Platinum rose to 1,552.80 USD/t.oz on October 22, 2025, up 3.86% from the previous day. Over the past month, Platinum's price has risen 3.23%, and is up 51.97% 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 October of 2025.

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).

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.

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Platinum Market Size 2025-2029

The platinum market size is valued to increase USD 1.88 billion, at a CAGR of 4.5% from 2024 to 2029. Growing demand for platinum in various industries will drive the platinum market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 53% growth during the forecast period.
By End-user - Automotive segment was valued at USD 2.71 billion in 2023
By Source - Primary segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 39.16 million
Market Future Opportunities: USD 1883.30 million
CAGR from 2024 to 2029 : 4.5%

Market Summary

The market is a dynamic and evolving entity, driven by the increasing demand for this precious metal in various industries. One of the primary sectors fueling this growth is the automobile industry, where platinum is extensively used in exhaust systems to reduce emissions. The energy-intensive processing of platinum further underscores its value and demand. According to recent reports, the automotive sector accounts for approximately 40% of global platinum demand. As regulatory pressures mount to reduce emissions and improve fuel efficiency, the demand for platinum in catalytic converters is expected to continue growing.
However, challenges such as price volatility and the availability of alternative materials pose significant obstacles to market expansion. Despite these hurdles, the market presents numerous opportunities for innovation and growth, particularly in the development of cost-effective and sustainable platinum alternatives.

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

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How is the Platinum Market 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, particularly in the automotive sector, where it contributes to reducing emissions of harmful gases like CO2 and NO2 through catalytic conversion. In addition to automotive catalysts, platinum finds extensive use in other automobile components, such as antilock braking systems, airbag initiators, and spark plugs. The demand for platinum in automobiles is propelled by stringent regulations aimed at minimizing emissions and enhancing fuel efficiency. Moreover, the application scope of platinum extends beyond automobiles. In agriculture, platinum-based products offer numerous benefits, including improved nutrient uptake efficiency, enhanced nutrient delivery, and water use efficiency.

These benefits are crucial for crop resilience factors, such as stress tolerance mechanisms, biotic stress resistance, and photosynthesis stimulation. Platinum's role in agriculture also includes the promotion of beneficial microorganisms, integrated pest management, and soil health indicators like soil microbial diversity and soil enzyme activity. The market for platinum in agriculture is experiencing significant growth. According to recent reports, the market is projected to increase by 15%, with a similar growth rate expected in the near future. This expansion is driven by the increasing adoption of sustainable agriculture practices, such as precision agriculture technology, which relies on platinum for enhanced root development enhancement and crop quality attributes.

Furthermore, platinum's role in improving fertilizer use efficiency and potassium availability has garnered significant attention, leading to a 20% increase in demand for platinum-based products in the agricultural sector. Platinum's potential in carbon sequestration is another promising application, with estimates suggesting that platinum-based products could sequester up to 10% of global CO2 emissions. This development aligns with the growing focus on reducing greenhouse gas emissions and mitigating climate change. Additionally, platinum's ability to stimulate plant growth through plant hormone modulation and phosphorus solubilization contributes to plant biomass accumulation and plant disease resistance. In conclusion, the market for platinum in various industries, particularly in automobiles and agriculture, is witnessing continuous growth and innovation.

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.

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).

Stay informed with real-time charts of international precious metal prices. Monitor spot prices for Platinum in USD, GBP, and EUR. Access live updates here >>

Platinum Rings Market Outlook

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.

Product Type Analysis

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

According to Cognitive Market Research, the global Platinum Mining market size is USD 5515.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.30% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 2206.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1654.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1268.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 275.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 110.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
The Open-Pit held the highest Platinum Mining market revenue share in 2024.

Market Dynamics of Platinum Mining Market

Key Drivers of the Platinum Mining Market

Growing Demand for Catalytic Converters to Increase the Demand Globally

The necessity of platinum in lowering hazardous emissions from gasoline and diesel automobiles is driving the demand for catalytic converters. The automotive industry is seeing increased demand for platinum due to the tightening worldwide pollution rules. Due to these laws, which require catalytic converters to reduce pollution, there is a substantial market for platinum as a catalyst. To help with environmental conservation efforts, the metal catalyzes chemical reactions that transform toxic gasses like hydrocarbons, nitrogen oxides, and carbon monoxide into less dangerous compounds. As a result, platinum is viewed as a critical element in the global effort to achieve cleaner and more sustainable transportation due to its indispensable nature in catalytic converters.

Increasing Demand for Jewelry to Propel Market Growth

Due to its legendary durability and alluring shine, platinum jewelry is increasingly in demand. The popularity of platinum jewelry will only increase due to growing disposable incomes and a growing demand for luxury items, especially in emerging nations. Platinum's classic beauty and standing as a symbol of refinement and sophistication are drawing in more and more customers. Furthermore, the metal is favored for fine jewelry due to its hypoallergenic qualities and tarnish resistance. Platinum jewelry is expected to continue in high demand as the luxury market grows internationally due to changing consumer tastes and lifestyle trends, solidifying its status as a sought-after option for affluent customers.

Key Restraint of the Platinum Mining Market

Price Volatility to Limit the Sales

Numerous causes can cause fluctuation in platinum pricing, which can present difficulties for producers and buyers alike. The platinum market is susceptible to price instability due to various factors, including shifts in the demand for investments and industrial products, geopolitical tensions, currency fluctuations, and supply and demand dynamics. Furthermore, macroeconomic variables that affect investor sentiment and platinum prices include inflation rates, interest rate fluctuations, and growth in the world economy. Producers may find it difficult to plan their output and investment decisions due to this inherent unpredictability, while consumers may need help setting budgets and establishing pricing plans. Therefore, managing risk in the platinum market needs strategic decision-making and close attention to detail to minimize the impact of price volatility on both supply chain ends.

