WPIC identifies 2026 as an inflection year for platinum demand from the hydrogen economy, as large-scale projects in Europe and the Middle East move from planning to commercial operation. Platinum is critical in PEM electrolysers and fuel cells.
WPIC estimates hydrogen applications generated ~500K oz of incremental PGM demand in the past 12-24 months. No single technology has emerged as a 'silver bullet', but the collective impact reshapes platinum from a single-use autocatalyst metal into a multi-application industrial material.
Demand diversification occurs alongside supply constraints. South Africa's aging shafts, rising costs, and infrastructure issues limit output. Combined with investment demand (+65% YoY) and resilient auto consumption, demand exceeds available supply, supporting WPIC's deficit view through 2029.