Disclosure: Some of the links you’ll encounter are unique links. Click and buy something and I’ll earn some money, at zero expense to you. Thank you!
Global platinum production reached 227.7 metric tons in 2025, expected to grow to 400 metric tons by 2032. South Africa dominates production with 120-150 metric tons annually (50% of global output) and holds the largest reserves at 63,000 tons.
Russia, Zimbabwe, USA, and Canada are other major producers. It takes 12 tons of ore to produce one troy ounce of platinum. Approximately 55% goes to industrial applications, 25% to jewelry, and 20% to investment-grade coins and bars.
Global demand exceeds supply at 8 million ounces versus 7.44 million produced. The platinum mining market, valued at $5.68 billion in 2024, is projected to reach $8.32 billion by 2032.
Learn more in my updated platinum industry statistics guide for 2026.
All the references and resources I used in crafting my stats guide are listed at the bottom of the page.
Key Platinum Industry Statistics, Facts and Trends
Key Platinum Industry Statistics, Facts and Trends for 2026
- It takes 12 tons of ore to produce one troy ounce (31.135 g) of pure platinum.
- Global platinum production totaled approximately 180 metric tons in 2023, up from 170 metric tons in 2022. Global platinum production further rose in 2025 hitting a 227.7 metric tons mark.
- By 2032 it’s expected global platinum production will reach 400 metric tons (expected 1.3% annual CAGR), a new high for the world. Overall, the demand for platinum is increasing as more and more industries find further uses for this precious metal (most of the yearly platinum production goes to its industrial applications).
- The world’s largest platinum producers are South Africa, Russia, Zimbabwe, USA and Canada. These five countries combined produce 95-98% of the total platinum on the market.
- South Africa is the world’s largest supplier of platinum with yearly output of 120-150 metric tons. By 2032 South Africa alone will produce over 200 metric tons of platinum, or roughly 50% of the expected global output.
- South Africa’s platinum reserves are the largest in the world, estimated at 63 000 tons of platinum still waiting to be extracted.
- Russia is the second-largest platinum producer, with 20 metric tons mined in 2024, representing 10.6% of the world’s supply and only 15% of South Africa’s output. By 2032 Russia’s output is expected to rise to 32 metric tones per year.
- Russia’s platinum reserves are the second largest in the world, estimated at 5, 500 tons of platinum still waiting to be extracted.
- Zimbabwe is the third-largest platinum producer with an average of 19 metric tons per year. By 2032 Zimbabwe’s output is expected to rise to 24 metric tones per year.
- Zimbabwe’s platinum reserves are the third largest in the world, with estimates of 1200 tons of platinum still waiting to be extracted.
- USA is the fourth-largest platinum producer in the world with an average of 12.7 metric tons per year. By 2032 USA’s output is expected to rise to 16 metric tones per year.
- USA’s platinum reserves are the fourth largest in the world, with estimates of 820 tons of platinum still waiting to be extracted.
- Canada is the fifth-largest platinum producer in the world with an average of 5.2 metric tons per year. By 2032 Canada’s output is expected to rise to 8 metric tones per year.
- Canada’s platinum reserves are the fifth largest in the world, with estimates of 310 tons of platinum still waiting to be extracted.
- Roughly 25% of newly mined platinum goes to jewelry design and production.
- Roughly 20% of newly mined platinum goes into making investment-grade platinum coins and bars.
- Roughly 55% of newly mined platinum goes into platinum’s industrial uses.
- The global platinum mining market size was valued at $5.68 billion in 2024. The market is projected to expand at a compound annual growth rate (CAGR) of 5.3% during the next decade reaching $8.32 billion by 2032.
- The average total platinum demand is around 7.95 million ounces (~8 million ounces). This demand is driven by various sectors, including automotive, jewelry, industrial applications, and investment.
- Total demand exceeded eight-million ounces for the first time since 2019 compared with supply at 7,293,000 oz. In 2024 total platinum demand again exceeded eight-million ounces against 7.44 million of troy ounces produced.
