Platinum Mining Market Analysis by Reserves, Production, Assets, Demand Drivers and Forecasts to 2026
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Platinum Mining Market Report Overview
The platinum consumption was estimated at 6,518.3koz in 2022 and is expected to project a CAGR of more than 2% during 2023-26. In 2022, global platinum consumption was low mainly due to the weak automotive demand as a result owing to supply chain constraints and the zero-COVID policy in China, coupled with the negative investment demand. This was partially offset by the strong jewelry demand particularly in China and the US.
The platinum mining market research report contains an overview of the global platinum mining industry including key demand driving factors affecting the global platinum mining industry. It provides detailed information on reserves, reserves by country, production, production by country, production by company, major operating mines, competitive landscape, and major exploration and development projects.
Platinum Mining Market Outlook 2022-2026 (koz)
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Platinum Mining Market Drivers
The demand for platinum has surged in the recent years mainly due to its rising demand from China and Japan. The platinum mining market growth is mainly supported by higher metal demand from the automotive and jewellery designing sector. A sizeable share of demand for PGM (platinum group metals) comes from the automobile industry, as the metals are used as an autocatalyst to reduce greenhouse gas emissions. Platinum is primarily used for diesel vehicles, although all three metals – platinum, palladium, and rhodium – can be substituted for each other. The automotive industry accounted for a significant share of the global platinum consumption in 2022. This was primarily due the introduction of a new and more stringent environmental standard for trucks (mostly diesel-powered) in China, which resulted in a significant increase in platinum loadings per vehicle for trucks in China.
Jewelry consumption in India was rebounded to normal in 2022, after a two-year decline, mainly due to increased consumer demand with the promotion of platinum goods by jewellery makers. In Japan, platinum jewelry consumption increased in 2022, owing to an increase in platinum sales in response to increased consumer preference for high-purity and asset products, as well as fashion jewelry. In the US, growth in platinum jewelry sales in 2022 from the start of the year, was due to the strong increase in platinum retail sales (especially bridal and gemstone fashion jewelry) irrespective of inflation and global supply chain issues.
The global platinum group metal (PGM) reserves were 70.0 thousand tonnes (kt) as of January 2022. Of the total global reserves, South Africa accounted for 63kt, or 90%, followed by Russia (6.4%) and Zimbabwe (1.7%).
Platinum Mining Market Segmentation by Countries
The key countries associated with platinum mining are South Africa, Russia, and Zimbabwe. South Africa accounted for the largest platinum mining market share in 2022, followed by Russia and Zimbabwe. The majority of the platinum mines in South Africa are located in North West and Limpopo provinces. The platinum production in South Africa in 2022 decreased compared to the previous year, owing to operational issues at mines such as Impala Rustenburg, Amandelbult, Kroondal, Rustenburg Complex, and Marikana Mine (Lonmin), as well as lower grades at Mogalakwena. Furthermore, the closure of MMC Norilsk Nickel’s Nkomati mine, contributed to the lower output.
Platinum Mining Market Analysis by Countries, 2022 (%)
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Platinum Mining Market – Key Assets
Active Mines – Some of the active platinum mines are Mogalakwena Mine, Marikana Mine (Lonmin), Impala Mine, Union Mine, Mimosa Mine, Marula Mine, Stillwater Mine, and Unki Mine among others.
Development Projects – Some of the platinum development projects are Maslovskoe Project, Platreef Project, Marathon Project, Dumont Project, Lesego Project, Tjate Project, Afplats Project, and Afplats Project among others.
Exploration Projects – Some of the platinum exploration projects are Tamboti Project, Zimbabwe Platinum Mine, Liger Project, BCF Property, Spitzkop Project, East Bull Project, River Valley Project, and Las Aguilas Project among others.
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Platinum Mining Market – Competitive Landscape
Some of the leading platinum producing companies are Anglo American Platinum Ltd, Sibanye Stillwater Ltd, Impala Platinum Holdings Ltd, and MMC Norilsk Nickel. Anglo American Platinum accounted for the highest platinum production in 2021.
