Global production volume of leading mineral commodities 2023

In 2023, the production of iron ore far outpaced any other mineral commodity worldwide, specially platinum, which stood at the bottom of the list. This disparity of iron-ore standing at 2.5 billion metric tons as compared to platinum at 180 metric tons stems from distinct end-markets and supply chain dynamics.

 Industrial cornerstone vs. precious commodity

 Iron ore’s dominance as the cornerstone of industrialization contrasts starkly with platinum, a precious metal with diverse applications, but with a much smaller niche market. The steel industry is reliant on iron-ore, to meet the robust demand in the construction sector, especially with rapidly expanding urban areas with demand for new infrastructure. While iron-ore is available widely across the globe, Australia is one of the largest exporters of iron ore, with a value of 91 billion U.S. dollars.

 Applications of platinum

Meanwhile, platinum has more niche applications, predominantly in the automotive industry for catalysts, jewelry, and electronics. One of the limiting factors for production of platinum is availability across the world. With limited supplies, the mineral has a very high value in the market. The availability factor has influenced the strategic decisions of industries reliant on these minerals, especially in the automotive sector, which is seeing a paradigm shift from internal combustion engines to electric vehicles across the globe.