Platinum demand looks set for steady growth over the next 10 years, driven mainly by green energy tech like fuel cells and hydrogen production, alongside steady industrial uses. In Northern America, the market could hit 21,000 tons by 2035, up at a 3.6 percent yearly rate from now, with a total value near 735 billion dollars, as Canada leads in supply and the US handles most trade flowshttps://www.indexbox.io/blog/platinum-northern-america-market-overview-2024-4/.
One big driver is the push for clean energy. Fuel cell catalysts, where platinum plays a key role, are expected to see US demand rise from 0.15 billion dollars in 2025 to 0.32 billion by 2035, growing at 7.9 percent a year. Platinum-based types will hold over half the market at 52 percent, especially in cars, trucks, and power systems that run on hydrogenhttps://www.factmr.com/report/united-states-fuel-cell-catalysthttps://www.openpr.com/news/4317183/executive-report-future-of-the-global-fuel-cell-catalyst-in-usa. This fits with wider trends, as countries like the UK plan to ramp up critical minerals for low-carbon tech, with global needs soaring for batteries, electrolysers, and morehttps://www.gov.uk/government/publications/uk-critical-minerals-strategy/vision-2035-critical-minerals-strategy.
Hydrogen tech adds more pull. Electrolyser parts for splitting water into hydrogen are forecast to top 10 billion dollars globally by 2036, and platinum helps in some key components, boosting overall needshttps://www.idtechex.com/en/research-article/the-market-for-electrolyser-components-will-exceed-us-10b-by-2036/34168. Platinum counts as a critical mineral in US policy lists from 2025, key for tech from defense to renewableshttps://www.congress.gov/crs-product/R47982.
Supply worries could tighten things. Recent price jumps of 18 percent show markets reacting to mine limits, low recycling, and strong buys from places like Chinahttps://www.indexbox.io/blog/gold-holds-near-record-high-as-platinum-surges-18-in-rally/. Efforts to cut platinum use, like low-platinum mixes or recycling from old catalysts, aim to ease shortages, but demand from autos and power stays firmhttps://www.openpr.com/news/4317183/executive-report-future-of-the-global-fuel-cell-catalyst-in-usa.
Jewelry and investment might add ups and downs, but green shifts look like the main force. Northern America leads with Canada at 76 percent of volume and the US moving nearly all imports and exports, setting up balanced regional growthhttps://www.indexbox.io/blog/platinum-northern-america-market-overview-2024-4/.
Sources
https://www.indexbox.io/blog/platinum-northern-america-market-overview-2024-4/
https://www.gov.uk/government/publications/uk-critical-minerals-strategy/vision-2035-critical-minerals-strategy
https://www.factmr.com/report/united-states-fuel-cell-catalyst
https://www.openpr.com/news/4317183/executive-report-future-of-the-global-fuel-cell-catalyst-in-usa
https://www.indexbox.io/blog/gold-holds-near-record-high-as-platinum-surges-18-in-rally/
https://www.congress.gov/crs-product/R47982
https://www.idtechex.com/en/research-article/the-market-for-electrolyser-components-will-exceed-us-10b-by-2036/34168