Original title: Analysis of the overall status of the global and China platinum industry chain in 2021, domestic reserves are relatively low, and imports account for nearly 90% of the total. "Picture"
1. Platinum industry overview
1. Industry overview and characteristics
platinum element symbol Pt, commonly known as platinum, is a silver-white hard metal, and belongs to a platinum group precious metal (including palladium, platinum, ruthenium, rhodium, rhenium, and iridium, abbreviated as PGE). It has the characteristics of high melting point (1772°C), good ductility, good conductivity, and high density (21.5 g/ cubic centimeters , higher than gold). In addition, the platinum metal is chemically inactive, insoluble in hydrochloric acid, sulfuric acid and alkali, and remains stable in air and humid environments. The catalytic characteristics of platinum are particularly significant, and they are highly concerned in the industry and automobile fields.
Main precious metals related characteristics comparison
Source: Public information compilation
2, mineral deposit classification
In nature, platinum rarely appears in the form of a single metal, and is usually symbiotic with other platinum group metals (mainly palladium) and copper, nickel, chromium, etc. in basic metals. According to the rock type, symbiotic metal, geological characteristics of platinum ore , platinum ore deposits can be divided into four categories: magma type, hydrothermal type, volcanic rock block sulfide type and exogenous type.
platinum deposit classification and representative mines
Source: Public information compilation
2. Platinum ore reserve supply and platinum downstream
1, industrial chain
platinum group metals almost do not exist in the form of a single metal. Several platinum group metals usually coexist, and sometimes include basic metals such as copper, nickel and chromium. The main minerals containing platinum include arsenic platinum ore, sulfur platinum ore, antimony platinum ore, sulfur platinum ore, sulfur nickel palladium ore, etc. In addition, there is natural platinum that exists in a free state. Platinum-platinum is widely used in jewelry, automotive exhaust catalysts, electronic components , chemical catalysts, etc. The United States, EU , Australia and other developed countries regard it as a strategic mineral.
Overall schematic diagram of the platinum industry chain
Source: Public information sorting
2, platinum ore reserves and supply
According to data, the global platinum group metal reserves in 2021 are about 70,000 tons, and the global platinum group metal resources are relatively unbalanced, mainly distributed in South Africa, Russia, Zimbabwe , the United States, Canada and other countries. Among them, South Africa has the richest platinum group metal reserves, reaching 63,000 tons, accounting for about 90% of the global total reserves.
Reservations and share of major global platinum mines in 2021
Source: USGS, compiled by Huajing Industry Research Institute
2013-2020China's platinum group metal minerals found for resource reserves
Note: Natural resources have not released data in 2019 , 2020 is the platinum group metal reserve data
Source: Ministry of Natural Resources, compiled by Huajing Industry Research Institute
3, downstream demand structure
downstream structure, , which have high environmental protection requirements, Western Europe , North America and Japan all use automobiles as the largest downstream; while in China, due to its preference for platinum jewelry and industrial production capacity, the proportion of jewelry and industry is much higher than that of other countries.
In terms of the overall consumption structure of platinum in my country, the three major application areas of platinum are automobiles, jewelry and industry, among which the demand in the industrial field accounts for the highest proportion. In terms of changes, my country's platinum jewelry consumption accounts for a high proportion. As the overall demand in the industry continues to rise, jewelry currently accounts for only 33.6%, which is far lower than the industrial proportion. At present, automobiles and industry still have a large room for demand to increase under the background of environmental protection policies.
2021 platinum consumption structure share in China
Source: China Platinum and Palladium Yearbook, compiled by Huajing Industry Research Institute
III. Current status of the global platinum industry
1. Total supply
In terms of the overall supply of platinum, in 2020, the overall operating rate was greatly affected by the global epidemic. The production of platinum in the United Kingdom and the United States alone decreased by more than 37 tons, and the overall supply of platinum decreased significantly. Demand rebounded in 2021. USGS data showed that the total supply increased significantly, reaching 195.8 tons, an increase of 26% year-on-year compared with 2020.
Changes in global platinum supply from 2016 to 2021
Source: Johnson Matthey, USGS, compiled by Huajing Industrial Research Institute
2, regional structure
In terms of the proportion of global platinum ore production in major regions, South Africa currently accounts for more than 70% of the global platinum ore production, which is still slightly lower than its reserve structure, which accounts for nearly 90%. Data shows that the global platinum ore production in 2021 is 180 tons, of which South Africa produces 130 tons, accounting for 72.2%, and Russia account for 10.6%; CR5 South Africa, Russia, the United States, Canada and Zimbabwe produces a total of 174.2 tons, accounting for a total of 96.8%.
