Hydrogen-related Pt demand rose 9% YoY in Q1 2026 per WPIC, supported by electrolyzer and fuel cell deployment. A 10 MW alkaline project in South Korea demonstrates scaling progress.
WPIC forecasts hydrogen Pt uptake to reach 875-900 koz by 2030, a structural demand driver partially offsetting ICE decline.
Plug Power's data center fuel cell sale opens a new demand channel for platinum in backup power.
Bank of America raised its 2026 price forecast to ~$2,450/oz, citing persistent deficits and investor rotation from gold.
The hydrogen story is a long-term structural tailwind not fully priced into current levels.
What this means for buyers
The hydrogen story is a long-term structural tailwind not fully priced into current levels.