Platinum
Platinum combines extraordinary catalytic activity with chemical inertness. Diesel autocatalysts, nitric-acid and silicone manufacture, and jewellery account for three-quarters of demand today, but PEM fuel-cell stacks and PEM electrolysers for green hydrogen represent the fastest-growing pull. Mine supply is heavily South-African; recycling from spent autocats already covers ~25 % and will keep climbing as EV drivetrain penetration reshapes end-of-life flows.
Supply Dynamics
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South Africa’s Bushveld delivers ~70 %; electricity load-shedding and mine depth raise cost curve.
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Russia and Zimbabwe add smaller but strategically vital tonnes.
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Autocat recycling ramps as ICE vehicle parc ages; higher Pt loadings in heavy-duty diesels add scrap value.
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New Canadian (Marathon) and Australian (West Musgrave) PGM projects provide limited Pt tonnes.
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Electrolyser OEMs explore thrifting and alloying but still require high-purity sponge feed.
Demand Dynamics
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Diesel and hybrid exhaust after-treatment still the single largest use, but declining in Europe.
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Green-hydrogen electrolyser roll-outs (PEM) forecast >15 % CAGR Pt demand through 2030.
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Jewellery demand rebounds with Asian middle-class wealth but remains price-sensitive.
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Petro-chem catalysts (reforming, fertilizers) offer steady, process-critical offtake.
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Investors view Pt as a substitute hedge vs. palladium, influencing ETF swings.