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).

Platinum rose to 1,316.40 USD/t.oz on August 1, 2025, up 1.74% from the previous day. Over the past month, Platinum's price has fallen 6.74%, but it is still 37.27% higher than a year ago, 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 August of 2025.

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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,

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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).

The global market balance of platinum in 2023 amounted to a deficit of about ******* ounces, down from a surplus of approximately ******* ounces in the previous year. In 2024, it is expected that platinum will again have a global market deficit, at some ******* ounces. That same year, the global market balance of palladium is also forecast to register a deficit. Platinum – together with palladium, rhodium, ruthenium, iridium and osmium – form the the platinum group metals or PGMs.

Global Platinum Market size was valued at USD 7.09 billion in 2021 and is poised to grow from USD 7.45 billion in 2022 to USD 11.09 billion by 2030, growing at a CAGR of 5.1%

Explore how various factors such as supply and demand dynamics, geopolitical situations, and industrial applications impact platinum prices in the stock market. Understand the role of automotive industry demand, geopolitical risks, economic conditions, and currency fluctuations on platinum's price volatility.

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.

The global platinum market, valued at $513 million in 2025, is projected to experience steady growth, driven primarily by increasing demand from the automotive catalysis sector, particularly in emerging economies experiencing rapid vehicle ownership growth. The ongoing shift towards cleaner energy sources and stricter emission regulations globally are significant catalysts, boosting the need for platinum-based catalytic converters. Furthermore, the medical tools and electronics industries contribute to market expansion, with platinum's unique properties making it ideal for specialized applications like precision instruments and flat panel displays. While supply chain disruptions and fluctuating platinum prices pose challenges, technological advancements in platinum refining and recycling processes are mitigating these restraints to some degree. The market is segmented by purity level (5%, 10%, 99%), with high-purity platinum commanding premium prices due to its use in demanding applications. Regional analysis suggests strong demand from North America and Asia-Pacific, driven by robust industrial activity and technological advancement in these regions. The projected CAGR of 1.9% indicates a moderate yet consistent expansion throughout the forecast period (2025-2033), underpinned by continuous innovation and diverse applications across various sectors. The competitive landscape is dominated by established mining companies such as Anglo American Platinum, Stillwater Mining, and Norilsk Nickel, all of which are heavily invested in expanding their production capacities and exploring new technological solutions. The market's growth trajectory depends on the continued evolution of these key drivers and a careful management of the challenges posed by global economic fluctuations and potential supply chain vulnerabilities. Further market segmentation by application and region reveals nuanced growth patterns; for instance, the catalysis segment is expected to maintain its dominance, while the medical tools segment may witness comparatively faster growth driven by technological advancements in medical device manufacturing. Long-term market projections suggest that responsible sourcing, sustainability initiatives within the mining sector, and increasing investment in research and development for platinum-based technologies will contribute to the continued, albeit moderate, expansion of this vital market.

In 2024, after two years of decline, there was significant growth in the global platinum market, when its value increased by 9.1% to $7,627.9B. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption reached the peak level of $8,961.5B. From 2014 to 2024, the growth of the global market remained at a lower figure.

Platinum Group Metals Market size is expected to be worth around USD 33 Billion by 2033, from USD 23 Billion in 2023, at a CAGR of 4.0%

The global Platinum Group Metals Market size is expected to reach USD 58.04 Billion in 2032 registering a CAGR of 4.0%. Our report provides a comprehensive overview of the industry, including key players, market share, growth opportunities and more.

US Platinum Market growth is driven by rising adoption in clean energy technologies, steady automotive demand, and investment interest.

[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.

Platinum futures contracts to be settled in January 2024 were trading on U.S. markets at ***** U.S. dollars per troy ounce on June 20, 2024. This is slightly above the price of ***** 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.

Platinum Market size is estimated to be valued at USD 7.25 Bn in 2025 and is expected to expand at a CAGR of 5.3%, reaching USD 10.41 Bn by 2032.

Global Palladium and Platinum market size 2025 was XX Million. Palladium and Platinum Industry compound annual growth rate (CAGR) will be XX% from 2025 till 2033.

Global Palladium and Platinum is segmented by Application (Automotive catalysts, Jewelry, Industrial applications (chemical processing, electronics), Investment), Type (Palladium metal, Platinum metal, Palladium alloys, Platinum alloys) and Geography(North America, LATAM, West Europe, Central & Eastern Europe, Northern Europe, Southern Europe, East Asia, Southeast Asia, South Asia, Central Asia, Oceania, MEA)

North America Platinum Market growth is driven by rising adoption in clean energy technologies, steady automotive demand, and investment interest.