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 1,454.50 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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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,

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.

Learn about the upcoming upward consumption trend for platinum in the Middle East with an anticipated growth rate and market volume increase over the next decade.

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%

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.

Platinum Market Outlook

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.

Product Type Analysis

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

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.

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.

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.

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.

Discover the latest market trends and forecasts for the rising demand of platinum in the United States. Anticipated growth in both volume and value is projected, with a forecasted increase in market volume to 3.6K tons and market value to $134.2B by 2035.

The platinum market, valued at approximately $XX million in 2025, is projected to experience robust growth, driven by a Compound Annual Growth Rate (CAGR) of 4.52% from 2025 to 2033. This expansion is fueled by several key factors. The automotive industry's increasing demand for platinum in catalytic converters, particularly in regions with stringent emission regulations like Europe and North America, is a major contributor. Furthermore, the growing electronics sector, which utilizes platinum in various components, is significantly boosting demand. The jewelry sector, though subject to fluctuating consumer preferences, remains a consistent consumer of platinum, contributing to market stability. Technological advancements in chemical catalysis and glass production are also increasing platinum's applications, further fueling market growth. However, price volatility in precious metals and potential supply chain disruptions pose challenges to sustained growth. Geographic distribution reveals strong demand in Asia-Pacific, particularly China and India, driven by their expanding industrial sectors and growing middle classes. North America and Europe continue to be significant markets, albeit with potentially slower growth compared to Asia-Pacific. Competition among leading platinum producers, including Anglo American Platinum, Johnson Matthey, and Sibanye-Stillwater, is intense, resulting in ongoing efforts to optimize production and explore new applications. The forecast period (2025-2033) suggests a continuous expansion of the platinum market, with notable growth anticipated in emerging economies. However, strategic considerations for companies involve navigating price fluctuations, diversifying applications beyond traditional sectors, and securing sustainable supply chains. Increased investment in research and development focused on new platinum applications, especially in green technologies like fuel cells and hydrogen production, presents a lucrative avenue for growth in the long term. The successful integration of platinum into these emerging sectors could significantly amplify the market's future trajectory beyond the projected CAGR. Overall, the platinum market is positioned for consistent, albeit moderated, expansion, fueled by a blend of established and emerging applications, but also susceptible to macroeconomic and geopolitical influences. 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: Increasing Usage in the Industrial Applications, Growing Demand for Applications in the Automotive Industry. Notable trends are: Growing Demand for Exhaust Systems in Automobile Industry.

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.

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.

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

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Unlock data-backed intelligence on Global Platinum Market size at USD 7.9 billion in 2023, featuring industry analysis and strategic insights.