The structural shift from palladium to platinum in gasoline catalysts accelerated to 742 koz in 2024, up from 669 koz in 2023. Platinum's price advantage drives automaker substitution.
WPIC forecasts 2026 automotive demand at 2.959 Moz, a modest 2% decline. Hybrid growth and tighter emissions standards maintain PGM loading.
The divergent outlook for Pt (deficit) and Pd (surplus) reinforces the substitution incentive.
Johnson Matthey notes tightening emissions regulations in Europe and US extend the lifespan of autocatalyst demand.
Current levels still favor platinum consideration in new catalyst designs. The substitution advantage may narrow as Pt prices rise.
Current levels still favor platinum consideration in new catalyst designs. The substitution advantage may narrow as Pt prices rise.