Hydrogen electrolyzers and fuel-cell vehicles together are projected to consume 1.4 million ounces of platinum and 0.6 million ounces of iridium annually by 2030, according to Johnson Matthey's 2026 PGM Market Report.
The report highlights three structural tailwinds: regulatory mandates for green-hydrogen production in the EU, US Inflation Reduction Act subsidies for clean-hydrogen, and Japanese stationary fuel-cell deployment. Each segment is expected to compound at over 30% annually through the decade.
For platinum specifically, this hydrogen-related demand will partially offset the gradual decline in auto-catalyst usage as battery-electric vehicles gain share. Net-net, the report sees the platinum market in structural deficit through 2030.