Platinum demand from the automotive sector is declining much more slowly than feared. The WPIC projects 2,959 koz of offtake in 2026, a decline of just 2% from 2025, as hybrid vehicles — which require platinum-group metals in catalytic converters — continue to capture market share globally.
Hybrid vehicles now represent approximately 28% of global new car sales, up from 24% in 2025. Consumer preference for hybrids as a transition technology has proven more durable than industry forecasts anticipated. Full hybrids use 30-50% more PGM loading than conventional ICE vehicles due to their dual power systems and stricter emission controls.
The implementation of Euro 7 emissions standards across Europe, alongside equivalent tightening in China (China 7) and India (Bharat Stage VII), is increasing PGM loadings per vehicle. These standards impose stricter limits on NOx and particulate emissions, requiring higher catalytic converter efficiency that platinum provides.
Battery electric vehicles have reached 22% market share globally, up from 19% in 2025, but the pace of BEV adoption has slowed as infrastructure bottlenecks, charging standardization issues, and consumer range anxiety persist. The ICE + hybrid share of 78% provides a multi-year demand runway for platinum.
The slower-than-expected auto demand decline gives procurement teams more time to adapt platinum sourcing strategies. The 2% demand decline is manageable within existing supply contracts. Focus on hybrid-heavy OEM supply chains, which will require higher platinum volumes than ICE-only lines.