additionally, the metal's ability to hold gemstones securely makes it a preferred choice for high-end engagement rings and wedding bands. The increasing awareness about these benefits, alongside effective marketing strategies by leading jewelers, is significantly driving market growth. Moreover, the emotional and symbolic value attached to platinum rings, often associated with everlasting love and commitment, adds to their demand.
Another key driver is the surge in disposable incomes and changing lifestyles, particularly in emerging economies. As economies grow, the middle-class population expands, resulting in increased consumer spending on luxury goods, including fine jewelry. This trend is further supported by the global fashion industry's influence, where platinum rings are often showcased as timeless and versatile accessories that complement various styles and occasions. The rise in online retailing also plays a crucial role, offering consumers a convenient and wide-ranging platform to purchase platinum rings, complete with customization options and competitive pricing. This accessibility boosts consumer engagement and consequently, market growth.
The environmental and ethical sourcing of platinum is also emerging as a significant growth factor. With increasing consumer awareness regarding sustainable practices, jewelers are adopting responsible sourcing methods to attract environmentally conscious buyers. Certification programs and transparent supply chains are becoming key selling points, thereby encouraging purchases from an ethical perspective. This shift towards sustainability in the jewelry sector aligns well with broader consumer trends towards eco-friendly products, further propelling the platinum rings market.
Regionally, the platinum rings market shows varied growth patterns, with Asia Pacific leading due to its burgeoning middle-class population and increased urbanization. North America and Europe remain significant markets, driven by high consumer spending power and the continued popularity of platinum in engagement and wedding rings. Meanwhile, regions like Latin America and the Middle East & Africa offer promising growth prospects as market penetration improves and economies develop. The regional outlook is shaped by cultural preferences, economic conditions, and changing consumer behaviors across different geographies.
The product type segment in the platinum rings market is categorized into engagement rings, wedding bands, fashion rings, and others. Engagement rings represent a significant portion of the market, driven by their symbolic significance and the tradition of proposing with a platinum ring. The demand for engagement rings is consistently high, fueled by the enduring social customs around marriage and proposals. Jewelers continue to innovate in this space, offering a range of designs that feature intricate craftsmanship and gemstone embellishments, further enhancing their appeal. The market for platinum engagement rings is also bolstered by the trend of personalization, where consumers seek unique designs that reflect personal stories and relationships.
Wedding bands are another crucial sub-segment, reflecting both tradition and modern design trends. As couples increasingly look for matching bands that symbolize unity, the demand for customized and elegant platinum wedding bands is on the rise. The durability and purity of platinum make it an ideal choice for wedding bands, ensuring that they withstand the test of time. Innovations in design, such as dual-tone bands a
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Forecast: Platinum Production in the US 2022 - 2026 Discover more data with ReportLinker!
In 2025, the price of platinum is forecast to hover around 1,150 U.S. dollars per troy ounce. Meanwhile, the cost of per troy ounce of gold is expected to amount to 1,700 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 8,100 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 five 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 23.5 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 1,663 U.S. dollars per ounce, making it the most expensive precious metal in 2023.
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The Platinum Market size was valued at USD 5.2 billion in 2023 and is projected to reach USD 7.32 billion by 2032, exhibiting a CAGR of 5.0 % during the forecasts period. Platinum is a precious metal renowned for its rarity, durability, and various industrial applications. This silvery-white metal, found in the Earth's crust, is prized for its resistance to corrosion and tarnishing. Widely used in jewelry, platinum is also essential in automotive catalytic converters, reducing harmful emissions. Additionally, its catalytic properties make it valuable in chemical reactions and refining processes. Platinum's biocompatibility ensures its use in medical devices and dental work. Despite its high cost, its unique properties and versatile applications maintain its demand across various industries, cementing its status as a critical and valuable resource.
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Discover the projected growth of the platinum market in the GCC region over the next decade, with an expected increase in volume and value. By 2035, the market is forecasted to reach 2.1K tons in volume and $82.3B in value.
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The size of the Platinum Industry market was valued at USD 7.9 Billion in 2023 and is projected to reach USD 11.27 Billion by 2032, with an expected CAGR of 5.2% during the forecast period. Platinum is a precious metal with high value due to the unique characteristics that make it useful in many industries such as automotive, jewelry, and electronics. Platinum is widely used in the automotive sector, especially in the production of catalytic converters that play a crucial role in minimizing harmful emissions from internal combustion engines (ICE). The increasing use of personal vehicles, along with rigorous emission standards, significantly fuels the demand for platinum. Increasing disposable income of people and growth of luxury jewelry market, particularly in emerging economies, is contributing to the demand for platinum. Additionally, the rising inclination towards investing in precious metals as a safeguard against inflation and currency volatility is anticipated to further elevate demand, as platinum draws the interest of investors, particularly in times of economic instability. Recent developments include: April 2022: Impala Platinum Holdings Limited plans to acquire a 100% stake in the South Africa-based platinum manufacturer Royal Bafokeng Platinum. It already owns 35.3% of the shares of Royal Bafokeng Platinum. The 100% acquisition will pave the way for creating one of the biggest platinum metal miners worldwide. It will also help Impala consolidate its market position., February 2022: Heraeus Holding agreed to form a joint venture with BASF SE to recover precious metals, including platinum, from spent automotive catalysts in China. Under this joint venture, a new company named BASF Heraeus Metal Resource Co. Ltd. will be set up in Pinghu, China.. Key drivers for this market are: Increasing Usage in the Industrial Applications, Growing Demand for Applications in the Automotive Industry. Potential restraints include: High Product Prices. Notable trends are: Growing Demand for Exhaust Systems in Automobile Industry.
