Autocatalyst demand for platinum is strengthening as the palladium-to-platinum substitution trend continues. The wide price differential between palladium at approximately $814/oz and platinum has incentivized automakers to reformulate catalytic converter recipes in favor of platinum, reversing historical norms.
Diesel vehicle market share, while declining in passenger cars, remains significant in commercial vehicles, trucks, and off-highway machinery where diesel engines dominate. Platinum is the primary catalytic metal for diesel oxidation catalysts, providing a stable demand base.
The hydrogen economy is an emerging demand channel with significant growth potential. Proton exchange membrane (PEM) electrolyzers, which require platinum catalysts for green hydrogen production, are scaling rapidly as hydrogen projects reach final investment decisions globally. PEM fuel cells for heavy-duty transport also consume platinum.
While hydrogen economy demand is currently small relative to autocatalysts and jewelry, growth rates are substantial. PEM electrolyzer installations grew 40 percent year-on-year in 2025, with similar growth expected in 2026 as hydrogen production tax credits and regulatory mandates drive project deployment in Europe, North America, and Asia.