Precious metals intelligence

Platinum and the Hydrogen Economy

Platinum’s long-term demand story increasingly leans on hydrogen — PEM electrolyzers, fuel-cell vehicles, and stationary fuel cells.

Where platinum sits

PEM electrolyzers and PEM fuel cells both use platinum group metals as catalysts. Buildout pace depends on green hydrogen economics and subsidy regimes.

Demand scale

Hydrogen demand for platinum is small today but scales meaningfully under aggressive deployment scenarios. WPIC and Heraeus publish scenario projections.

Substitution risk

Active research targets lower-platinum or platinum-free catalysts. Substitution is technically hard but well-funded. Treat hydrogen demand as a long option rather than a guaranteed multiplier.

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