Proportion of global platinum mine production in 2021
Source: USGS, compiled by Huajing Industry Research Institute
4. Current status of China's platinum industry
1, supply and consumption
As for the supply and consumption of platinum in my country, as my country's industrial platinum demand continues to grow, domestic platinum demand has seen a significant increase. Data shows that in 2021, my country's platinum supply increased by nearly 30 tons year-on-year compared with 2020, reaching 114.2 tons. The overall consumption growth was slightly lower, only 23.8%, resulting in a decline in the proportion of consumption supply. It is expected that with the continued growth of demand for automobiles and other industries, my country's platinum industry will continue to improve.
2020-2021 platinum supply and consumption and proportion of platinum in China
Source: China Platinum and Palladium Yearbook, compiled by Huajing Industry Research Institute
2, supply and import structure
In terms of the supply of my country's platinum sub-source sources, my country's platinum imports in 2021 were 101.3 tons, accounting for 88.7% of the overall supply of platinum in China. The main reason is that the overall reserves of domestic platinum are extremely low, and it is difficult to mine. The degree is large, with only 2.5 tons in 2021, accounting for 2.2% of the overall platinum supply. At present, domestic platinum is mainly imported, and it is expected to maintain this trend in the long run. With the development of the recycling industry, it may be expected to improve
2021 platinum sub-source supply in
Source: China Platinum Palladium Yearbook, compiled by Huajing Industry Research Institute
In addition to the small platinum group metal resources, the domestic platinum procurement and smelting industry is relatively weak, platinum and related products are in a large amount of net imports, and the degree of external dependence is high. From the perspective of import sources, China's platinum products imports mainly come from South Africa and Russia, the world's main platinum producers, which accounted for about 56% and 9% of the platinum imported by China that year. Other platinum products imports came from developed countries such as Japan, Germany, the United Kingdom, the United States, and other developed countries
The proportion of China's platinum products import sources
Source: Public information sorting
V. Global platinum competition pattern
Source: Public information sorting
V. l6
1 and Market concentration
In terms of the supply of major platinum mineral manufacturers in the world, the four major manufacturers account for more than 80% of the overall supply, of which the British and American platinum production is about 74.6 tons, Sban-static water production is about 33.4 tons, and the Antelope Platinum production in 2021 was 54 tons, and the sales revenue of platinum, palladium and rhodium accounted for 17%, 30% and 40% respectively. Norilsk Nickel platinum output is about 20 tons. In addition to the four majors, Northum Boye accounts for 8% of the global output.
% output share of major platinum miners in the world in 2021
Source: NN annual report, compiled by Huajing Industry Research Institute
2, British-American Platinum production changes
British-American Platinum is the world's largest platinum mine manufacturer. The company's headquarters is in Johannesburg, South Africa, and its controlling shareholder is British-American Resources Group . In terms of overall platinum production changes, the global epidemic in 2020 has had a significant impact on the operating rate of the British and American platinum industry, and the overall precious metal output has declined significantly. With the recovery of the industry in 2021, the output of precious metals including platinum has increased significantly, with the platinum output reaching 2398 thousand ounces, which is about 74.6 tons.
Changes in the production of major precious metals in the British and American Platinum Industry from 2017 to 2021
Source: AAPL annual report, compiled by Huajing Industry Research Institute
6. Application trends in the field of platinum automobiles
In China, fuel cell vehicle has always been an important direction for new energy vehicles, and has been mentioned in the development plan for new energy vehicles. With the advancement of the "dual carbon policy", my country's hydrogen energy vehicle production and sales have grown rapidly. The output CAGR from 2016 to 2019 reached 65%. Due to the impact of the epidemic in 2020, the sales volume reached 1,586 vehicles in 2021, an increase of about 35% year-on-year. In the past five years, the overall production and sales volume has been rising. In terms of hydrogen energy vehicle production and sales in the first two months of 2022, according to the China Association of Automobile Manufacturers, the industry may usher in an explosive period. Fuel cell catalysts can reduce the activation energy of electrode reactions and increase the reaction rate, making it possible to commercialize fuel cell , and are called the "heart" of fuel cell. At present, the current density, catalytic activity and stability of platinum-based catalysts are outstanding, and they are the mainstream catalysts for fuel cells. They are of great significance to their performance improvement and have high technical thresholds. Companies that have earlier layout in R&D and industrialization are expected to benefit from the dividends brought by the future development of fuel cell vehicles.
Original title: Analysis of the overall status of the global and China platinum industry chain in 2021, domestic reserves are relatively low, and imports account for nearly 90% "Picture"
Huajing Industry Research Institute conducted an in-depth analysis of the current development status of China's platinum industry, upstream and downstream industrial chains, competitive landscapes and key enterprises, to minimize corporate investment risks and operating costs and improve corporate competitiveness; and use a variety of data analysis technologies to predict the industry development trends so that enterprises can seize the market opportunities in a timely manner; for more detailed content, please pay attention to the "2022-2027 China Platinum Market Competition Trend and Industry Investment Prospects Forecast Report" published by Huajing Industry Research Institute.
