By: Investing news network

Platinum-group metals (PGMs) are essential to the global economy. The automotive industry is the world’s largest consumer of these metals.

On the supply side, the platinum market slides into a significant deficit in 2024, which extends into 2025 and is expected to continue into the next year. These fundamentals lead platinum prices to a 12 year high of US$1,495 per ounce on September 23, 2025.

Russia's ongoing war in Ukraine and electricity shortages in South Africa are expected to seriously hamper the ability of these nations to bring PGMs to market.

Below is a list of the five top producers in 2024, as per the latest data from the US Geological Survey.

1. South Africa

Platinum production: 120,000 kilograms

Palladium production: 72,000 kilograms

PGM reserves: 63 million kilograms

South Africa is the top of the list of the world’s top platinum producers. The country holds the largest-known reserves of PGMs globally, accounting for over 75 percent of known global reserves.

According to the US Geological Survey, 2024 production of PGMs in South Africa decreases compared with 2023 owing to declining prices, higher costs associated with deep-level mining, labor disputes, and ongoing disruptions to the supply of electricity.

2. Russia

Platinum production: 18,000 kilograms

Palladium production: 75,000 kilograms

PGM reserves: 16 million kilograms

Russia is the world's top palladium producer in 2024. While Russia holds its spot as the top palladium producer last year, its palladium production drops significantly from 2023. The USGS attributes the drop to disruptions from natural disasters, lower metal grades and ore recovery, ongoing issues related to the Russia-Ukraine conflict, and planned outages at a major metallurgical plant.

3. Zimbabwe

Platinum production: 19,000 kilograms

Palladium production: 15,000 kilograms

PGM reserves: 1.2 million kilograms

Zimbabwe is a major producer of both platinum and palladium. In January 2025, the Government of Zimbabwe officially implements a 5 percent levy on unbeneficiated platinum exports, which it had postponed to allow mining companies time to build refining capacity.

4. Canada

Platinum production: 5,200 kilograms

Palladium production: 15,000 kilograms

PGM reserves: 310,000 kilograms

Canada’s strong palladium production ties with Zimbabwe to make it the third highest producer globally in 2024. The country's palladium and platinum production are nearly both on par with the previous year.

5. United States

Platinum production: 2,000 kilograms

Palladium production: 8,000 kilograms

PGM reserves: 820,000 kilograms

The United States produces 8,000 kilograms of palladium in 2024 alongside 2,900 kilograms of platinum. Low palladium prices force Sibanye Stillwater to curtail production and layoff about 700 employees at its Stillwater Complex in Montana in 2024.

In response, on July 30, 2025, Sibanye Stillwater and related industry participants file antidumping and countervailing duty petitions with the US Department of Commerce and the US International Trade Commission (ITC) on imports of unwrought palladium from Russia. On September 18, the ITC determines there is a reasonable indication the industry is "materially injured" by the Russian imports, and commences the final phase of investigations.