- The Russian-Ukrainian conflict has impacted platinum supply, as most of the world’s platinum comes from South Africa and Russia.
- The largest platinum mining company worldwide is South African mining company Anglo American Platinum Ltd.
- The platinum industry is experiencing significant supply-demand imbalances, with deficits becoming more severe than initially forecast. These supply disturbances are driven by geopolitical tensions affecting the two largest producing nations (South Africa and Russia).
Detailed Platinum Industry Statistics, Facts and Trends for this Year
How Many Tons of Ore are Required to Produce One Troy Ounce of Pure Platinum?
It takes 12 tons of ore to produce one troy ounce (31.135 g) of pure platinum.
What’s the Global Production Of Platinum?
Global platinum production totaled approximately 180 metric tons in 2023, up from 170 metric tons in 2022. Global platinum production further rose in 2025 hitting a 227.7 metric tons mark.
By 2032 it’s expected global platinum production will reach 400 metric tons (expected 1.3% annual CAGR), a new high for the world.
Overall, the demand for platinum is increasing as more and more industries find further uses for this precious metal (most of the yearly platinum production goes to its industrial applications).
The world’s largest platinum producers are South Africa, Russia, Zimbabwe, USA and Canada. These five countries combined produce 95-98% of total platinum on the market.
Note: platinum is a very rare precious metal, but other metals from platinum group metals are much less abundant that platinum.
For example:
- Only 248 000 ounces of iridium are mined each year.
- Approximately 1-2 metric tons of osmium are produced globally each year.
- Roughly 30 metric tons (1,058,218 ounces) of ruthenium are produced each year.
- Roughly 1 million ounces (~30 metric tons) of rhodium are produced in a calendar year.
- Roughly 210 tons of pure palladium are produced in a year.
Finally, gold as a metal doesn’t belong to the platinum group but gold alone trumps all other metals above in popularity and production.
More than 124 million ounces of gold are produced each year.
What is South Africa’s Current and Projected Platinum Production Output?
South Africa is the world’s largest platinum supplier with yearly output of 120-150 metric tons. By 2032 South Africa alone will produce over 200 metric tons of platinum, or roughly 50% of the expected global output of 400 metric tons.
South Africa’s platinum reserves are the largest in the world, with estimates of 63 000 tons of platinum still waiting to be extracted.
What is Russia’s Current and Projected Platinum Production Output?
Russia is the second-largest platinum producer, with 20 metric tons mined per year, representing 10.6% of the world’s supply and only 15% of South Africa’s output.
By 2032 Russia’s output is expected to rise to 32 metric tones per year.
Russia’s platinum reserves are the second largest in the world, with estimates of 5, 500 tons of platinum still waiting to be extracted.
What is Zimbabwe’s Current and Projected Platinum Production Output?
Zimbabwe is the third-largest platinum producer with an average of 19 metric tons per year.
By 2032 Zimbabwe’s output is expected to rise to 24 metric tones per year.
Zimbabwe’s platinum reserves are the third largest in the world, with estimates of 1200 tons of platinum still waiting to be extracted.
What is the USA’s Current and Projected Platinum Production Output?
USA is the fourth largest platinum producer in the world with an average of 12.7 metric tons per year.
By 2032 USA’s output is expected to rise to 16 metric tones per year.
USA’s platinum reserves are the fourth largest in the world, with estimates of 820 tons of platinum still waiting to be extracted.
What is Canada’s Current and Projected Platinum Production Output?
Canada is the fifth-largest platinum producer in the world with an average of 5.2 metric tons per year. By 2032 Canada’s output is expected to rise to 8 metric tones per year.
Canada’s platinum reserves are the fifth largest in the world, with estimates of 310 tons of platinum still waiting to be extracted.
What Percentage of Newly Mined Platinum Goes to Jewelry Design and Production?
