Platinum Demand Growth Projections
Platinum plays a key role in cars, jewelry, industry, and new tech like hydrogen fuel cells. Experts track how much demand might grow or shrink each year based on market trends. Right now, the picture shows some ups and downs ahead.
In 2025, total platinum demand is set to drop by 5 percent from last year, down to about 7.8 million ounces. This comes from weaker needs in industry and cars, with industrial use falling a sharp 22 percent. Check the latest from the World Platinum Investment Council in their Q3 2025 report at https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf. Even with this dip, investment demand looks strong, up 6 percent to 742,000 ounces, thanks to more holdings in exchange-traded funds.
Supply struggles too, falling 2 percent to 7.1 million ounces in 2025. Mining output drops 5 percent as companies can’t keep drawing from extra stockpiles like they did before. Recycling rises 7 percent from higher prices, but it does not make up the gap. This leads to a market shortage of 692,000 ounces, or 9 percent of yearly demand. Details match reports from PR Newswire at https://www.prnewswire.com/news-releases/platinum-market-to-end-2025-with-692-koz-deficit-potential-easing-of-tariff-fears-leads-to-a-more-balanced-platinum-market-in-2026-302619223.html.
Looking to 2026, demand starts to pick up. Automotive use could grow 9 percent after the 2025 slowdown. Overall, supply rises with more mining and 10 percent higher recycling from old car parts and jewelry. This shifts the market toward balance, with just a tiny surplus of 20,000 ounces. The WPIC quarterly notes this outlook at https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf.
Longer term, growth shines in hydrogen energy. Platinum demand there could jump 875,000 to 900,000 ounces by 2030, outpacing other areas. China helps drive this by naming platinum a key mineral, boosting imports for energy shifts since they make almost none at home. CME Group highlights this trend at https://www.streetwisereports.com/article/2025/12/15/platinums-impressive-ascent-could-continue-through-2026.html.
Jewelry and trading activity add to the mix. Recycling from jewelry grew in late 2025, and futures trading hit records with 22 percent more volume. These signs point to steady interest even amid short-term dips.
Sources
https://platinuminvestment.com/files/954835/WPIC_Platinum_Quarterly_Q3_2025.pdf
https://www.streetwisereports.com/article/2025/12/15/platinums-impressive-ascent-could-continue-through-2026.html
https://www.litefinance.org/blog/analysts-opinions/platinum-price-prediction-and-forecast/
https://www.prnewswire.com/news-releases/platinum-market-to-end-2025-with-692-koz-deficit-potential-easing-of-tariff-fears-leads-to-a-more-balanced-platinum-market-in-2026-302619223.html
https://goldinvest.de/en/platinum-price-soaring-why-the-wpic-sees-little-relief/
https://www.miningweekly.com/article/balanced-2026-platinum-market-forecast-dependent-on-global-trade-tension-let-up-2025-11-18
https://www.kitco.com/news/article/2025-11-19/balanced-platinum-market-2026-wont-fix-fundamental-long-term-issues-wpic