Platinum demand totalled 8,431 koz in 2025 on the WPIC/Metals Focus basis, or 8,019 koz on Johnson Matthey's basis, split across automotive, industrial, jewelry and investment use. Which sector matters most depends on the forecaster: WPIC (using Metals Focus data), Johnson Matthey, SFA (Oxford) and BASF draw category boundaries differently and published four separate 2025 estimates within the same week of May 2026. This page sets those forecasts side by side by sector, tracks the 2021 to 2026 trend, and explains why the 2025 deficit estimates ranged from 581 koz to over 1.4 million ounces.
What Is Platinum Demand?#
Platinum demand comes from four sectors: automotive catalysts, industrial processes, jewelry fabrication and investment. Each sector draws on the same mined and recycled supply that the platinum group metals market tracks as a whole, but each answers to a different driver: emissions rules for automotive, output for industrial, fashion and the gold-platinum price gap for jewelry, and portfolio flows for investment. The four sectors are listed below.
- Automotive catalysts: platinum in diesel oxidation catalysts, three-way catalysts and other emission-control systems for cars, trucks and non-road machinery.
- Industrial processes: platinum in chemical catalysis, petroleum refining, glass manufacture, electrical contacts and medical and dental devices.
- Jewelry fabrication: the first transformation of unwrought platinum into rings, chains and other finished pieces, typically Pt950.
- Investment: platinum bought and held as bars, coins, exchange-traded fund shares or exchange warehouse stock.
Automotive Demand#
Automotive demand is platinum's largest single use, at 3,329 koz in 2025 on Johnson Matthey's basis, almost entirely for catalytic converters. That is 41.5% of Johnson Matthey's 8,019 koz total demand; WPIC/Metals Focus records a lower 3,031 koz, partly because it books non-road mobile machinery inside industrial rather than automotive. Platinum oxidizes carbon monoxide and unburned hydrocarbons in a catalytic converter, mostly in diesel engines, while palladium and rhodium dominate gasoline systems. Battery-electric vehicles need no platinum, a substitution risk covered under electric vehicles and PGM demand. Loadings and the diesel-versus-gasoline split sit on platinum autocatalyst demand; the wider role of all three metals is on PGMs in autocatalysts.
Industrial Demand#
Industrial demand covers chemical, petroleum, glass, electrical and medical uses, totaling 2,627 koz in 2025 on Johnson Matthey's basis, or 2,049 koz on WPIC/Metals Focus's narrower definition. Glass production swings this total sharply from year to year, since platinum-rhodium alloy bushings and stirrers that draw molten glass are replaced only periodically, so a wave of new furnace capacity shows up as a demand spike, not steady growth. Chemical catalysis, petroleum reforming and medical and dental devices add smaller, steadier demand. The full set of platinum's industrial roles is on uses of platinum group metals; the sector's own drivers sit on industrial platinum demand.
Jewelry Demand#
Jewelry demand is the first transformation of unwrought platinum into semi-finished or finished jewelry, measured at 2,214 koz in 2025 (Metals Focus, via WPIC) or 1,507 koz (Johnson Matthey), a 719 koz gap driven by differing regional-allocation rules. Metals Focus counts the metal where it is first transformed; Johnson Matthey counts it where the jewelry is manufactured, and the gap widens when newly rotated jewelry is later melted back into industrial supply, as happened in China in 2025. India and China are platinum's two largest jewelry-fabrication markets, tracked by country on platinum jewelry demand.
Investment Demand#
Investment demand adds together four lines: bar and coin purchases, China bars of 500 g or more, ETF holdings and exchange stock changes. WPIC/Metals Focus recorded 1,136 koz of investment demand in 2025, the largest single swing among the four categories, while Johnson Matthey's narrower 556 koz figure excludes changes in exchange stock holdings entirely. The size and direction of this line usually decides whether the annual platinum balance reads as a large deficit or a much smaller one; the full breakdown by product is on platinum investment demand.
Platinum Demand by Sector, 2021 to 2026#
Platinum's four demand sectors moved between 6,657 koz and 8,431 koz of total demand from 2021 to 2026, on Johnson Matthey's and WPIC/Metals Focus's published tables. At London Platinum Week 2026, Johnson Matthey, SFA (Oxford), BASF and WPIC (using Metals Focus data) released updated 2025 and 2026 estimates in the same week, and WPIC published them side by side, reproduced below.
| Sector | WPIC/MF 2025 | JM 2025 | SFA 2025 | BASF 2025 | WPIC/MF 2026f | JM 2026f | SFA 2026f | BASF 2026f |
|---|---|---|---|---|---|---|---|---|
| Automotive | 3,031 | 3,329 | 3,395 | 3,688 | 2,959 | 3,226 | 3,215 | 3,514 |
| Jewelry | 2,214 | 1,507 | 1,495 | 1,660 | 1,958 | 1,349 | 1,445 | 1,542 |
| Industrial | 2,049 | 2,627 | 2,535 | 2,073 | 2,238 | 2,656 | 2,275 | 2,036 |
| Investment | 1,136 | 556* | N/A** | N/A** | 519 | 171* | N/A** | N/A** |
| Total demand | 8,431 | 8,019 | 7,425 | 7,421 | 7,674 | 7,402 | 6,935 | 7,092 |
*Johnson Matthey excludes exchange stock changes. *SFA and BASF exclude all investment. Source: WPIC Platinum Perspectives, 29 May 2026.