Roughly 25% of newly mined platinum goes to jewelry design and production. I said “roughly” because the exact percentage varies depending on platinum’s industrial use.
Namely, platinum jewelry is perennially popular because of the way it looks and because of platinum’s tarnish resistance. But it’s industrial usage grows or shrinks based on market demand.
Less platinum goes to jewelry design/creation when industrial demand is higher.
What Percentage of Newly Mined Platinum Goes to Making Investment-Grade Palladium Coins and Bars?
20% of newly mined platinum goes into making investment-grade platinum coins and bars.
Another name for investment-grade platinum is IRA-approved platinum. IRA-approved platinum is platinum coins and bars of extreme purity that you can include as part of your platinum IRA or gold IRA.
Note: IRA-approved platinum will have a “999” hallmark on it as the sign of platinum’s authenticity.
Of course, you won’t have to worry about getting scammed if you buy from a legitimate US precious metal investment company.
What Percentage of Newly Mined Platinum Goes to its Industrial Application?
Roughly 55% of newly mined platinum goes into platinum’s industrial uses. Platinum finds use in a wide range of industries due to its unique properties.
For example, the automotive industry utilizes platinum in catalytic converters to reduce harmful emissions. Platinum is also used in hydrogen fuel cells, which are being explored for future use in electric vehicles.
Additionally, platinum is used in electronics, medical devices, and various industrial processes, including glass manufacturing and chemical production.
What is the Current Global Platinum Mining Market Size?
The current global platinum mining market size is valued at $5.68 billion. The market is projected to expand at a compound annual growth rate (CAGR) of 5.3% during the next decade reaching $8.32 billion by 2032.
Note: platinum’s market size is roughly 4x smaller that silver’s market size, even though platinum is roughly 50x more exp4nsve than silver ounce for ounce.
What’s the Current Global Platinum Demand?
The average total platinum demand is around 7.95 million ounces (~8 million ounces). This demand is driven by various sectors, including automotive, jewelry, industrial applications, and investment.
Total demand exceeded eight-million ounces for the first time since 2019 compared with supply at 7,293,000 oz. In 2024 total platinum demand again exceeded eight-million ounces against 7.44 million of troy ounces produced.
By 2032 the demand for platinum is predicted to skyrocket to 15,873,283 ounces against a 14,109,585 troy ounces produced.
How Has the Russian-Ukrainian Conflict Impacted Platinum Supply?
The Russian-Ukrainian conflict has impacted platinum supply, as most of the world’s platinum comes from South Africa and Russia. The conflict has disrupted supply chains, leading to concerns about the availability of Russian platinum.
What is the Largest Platinum Mining Company Worldwide?
The largest platinum mining company worldwide is South African mining company Anglo American Platinum Ltd.
Platinum Industry Statistics, Facts Trends and Data Guide (Conclusion)
My updated guide for 2026 lists the best and latest statistics, facts, trends and data about platinum industry and how this precious metal is used worldwide.
I hope you enjoyed it because the guide is now over.
References:
- Global platinum mining industry – statistics & facts- https://www.statista.com/topics/3039/platinum/
- Platinum-Group Metals Statistics and Information- https://www.usgs.gov/centers/national-minerals-information-center/platinum-group-metals-statistics-and-information
- “Demand for platinum is diverse and global. We believe providing regular data and insights means that platinum is considered by more investors.”- https://platinuminvestment.com/supply-and-demand/platinum-quarterly
- Top 5 Platinum Producing Countries- https://straitsresearch.com/statistic/how-has-the-platinum-industry-sustained-itself
- Platinum facts- https://natural-resources.canada.ca/minerals-mining/mining-data-statistics-analysis/minerals-metals-facts/platinum-facts
Nikola Roza
Nikola Roza is a blogger behind Nikola Roza- SEO for the Poor and Determined. He writes for bloggers who don't have huge marketing budget but still want to succeed. Nikola is passionate about precious metals IRAs and how to invest in gold and silver for a safer financial future. Learn about Nikola here.