Global platinum production could grow 21.9% to 6,028,000 ounces (187.5 tons) this year after falling 18% due to a pandemic in 2020, GlobalData said in a research report.
South Africa will be the main contributor, showing an increase of 34.7% yoy to 4.34 million ounces.
GlobalData is tracking six upcoming projects that are under construction and have a combined metal production capacity of over 600,000 ounces.
In 2020, global production was severely disrupted due to restrictions in the main producing countries, mainly in South Africa, where production fell by 25.8%. In addition, an accident occurred at the Anglo American Platinum converter plant, which resulted in the plant being closed for 90 days.
Global platinum production is estimated to be down 18% in 2020 to 4.944 million ounces due to the pandemic. Production in South Africa, the world's largest platinum producer, fell 25.8%, while production in Russia fell 3.1%.
COVID-19 also had a significant impact on global platinum demand in 2020. Last year, demand was 7.33 million ounces of platinum, down 13.6%, mainly due to lower demand from the automotive and jewelry industries, which fell 20% and 17%, respectively.
World reserves of platinum group metals in January 2021 amounted to 69 thousand tons. Of these, the largest share fell on South Africa - 63 thousand tons, which is equivalent to 90.9%, followed by Russia (2.3%) and Zimbabwe (0.7%).