Page 24 - Bullion World Volume 4 Issue 7 January 2024

Bullion World | Volume 4 | Issue 7 | July 2024

Demand for platinum for use in Fuel cell electric A sustained market deficit
vehicle (FCEV) and stationary hydrogen fuel cells Constrained supply and healthy demand will keep
will outweigh demand losses from declining ICE the platinum market undersupplied over the coming
vehicles. years. We estimate the market deficit will widen
from 518koz to above 650koz in 2024 and 2025, a
• The World Platinum Investment Council estimates shortfall equal to nearly 8% of annual demand. The
platinum demand will increase from 40koz in 2023 widening deficit will gradually eat into above-ground
to 875koz by 2030 – approximately 50% of annual inventories, which currently hold enough to meet
demand growth. This will contribute more than 10% about 47% of annual demand.
to total platinum demand.
• While the market takes time to clear built-up
stock, the structural deficit should help reverse the
downtrend in platinum prices.

Platinum above-ground stocks

Platinum market balance

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