Hybrid Vehicle Surge Provides Temporary Demand Buoy for Platinum

Hybrid vehicles, a surprise growth story in 2025-2026, now represent ~20% of global auto sales and require 10-20% higher PGM loadings than conventional ICEs. Hybrids have smaller, cooler-running engines needing higher catalyst loadings, creating an unexpected demand boost for platinum.

The hybrid surge provides a temporary 'buoy' for PGM demand, extending the autocatalyst consumption timeline. The EU's delay of its 2035 ICE ban further extends demand. Auto platinum demand remains resilient at 2.8-3.0 Moz/yr through 2025-2026.

WPIC and SFA Oxford note the BEV adoption timeline has been pushed back 3-5 years relative to 2023 projections. Combined with hydrogen economy and investment demand, this creates a multi-year window where platinum demand exceeds structurally constrained supply.