Hydrogen and fuel cells currently represent less than 2pc of annual platinum demand
Hydrogen represents growing share of platinum demand
Securing supply of iridium and platinum will become increasingly important as sector grows
Demand for platinum for electrolysers will increase sevenfold this year, while demand from stationary fuel-cell applications will increase by 34pc, according to preliminary figures from the Platinum Quarterly report prepared for trade group the World Platinum Investment Council (WPIC) by consultancy Metals Focus. The report does not yet break out actual demand figures from the electrolyser and fuel-cell industry as these still form a small share of demand—less than 6pc of overall industrial demand and less than 2pc of total global annual demand. The automotive sector represents by the largest tranche of demand for platinum, followed by the industrial and jewellery sectors. Despite the small
Also in this section
25 February 2026
Low-carbon hydrogen and ammonia development is advancing much more slowly and unevenly than once expected, with high costs and policy uncertainty thinning investment. Meanwhile, surging energy demand is reinforcing the role of natural gas and LNG as the backbone of the global energy system, panellists at LNG2026 said
18 February 2026
Norwegian energy company has dropped a major hydrogen project and paused its CCS expansion plans as demand fails to materialise
4 February 2026
Europe’s largest electrolyser manufacturers are losing patience with policymakers as sluggish growth in the green hydrogen sector undermines their decision to expand production capacity
2 February 2026
As a fertiliser feedstock, it is indispensable, but ammonia’s potential as a carbon-free energy carrier is also making it central to global decarbonisation strategies