Key Trend of the Platinum Mining Market

ESG integration, technological breakthroughs, and the demand for clean energy all contribute to the industry's expansion.

Driven by increasing demand for clean energy alternatives, particularly in the automotive industry where platinum is still necessary for catalytic converters and its usage in hydrogen fuel cells is growing, the platinum mining industry is experiencing a revolutionary shift in 2025. The demand for platinum-based components is growing as a result of increasing investment in green technologies, such as ...

Discover the latest trends in the platinum market as global demand continues to rise, leading to projected growth in both volume and value over the next decade.

This dataset contains the predicted prices of the asset Gram Platinum over the next 16 years. This data is calculated initially using a default 5 percent annual growth rate, and after page load, it features a sliding scale component where the user can then further adjust the growth rate to their own positive or negative projections. The maximum positive adjustable growth rate is 100 percent, and the minimum adjustable growth rate is -100 percent.

[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.

In 2024, the Ethiopian platinum market increased by 32% to $30M, rising for the second year in a row after two years of decline. Over the period under review, consumption saw a relatively flat trend pattern. Platinum consumption peaked at $144M in 2017; however, from 2018 to 2024, consumption stood at a somewhat lower figure.

This dataset contains the predicted prices of the asset $PLATINUM over the next 16 years. This data is calculated initially using a default 5 percent annual growth rate, and after page load, it features a sliding scale component where the user can then further adjust the growth rate to their own positive or negative projections. The maximum positive adjustable growth rate is 100 percent, and the minimum adjustable growth rate is -100 percent.

Analysis of the EU platinum market from 2024 to 2035, forecasting a CAGR of +1.1% in volume and +1.7% in value, with insights on consumption, production, trade, and key country-level trends.

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.

Precious Metal Market Outlook

As of 2023, the global market size for precious metals is valued at approximately $250 billion, and it is projected to reach around $370 billion by 2032, with a compound annual growth rate (CAGR) of 4.3%. This robust growth is driven by several factors, including increasing demand from emerging markets, heightened investment interests, and technological advancements in industrial applications. Precious metals, particularly gold and silver, have long been valued as safe-haven assets, but recent trends indicate a broader scope of applications, which is further fueling market expansion.

The growth of the precious metal market is significantly influenced by the geopolitical climate and economic uncertainties. In times of political instability or economic downturns, investors often turn to precious metals as a means of preserving wealth, which in turn spikes demand. For instance, during periods of inflation or currency devaluation, gold and silver are particularly sought after as they retain intrinsic value. Moreover, central banks around the world have been bolstering their gold reserves, a move that not only stabilizes their own currencies but also adds upward pressure on gold prices, thereby contributing to market growth.

Another notable driver of the precious metal market is the growing industrial demand, especially for metals like silver and platinum. Silver, with its excellent electrical conductivity, is widely used in electronics and solar panels. Meanwhile, platinum finds extensive applications in automotive catalytic converters. As industries adopt greener technologies and renewable energy solutions, the demand for these metals is expected to rise. Additionally, advancements in medical technology and the growing use of silver in antibacterial applications are further broadening the scope of industrial demand for precious metals.

The jewelry sector continues to be a substantial contributor to the precious metal market. Gold and silver jewelry remain highly valued across various cultures, symbolizing wealth and prestige. The rise in disposable income coupled with changing fashion trends in emerging economies is driving the demand for both traditional and contemporary jewelry design, thereby bolstering market growth. Moreover, the increasing influence of online platforms has made luxury jewelry more accessible to a broader audience, further enhancing market reach.

Silver Bullion plays a pivotal role in the investment landscape, offering a tangible asset that investors can physically hold. Unlike digital investments, silver bullion provides a sense of security and ownership that is often appealing during times of economic uncertainty. The demand for silver bullion is influenced by its affordability compared to gold, making it an attractive option for both new and seasoned investors. Additionally, silver bullion is not only a store of value but also a hedge against inflation, protecting purchasing power over time. As global markets fluctuate, the stability and reliability of silver bullion continue to draw interest from a diverse range of investors seeking to diversify their portfolios.

Regionally, Asia Pacific dominates the precious metal market, driven largely by high consumption in countries such as China and India. The cultural affinity towards gold in these regions, especially during festivals and weddings, underpins the demand. Europe and North America also represent significant markets, with a strong focus on investment and industrial applications. Meanwhile, emerging markets in Latin America and the Middle East & Africa are projected to exhibit a higher growth rate due to increasing industrialization and rising disposable incomes.

Type Analysis

The precious metal market is segmented into various types, including gold, silver, platinum, palladium, and others. Gold remains the most prominent segment, accounting for a substantial portion of the market share. Its allure as a hedge against inflation and economic instability makes it a favored choice among investors. Furthermore, gold's intrinsic value and historical significance continue to make it a preferred asset for central banks and institutional investors. The jewelry sector also heavily relies on gold, with countries like India and China leading the demand, driven by cultural and traditional practices.

Silver follows gold in terms of market significance, primarily due to its dual role as both an industrial and inv

This dataset contains the predicted prices of $PLATINUM for the upcoming years based on user-defined projections.

In 2024, the Pakistani platinum market increased by 42% to $149.1B, rising for the third year in a row after three years of decline. The market value increased at an average annual rate of +3.7% from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.