In the first nine months of 2022, Anglo’s platinum production fell by 5% compared to the same period of previous year – mainly due to the impact of the infrastructure closure at Amandelbult mine in the end of 2021, coupled with lower grades from Mogalakwena mine as well as Eskom power shortages in Q3 2022 at the South African mines. However, this was partially offset by the strong production from the Unki and Mototolo mines, due to the completion of the concentrator debottlenecking project in Q4 2021, which has led to an increase in tonnes milled.
Platinum Mining Market Analysis by Company, 2021 (%)
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Platinum Mining Market Overview
|Market Size in terms of Volume (2022)||6,518.3koz|
|Key Countries||South Africa, Russia, and Zimbabwe|
|Active Mines||Mogalakwena Mine, Marikana Mine (Lonmin), Impala Mine, Union Mine, Mimosa Mine, Marula Mine, Stillwater Mine, and Unki Mine|
|Exploration Projects||Tamboti Project, Zimbabwe Platinum Mine, Liger Project, BCF Property, Spitzkop Project, East Bull Project, River Valley Project, and Las Aguilas Project|
|Development Projects||Maslovskoe Project, Platreef Project, Marathon Project, Dumont Project, Lesego Project, Tjate Project, Afplats Project, and Afplats Project|
|Leading Producers||Anglo American Platinum Ltd, Sibanye Stillwater Ltd, Impala Platinum Holdings Ltd, and MMC Norilsk Nickel|
The report contains an overview of the global platinum mining industry including key demand driving factors affecting the global platinum mining industry. It provides detailed information on reserves, reserves by country, production, production by country, production by company, major operating mines, competitive landscape, major exploration, and development projects.
Reasons to Buy
- To gain an understanding of the global platinum mining industry, relevant driving factors
- To understand historical and forecast trend on global platinum production
- To identify key players in the global platinum mining industry
- To identify major active, exploration and development projects by region
Table of Contents
- 1. Executive Summary
- 2. Reserves, Production and Prices
- 2.1 Global Platinum Reserves by Country
- 2.1.1 South Africa
- 2.1.2 Russia
- 2.1.3 Zimbabwe
- 2.2 Platinum Production
- 2.2.1 South Africa
- 2.3 Production by Company
- 2.4 Platinum Prices
- 3. Platinum Assets
- 3.1 Active Mines
- 3.2 Development Projects
- 3.3 Exploration Projects
- 4. Demand and Trade
- 4.1 Platinum Consumption
- 4.2 Demand from the Automobile Industry
- 4.3 Demand from the Jewelry Sector
- 4.4 Global Platinum Trade
- 5. Major Platinum Producers
- 5.1 Anglo American Platinum Ltd
- 5.2 Sibanye Stillwater Ltd.
- 5.3 Impala Platinum Holdings Ltd
- 5.4 MMC Norilsk Nickel
- 6. Appendix
- 6.1 Abbreviations
- 6.2 Methodology
- 6.3 Coverage
- 6.4 Secondary Research
- 6.5 Development Likelihood
Frequently asked questions
What was the platinum mining market size in 2022?
The platinum mining market size in terms of consumption was 6,518.3koz in 2022.
What is the platinum mining market growth rate?
The platinum consumption is expected to grow at a CAGR of more than 2% during 2023-2026.
Which are the key countries associated with the platinum mining market?
The key countries associated with the platinum mining market are South Africa, Russia, and Zimbabwe.
Which are the active mines in the platinum mining market?
Some of the active mines in the platinum mining market are Mogalakwena Mine, Marikana Mine (Lonmin), Impala Mine, Union Mine, Mimosa Mine, Marula Mine, Stillwater Mine, and Unki Mine among others.
Who are the leading producers in the platinum mining market?
Some of the leading platinum producers are Anglo American Platinum Ltd, Sibanye Stillwater Ltd, Impala Platinum Holdings Ltd, and MMC Norilsk Nickel.
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