Platinum Mining Market Size, Share, Growth Analysis, By Sources(Primary and Secondary), By Application(Automotive, Jewellery, Industrial, Investment), By Region - Industry Forecast 2024-2031

Global Platinum Mining Market size was valued at USD 5.8 billion in 2022 and is poised to grow from USD 6.09 billion in 2023 to USD 9.00 billion by 2031, growing at a CAGR of 5% during the forecast period (2024-2031).

Platinum has various significant applications, including auto catalysts, jewellery, and chemicals, as well as other industries that use platinum in a smaller amount. Platinum is highly resistant to corrosion, among other desirable characteristics, so platinum’s value has been compared to gold. In 2020, global platinum production was over 161 metric tons, with African production contributing 127 metric tons. South Africa is the world's top platinum-mining country and a major palladium producer. The automotive industry is the world's largest consumer of platinum metals used in catalytic converters for vehicle exhaust systems. Continued growth in auto production is expected in the coming years, especially in developing markets, and this is expected to drive demand for PGMs (Platinum group metals), particularly platinum and palladium. Anglo American Platinum Ltd, Impala Platinum Holding Ltd, and MMC Norilsk Nickel are the world's top producers, accounting for 60% of global production in 2020. Increasing demand for jewellery made with platinum, increasing use of platinum in the refining industry, and growing consumer preference for precious metals over traditional investment options such as gold, are the major factors driving the growth of global market.

US Platinum Mining Market is poised to grow at a sustainable CAGR for the next forecast year.