Despite ongoing electrification trends, platinum demand from auto catalysts is expected to remain resilient through 2027, supported by hybrid vehicle penetration and substitution from palladium. The World Platinum Investment Council projects a market deficit of 0.6 million ounces this year.
Green-hydrogen projects are emerging as a meaningful new demand vector. Several gigawatt-scale electrolyzer plants under construction in Europe and the Middle East will consume platinum-based PEM membranes from 2027 onward.
South African producers, who account for over 70% of global supply, face renewed power-grid challenges, with Eskom load-shedding affecting smelter throughput in April.