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The global platinum market size was valued at approximately USD 8.5 billion in 2023 and is projected to reach around USD 13.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.2% during the forecast period. The growth of the platinum market is driven by the increasing demand for platinum in various industrial applications and its significant role in the automotive sector, especially in catalytic converters for reducing vehicle emissions.
One of the primary growth factors for the platinum market is the stringent environmental regulations imposed by governments worldwide. These regulations are pushing automotive manufacturers to adopt platinum-based catalytic converters to reduce harmful emissions, significantly driving the demand for platinum in the automotive industry. Additionally, the rising awareness about environmental sustainability and the need to reduce carbon footprints have further fueled the demand for platinum in green technologies, such as fuel cells and renewable energy solutions.
Another significant growth driver for the platinum market is the increasing demand for platinum jewelry, particularly in emerging economies like China and India. Platinum jewelry is perceived as a symbol of status and luxury, leading to a growing consumer base in these regions. Moreover, the rising disposable income and changing lifestyle preferences are contributing to the increased consumption of platinum jewelry. The ongoing advancements in jewelry design and manufacturing techniques are also expected to boost the market growth further.
The investment sector is another crucial factor contributing to the growth of the platinum market. Investors are increasingly seeking platinum as a safe-haven asset, especially during economic uncertainties and market volatility. Platinum bars and coins are popular investment products, and the demand for these products is expected to grow steadily during the forecast period. Additionally, the diversification of investment portfolios and the growing interest in precious metals as a hedge against inflation are likely to drive the demand for platinum.
In the realm of chemical compounds, Platinum Chloride stands out for its significant industrial applications. This compound is often utilized in the chemical industry as a catalyst due to its ability to facilitate various reactions efficiently. Its role in the synthesis of pharmaceuticals and other organic compounds is particularly noteworthy. The versatility of Platinum Chloride in catalyzing reactions makes it an essential component in the production of a wide range of chemical products. Furthermore, its stability and reactivity under different conditions enhance its desirability in industrial processes, contributing to the broader demand for platinum-based compounds.
Regionally, the Asia Pacific region holds a significant share in the global platinum market, driven by the robust demand from the automotive and jewelry sectors in countries like China, India, and Japan. North America and Europe are also prominent markets for platinum, with substantial growth expected due to the increasing adoption of platinum-based technologies in various industrial applications. The Middle East and Africa region, with its abundant platinum reserves, also play a crucial role in the global platinum supply chain.
The platinum market can be segmented based on product type into platinum bars, platinum coins, platinum jewelry, and industrial platinum. Platinum bars and coins are primarily used for investment purposes. These products are highly valued by investors for their purity and intrinsic value. The demand for platinum bars and coins is expected to grow steadily during the forecast period, driven by the increasing interest in precious metals as safe-haven assets and the diversification of investment portfolios. Additionally, the ease of storage and liquidity of these investment products make them attractive to both individual and institutional investors.
Platinum jewelry is another significant segment within the platinum market. The demand for platinum jewelry is particularly high in regions like Asia Pacific, where it is perceived as a symbol of luxury and status. The increasing disposable income and changing lifestyle preferences in emerging economies are contributing to the growth of this segment. Furthermore, advancements in jewelry design and manufacturing techniques are expected to enh
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The global platinum powder market size was valued at USD 1.2 billion in 2023 and is projected to reach USD 2.3 billion by 2032, growing at a CAGR of 7.1% during the forecast period. This growth is driven by various factors, including the increasing demand from the automotive and electronics industries, advancements in medical technology, and the rising prevalence of platinum-based catalysts in chemical processes. The burgeoning application of platinum powder in various high-technology sectors continues to propel this market forward.
One of the primary growth factors for the platinum powder market is its extensive use as a catalyst in various industrial processes. Platinum's unique properties, such as high melting point, resistance to corrosion, and excellent catalytic attributes, make it indispensable in the automotive industry for the manufacture of catalytic converters. These converters play a crucial role in reducing vehicle emissions, aligning with the global push towards stricter environmental regulations. As governments worldwide tighten emission norms, the demand for platinum powder is expected to rise significantly.