Jewelry demand carries the widest spread, 1,495 koz (SFA) to 2,214 koz (Metals Focus) in 2025, a 719 koz gap equal to 48.1% of the low estimate. Automotive demand spans a narrower 657 koz range, from 3,031 koz (Metals Focus) to 3,688 koz (BASF).
Johnson Matthey's own series, below, tracks all four sectors from 2021 through its 2026 forecast on one internally consistent basis.
| Year | Automotive | Jewelry | Industrial | Investment | Total demand |
|---|---|---|---|---|---|
| 2021 | 2,409 | 1,468 | 2,781 | -1 | 6,657 |
| 2022 | 2,742 | 1,401 | 3,005 | -475 | 6,673 |
| 2023 | 3,356 | 1,372 | 2,912 | 179 | 7,819 |
| 2024 | 3,389 | 1,380 | 2,490 | 523 | 7,782 |
| 2025 | 3,329 | 1,507 | 2,627 | 556 | 8,019 |
| 2026f | 3,226 | 1,349 | 2,656 | 171 | 7,402 |
Industrial includes chemical, dental, electrical, glass, petroleum and pollution control. Source: Johnson Matthey, May 2026.
Is Platinum in High Demand? Supply and Demand Balance#
Platinum ran a deficit of over 1.4 million ounces in 2025, later revised from an earlier 1,191 koz estimate, according to WPIC's Platinum Quarterly of 9 September 2026. That revision uses the same WPIC/Metals Focus basis, not a new methodology, and marks platinum's third consecutive annual deficit. Investment demand explains most of the original estimate: an estimated 95% of the 1,191 koz WPIC/Metals Focus deficit traces to bar and coin buying, China bars, ETF holdings and exchange stock movements, a WPIC-derived split, not a claim that investment caused the whole deficit. Stripping investment out of all four forecasters' 2025 figures narrows the gap sharply, shown below.
| Forecaster | 2025 balance | 2026f balance | 2025 balance, ex-investment (derived) |
|---|---|---|---|
| WPIC/Metals Focus | -1,191 koz (revised to over -1,400 koz, 9 Sep 2026) | +265 koz (revised, 9 Sep 2026) | -55 koz |
| Johnson Matthey | -915 koz | -371 koz | -359 koz |
| SFA (Oxford) | -650 koz | -255 koz | -650 koz (already ex-investment) |
| BASF | -581 koz | -219 koz | -581 koz (already ex-investment) |
Original figures: WPIC Platinum Perspectives, 29 May 2026. WPIC/Metals Focus revisions: WPIC Platinum Quarterly Q2 2026, 9 September 2026.
On that physical-only basis, Metals Focus shows platinum only 55 koz short of balance in 2025, while SFA and BASF, which exclude investment entirely, already report deficits of 650 koz and 581 koz. Deficit size, causes and duration have their own page at platinum market deficit.
Why Platinum Demand Forecasts Disagree#
Platinum demand forecasts disagree mainly because WPIC/Metals Focus counts investment flows, including exchange stocks, inside demand, while SFA and BASF exclude investment entirely, and Johnson Matthey counts some but not all of it. Three further category-boundary choices widen the gap, listed below.
- Non-road mobile machinery: Johnson Matthey books it inside industrial "pollution control," roughly 250 to 280 koz a year, while WPIC and Metals Focus book it inside automotive.
- Jewelry allocation: Metals Focus counts unwrought metal where first transformed; Johnson Matthey counts it where manufactured, a 719 koz gap in 2025.
- Recycling growth: the four forecasters project 2026 recycling growth from 1.7% to 13.7% year on year, widening the supply side of the same disagreement.
Averaging the four totals would hide these causes, so this page names each forecaster and its publication date wherever it cites a figure.
