The World Platinum Investment Council (WPIC) predicts a growing platinum
deficit in 2024 due to increased automotive and industrial demands.
Automotive platinum demand is on track for a fourth consecutive yearly
rise.
In 2023, automotive platinum demand is expected to soar by 14%,
reaching a six-year high of 3,262 koz. This surge is fueled by global
vehicle production increases and stringent emissions regulations,
particularly in China. Platinum-for-palladium substitution is estimated
at about 620 koz this year.
For 2024, automotive demand is forecasted
to grow by 2% to 3,312 koz, propelled by tighter emissions legislation
and increased platinum-for-palladium substitution. Industrial demand,
expected to hit a record-high of 2,652 koz in 2023, may decrease by 11%
in 2024, primarily in the glass and chemical sectors.