The electronics industry is another key driver for the platinum powder market. The rapid advancement of technology and the increasing miniaturization of electronic components have led to a higher demand for platinum powder. Used in applications such as hard disks, thermocouples, and semiconductor devices, platinum powder ensures improved performance and reliability. The continuous innovation and growth in consumer electronics, particularly in regions like Asia Pacific, are likely to amplify market growth over the next decade.
In the medical field, platinum powder finds significant application in the production of medical devices and implants due to its biocompatibility and resistance to wear and corrosion. The growing elderly population and the surge in chronic diseases are boosting the demand for advanced medical devices, thereby driving the market for platinum powder. Medical implants such as pacemakers, catheters, and stents often incorporate platinum powder to enhance their functionality and longevity, thereby supporting the growth of this market segment.
The use of Platinum Gauze Catalyst is particularly noteworthy in the chemical industry, where it serves as a critical component in various catalytic processes. This type of catalyst is renowned for its ability to facilitate reactions with high efficiency and selectivity, making it indispensable in the production of nitric acid and other essential chemicals. The unique structure of platinum gauze allows for optimal surface area exposure, enhancing its catalytic performance and longevity. As industries strive for more sustainable and efficient chemical processes, the demand for platinum gauze catalysts is expected to grow, further supporting the expansion of the platinum powder market.
From a regional perspective, North America and Europe currently dominate the platinum powder market, driven by strong industrial bases, rigorous environmental regulations, and significant investments in research and development. However, the Asia Pacific region is expected to witness the fastest growth during the forecast period. The burgeoning automotive and electronics sectors in countries like China, India, and South Korea, coupled with increasing healthcare expenditure, are likely to create lucrative opportunities for market players in this region.
The platinum powder market can be segmented based on product type into high purity platinum powder, alloyed platinum powder, and nano platinum powder. Each of these product types caters to different industry requirements and applications, providing diverse growth avenues within the market. High purity platinum powder is primarily used in applications requiring exceptional purity levels, such as in the semiconductor and electronics industries. The demand for high precision and performance in electronic components fuels the need for high purity platinum powder, ensuring minimal impurities that could affect device functionality.
In addition to its applications in catalytic converters, the Platinum Nickel Alloy Catalyst plays a significant role in the hydrogenation processes within the chemical industry. This alloy cata
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In 2024, the UK platinum market increased by 3.1% to $28.2B, rising for the third consecutive year after three years of decline. Overall, consumption, however, continues to indicate a noticeable curtailment. Over the period under review, the market reached the peak level at $41.1B in 2012; however, from 2013 to 2024, consumption stood at a somewhat lower figure.
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[197+ Pages Report] Global precious metal market size & share to be worth USD 364.89 Billion by 2026 with a growth rate of 8.5% CAGR during the forecast period of 2021-2026.
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Forecast: Import of Platinum to the US 2023 - 2027 Discover more data with ReportLinker!
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The Precious Metals Marketsize was valued at USD 261.94 Billion in 2023 and is projected to reach USD 371.04 Billion by 2032, exhibiting a CAGR of 5.1 % during the forecast period.The word "precious metals" implies a dozen metallic earthly metals that are scarce and notable for their properties, including rarity, strength, and value deriving from their special characteristics, naturalness, and long service lives. These types of metals are counted as precious metals, which include gold, platinum, silver, and palladium. Being the only of its kind, this is the reason why people need them to either be converted into jewellery, monetary use, or industrial processes. The precious metal charts its course higher than its peers because of its known properties, such as a shiny mirror and even the ability to fabricate in different designs, while also being pegged as a synonym for success and stability. Precious metal has found its use in jewellery and as a hedge against inflation. Thanks to its unique property of being an almost excellent conductor and antibacterial, it can be used in the making of electrical stuff, photography, and medical equipment. Platinum exhibits excellent corrosion resistance and has high melting points, so it is used in the fabrication of catalytic converters, fuel cells, and jewellery. Palladium and platinum have some common nodes, such as platinum being highly utilized in the making of catalytic converters and electronics, which include components such as hard drives and memory cards. Key drivers for this market are: Increasing Disposable Income and Changing Lifestyle to Drive Growth. Potential restraints include: Inconsistent Prices of Precious Metals to Impede Growth.
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Learn about the projected growth in the platinum market over the next decade driven by increasing global demand. By 2035, the market volume is expected to reach 221K tons with a value of $6,639.3B.
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In 2024, the Ethiopian platinum market increased by 32% to $30M, rising for the second year in a row after two years of decline. Overall, consumption continues to indicate a relatively flat trend pattern. Platinum consumption peaked at $144M in 2017; however, from 2018 to 2024, consumption remained at a lower figure.
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Platinum rose to 1,454.50 USD/t.oz on July 11, 2025, up 3.93% from the previous day. Over the past month, Platinum's price has risen 13.41%, and is up 45.42% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Platinum - values, historical data, forecasts and news - updated on July of 2025.