Platinum Demand Forecast: WPIC's Five-Year Outlook to 2030#
WPIC's five-year outlook, published 11 June 2026, forecasts platinum deficits averaging 331 koz a year from 2026 to 2030, after the 265 koz surplus now forecast for 2026 itself. WPIC's 9 September 2026 Quarterly revises 2026 sector growth to jewelry down 15%, industrial up 5% and automotive down 4%. The five annual balance figures and their assumptions follow.
| Year | Balance (koz) | Key assumption behind the outlook |
|---|---|---|
| 2026f | +265 (surplus) | Driven by 83 koz of forecast net disinvestment, reversing the 519 koz net inflow forecast in Q1 2026 |
| 2027f | -368 | BEV share of global LDV production rising toward 28% by 2030 |
| 2028f | -268 | Global LDV production rising toward 99 million units by 2030 |
| 2029f | -227 | Platinum supply CAGR +0.6%, 2025-2030f |
| 2030f | -494 | Platinum demand CAGR -1.2%, 2025-2030f |
Average deficit, 2026f-2030f: 331 koz a year. Source: WPIC Platinum Essentials, 11 June 2026; 2026f revised by WPIC Platinum Quarterly Q2 2026, 9 September 2026.
WPIC builds mine supply from public company guidance and models demand in-house, using global light-duty-vehicle production rising from 93 million units in 2025 to 99 million by 2030, with battery-electric vehicles growing from 16% to 28% of that market. WPIC flags the outlook as more sensitive to mine supply than to any single demand assumption: a 5% change in total mine supply alone would move the annual balance by an average of 275 koz, larger than most of the five forecast deficits.
Platinum Demand by Country: China's Growing Share#
China is platinum's largest jewelry-fabrication market and a growing source of investment bar demand, alongside India as the other major fabrication center. China's platinum trade also runs through its own onshore futures market: the Guangzhou Futures Exchange launched physically settled platinum futures on 27 November 2025, priced in yuan per gram, according to the World Platinum Investment Council. Country-level import, jewelry and investment detail for China sits on china and the platinum market.
Track Platinum Supply, Deficit and Price#
Platinum demand is one half of the supply-demand balance that sets the platinum price, and the sections below connect demand to the supply, deficit and price pages that complete that picture.
Platinum Supply: Mine Output and Recycling#
Platinum supply comes from mine output and recycling, with South Africa alone refining more platinum most years than every other producing country combined. Mine output, recycling volumes and the countries behind each are detailed on platinum supply.
The Platinum Market Deficit#
The platinum market deficit has its own dedicated size, cause and duration page. That page, platinum market deficit, breaks the multi-year deficit and surplus history down by cause since 2016.
Platinum vs Palladium Demand#
Palladium's demand is overwhelmingly automotive, at 8,227 of 10,140 koz total demand in 2025 (81%, Johnson Matthey), against platinum's much smaller 41.5% automotive share on the same Johnson Matthey basis. The two metals substitute for each other in gasoline and diesel catalysts as their relative prices move, a dynamic tracked on platinum-palladium substitution, and the wider platinum vs palladium demand comparison sits on its own page.
Platinum Price Today#
Platinum's spot price today reflects the balance of this demand against available supply, updated continuously rather than on the same monthly or quarterly cycle as the demand figures above. Live spot pricing, by weight and currency, is on platinum price today.
Investing in Platinum#
Investors who want exposure to platinum demand can buy bars, coins, ETFs or mining stocks. These routes make up platinum investment demand, listed below with what each involves.
- Bars and coins: physical bullion held directly or through a dealer.
- ETFs: exchange-traded fund shares backed by vaulted platinum.
- Mining stocks: equity in platinum producers.
- Futures: exchange-traded contracts settled in platinum.
Costs and considerations for each are compared on investing in platinum.
Platinum Demand FAQ#
Is platinum in high demand?#
Platinum demand was 8,431 koz in 2025 on the WPIC/Metals Focus basis, or 8,019 koz on Johnson Matthey's basis, against a market that ran a deficit on both organizations' figures. Demand fell short of supply for a third consecutive year, pointing to continued tightness rather than a sudden easing.
Is there a platinum shortage?#
Platinum ran a deficit of over 1.4 million ounces in 2025, its third consecutive annual deficit, according to WPIC's Platinum Quarterly of 9 September 2026. WPIC nonetheless forecasts a 265,000-ounce surplus for 2026, so the shortage is not guaranteed to persist.
Why do WPIC, Johnson Matthey, SFA and BASF report different demand figures?#
WPIC, Johnson Matthey, SFA and BASF define supply, demand and category boundaries differently, producing 2025 deficit estimates from 581 koz to 1,191 koz for the same year. The largest cause is whether investment flows count as demand; the next largest is where non-road machinery and newly fabricated jewelry get counted.
What are platinum's symbol, atomic number and CAS number?#
Platinum carries the symbol Pt, atomic number 78 and CAS number 7440-06-4. Its properties, isotopes and full identity data are covered on platinum (Pt), element 78.