Released November 10, 2025 | NEW DELHI
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Researched by Industrial Info Resources (Sugar Land, Texas)--Known for their resilience, value and outstanding catalytic properties, platinum group metals (PGM) stand significant in today's era of clean energy and sustainability. A family of six (namely platinum, palladium, ruthenium, iridium, rhodium and osmium), these rare metals are extracted from primary PGM ores and can also be recovered as a by-product of nickel and copper mining. They have strong industrial viability and are significantly used in catalytic converters, hydrogen fuel cells and medical equipment. A prominent member of the group which has remained relevant for centuries--platinum--has been in the limelight recently.
While both silver and gold have thrived this year with increasing prices and growing trading volumes, platinum also delivered a strong performance. Despite the recent dip in prices (trading at US$1,542 per ounce as of November 6), platinum recorded a robust rally of 59% year-over-year, according to The Economic Times. This high is driven by factors such as strong industrial demand, rising supply constraints and safe haven buying.
The World Platinum Investment Council (WPIC) states that between 2020-24, 29-42% of platinum demand was attributed to automotive demand, while industrial usage (such as medical devices, nitric acid fertilizers and hydrogen technologies) contributed 27%-36%. Alongside industrial demand, platinum substitution in jewelry is also being witnessed as gold prices inch higher.
According to the WPIC, platinum jewelry demand is anticipated to rise 11% this year, with China leading the charge. Furthermore, platinum's duality as a precious metal and industrial element has led to its appeal as a protective investment.
Supply side challenges have also played their part in driving up platinum prices. According to WPIC, platinum is currently in its third consecutive year of supply shortfall with an anticipated deficit of 850,000 ounces. South Africa, which produces over half of the world's platinum, according to publication International Banker, continues to face major climatic as well as operational obstacles (power outages and water supply issues), crippling platinum supply.
In addition, although recycling is set to rise 12% to 1.77 million ounces this year, according to metallurgy company Phoenix Refining (Cleveland, Texas), it remains below earlier expectations. As a result, recycling activities fail to offset current demand, tightening platinum supply further.
Industrial Info tracking 73 capital-spending projects, worth more than US$10 billion, which are geared at mining and processing operations of platinum group metals across the globe. Most of the investment (68%) is aimed at grassroot projects, while 13% is geared toward plant expansions. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can see a full list of detailed project reports.
By country, South Africa is the biggest driver of investment with a total spend pipeline of US$5 billion across 36 projects. Russia and Zimbabwe follow with an investment outlay of more than US$1 billion each. Other countries with substantial investments include Canada, Finland, Saudi Arabia and Australia.
With an aggregate investment of more than US$3 billion, Russian Platinum (Moscow, Russia), Platinum Group Metals Limited (Vancouver, Canada) and Anglo American Plc (London, England) are the top players in the market. They hold a combined market share of 33%.
About 65% is in the planning phase, with 33% under construction. However, a majority of these projects (40) are presently facing a kickoff slippage of more than two years.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
While both silver and gold have thrived this year with increasing prices and growing trading volumes, platinum also delivered a strong performance. Despite the recent dip in prices (trading at US$1,542 per ounce as of November 6), platinum recorded a robust rally of 59% year-over-year, according to The Economic Times. This high is driven by factors such as strong industrial demand, rising supply constraints and safe haven buying.
The World Platinum Investment Council (WPIC) states that between 2020-24, 29-42% of platinum demand was attributed to automotive demand, while industrial usage (such as medical devices, nitric acid fertilizers and hydrogen technologies) contributed 27%-36%. Alongside industrial demand, platinum substitution in jewelry is also being witnessed as gold prices inch higher.
According to the WPIC, platinum jewelry demand is anticipated to rise 11% this year, with China leading the charge. Furthermore, platinum's duality as a precious metal and industrial element has led to its appeal as a protective investment.
Supply side challenges have also played their part in driving up platinum prices. According to WPIC, platinum is currently in its third consecutive year of supply shortfall with an anticipated deficit of 850,000 ounces. South Africa, which produces over half of the world's platinum, according to publication International Banker, continues to face major climatic as well as operational obstacles (power outages and water supply issues), crippling platinum supply.
In addition, although recycling is set to rise 12% to 1.77 million ounces this year, according to metallurgy company Phoenix Refining (Cleveland, Texas), it remains below earlier expectations. As a result, recycling activities fail to offset current demand, tightening platinum supply further.
Industrial Info tracking 73 capital-spending projects, worth more than US$10 billion, which are geared at mining and processing operations of platinum group metals across the globe. Most of the investment (68%) is aimed at grassroot projects, while 13% is geared toward plant expansions. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project Database can see a full list of detailed project reports.
By country, South Africa is the biggest driver of investment with a total spend pipeline of US$5 billion across 36 projects. Russia and Zimbabwe follow with an investment outlay of more than US$1 billion each. Other countries with substantial investments include Canada, Finland, Saudi Arabia and Australia.
With an aggregate investment of more than US$3 billion, Russian Platinum (Moscow, Russia), Platinum Group Metals Limited (Vancouver, Canada) and Anglo American Plc (London, England) are the top players in the market. They hold a combined market share of 33%.
About 65% is in the planning phase, with 33% under construction. However, a majority of these projects (40) are presently facing a kickoff slippage of more than two years.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
