Platinum (Pt, atomic number 78, CAS 7440-06-4) and iridium (Ir, atomic number 77, CAS 7439-88-5) are the catalyst metals of the PEM hydrogen economy, and hydrogen uses took 65,000 troy ounces (about 2.0 tonnes) of platinum in 2025, according to the World Platinum Investment Council's (WPIC) Platinum Quarterly Q1 2026. That is 0.8% of WPIC's 2025 platinum demand. Iridium is the tighter metal: a PEM electrolyzer needs about 400 kg per gigawatt, against world primary supply of about 7.1 t a year (Johnson Matthey, May 2026).
How Much Platinum Does the Hydrogen Economy Use?#
The hydrogen economy used about 65 koz (2.0 t) of platinum in 2025 in stationary fuel cells and electrolyzers, WPIC reports, with 69 koz (2.1 t) forecast for 2026. Both come from WPIC's "Hydrogen Stationary and Other" line (Metals Focus data), its hydrogen view of the platinum group metals market outside vehicles.
The automotive, industrial, jewelry and investment lines of the same accounts are summarized in the platinum group metals market overview.
Hydrogen Platinum Demand 2019 to 2026: The WPIC Series#
WPIC's hydrogen series rose from 13 koz in 2022 to 65 koz in 2025 and is forecast to rise 7% to 69 koz in 2026 (Platinum Quarterly Q1 2026, 18 May 2026). Before 2019, WPIC counted this demand inside "other industrial".
| Period | Platinum demand (koz) | Platinum (kg, derived) | Edition |
|---|---|---|---|
| 2019 | 29 | 902 | PQ Q1 2026 |
| 2020 | 28 | 871 | PQ Q1 2026 |
| 2021 | 17 | 529 | PQ Q1 2026 |
| 2022 | 13 | 404 | PQ Q1 2026 |
| 2023 | 22 | 684 | PQ Q1 2026 |
| 2024 | 40 | 1,244 | PQ Q1 2026 |
| 2025 | 65 | 2,022 | PQ Q1 2026 |
| 2026 forecast | 69 | 2,146 | PQ Q1 2026 |
| Quarters Q1'24 to Q4'24 | 7 / 8 / 11 / 13 | 218 / 249 / 342 / 404 | PQ Q1 2026 |
| Quarters Q1'25 to Q4'25 | 17 / 11 / 15 / 22 | 529 / 342 / 467 / 684 | PQ Q1 2026 |
| Quarter Q1'26 | 18 | 560 | PQ Q1 2026 |
T1. WPIC "Hydrogen Stationary and Other" (Metals Focus); excludes fuel cell vehicles.
Hydrogen platinum demand rose 9% year on year in Q1 2026, WPIC reports (T1's rounded quarters show 17 koz to 18 koz), but "proton exchange membrane (PEM) activity lacked scale and remained limited to small, containerised orders during the quarter." WPIC ties slower 2026 growth to timing: the next major policy milestone falls in 2030.
Why Fuel Cell Vehicle Platinum Counts as Automotive Demand#
Fuel cell vehicle platinum is booked under automotive demand, so WPIC's hydrogen line understates hydrogen-related platinum. A total that adds an FCEV estimate to the 65 koz has to name that convention. One million fuel cell cars at 30 g each would hold 30 t (964 koz), 11.4% of WPIC's 2025 demand of 8,431 koz (derived).
For scale, Johnson Matthey puts 2025 automotive platinum demand at 3,329 koz, 41.5% of its 8,019 koz total (JM basis). The autocatalyst side is covered on autocatalyst demand for platinum.
Hydrogen's Share of Total Platinum Demand#
Hydrogen took 0.8% of WPIC's 2025 platinum demand of 8,431 koz (Q1 2026 edition), and WPIC expects about 1% of 7,674 koz in 2026. Johnson Matthey's 8,019 koz uses another basis, so no share mixes the two. The sector split is tabulated on platinum demand by sector.
WPIC's Platinum Quarterly Q2 2026 (9 September 2026) revised 2025 to a deficit of over 1.4 Moz and forecasts a 265 koz surplus for 2026, "overwhelmingly due to investment outflows" (CEO Trevor Raymond). T1 stays on the Q1 edition until the Q2 hydrogen line is available.
Each year of the platinum market deficit is set out on platinum market deficit.
Why Do Fuel Cells and Electrolyzers Use Platinum Group Metals?#
Fuel cells and PEM electrolyzers use PGMs because platinum and iridium oxide are the only catalysts both active and corrosion-resistant enough in acidic membranes. A perfluorosulfonic acid membrane holds both electrodes near pH 0, where the nickel and cobalt catalysts of alkaline systems dissolve almost immediately.
| Device | Electrode | Reaction | Equation | PGM used |
|---|---|---|---|---|
| PEM fuel cell | Anode | Hydrogen oxidation (HOR) | H₂ → 2H⁺ + 2e⁻ | Platinum, small share |
| PEM fuel cell | Cathode | Oxygen reduction (ORR) | O₂ + 4H⁺ + 4e⁻ → 2H₂O | Platinum or platinum-cobalt alloy, most of the metal |
| PEM fuel cell | Whole cell | Overall | 2H₂ + O₂ → 2H₂O; 1.229 V reversible at 25 °C | |
| PEM electrolyzer | Anode | Oxygen evolution (OER) | 2H₂O → O₂ + 4H⁺ + 4e⁻ | Iridium oxide |
| PEM electrolyzer | Cathode | Hydrogen evolution (HER) | 2H⁺ + 2e⁻ → H₂ | Platinum on carbon |
| PEM electrolyzer | Transport layers, bipolar plates | None (corrosion protection) | n/a | Platinum coatings on titanium |
| PEM electrolyzer | Whole cell | Overall | 2H₂O → 2H₂ + O₂; 1.23 V minimum, 1.48 V thermoneutral, 1.7-2.0 V operating |
T2. US DOE (December 2024); WPIC glossary (Q1 2026).
Platinum at the Fuel Cell Cathode#
A PEM fuel cell's platinum sits mostly at the cathode, where the slow oxygen reduction reaction needs the most catalyst; the fast anode reaction needs little. The cathode is also where platinum is lost: dissolution is "a concern for the cathode catalyst and not a major concern for the anode catalyst" (D. A. Cullen et al., US national laboratories, "New roads and challenges for fuel cells in heavy-duty transportation", 2021).
The production cathode catalyst is platinum-cobalt on carbon: N. Ramaswamy and colleagues at General Motors measured 0.6 A/mgPt mass activity for disordered PtCo/C against 0.3 A/mgPt for annealed Pt/C (Journal of the Electrochemical Society, 3 February 2025). Catalyst designs are covered on platinum in fuel cells.
Iridium at the Electrolyzer Anode, Platinum at the Cathode#
A PEM electrolyzer uses iridium oxide at the anode and platinum at the cathode, plus platinum coatings on titanium transport layers and bipolar plates. The anode runs above 1.6 V at about pH 0 with evolving oxygen, where only iridium oxide combines commercial activity with dissolution resistance. The compound, CAS 12030-49-8, is profiled on iridium(IV) oxide.
WPIC's glossary confirms that "Transport layers are platinum-coated sintered porous titanium, and the bipolar plates would typically have platinum on with other metals." The coating stops titanium dioxide raising interfacial resistance (US DOE, Hydrogen Shot: Water Electrolysis Technology Assessment, December 2024).
On US DOE 2022 data relayed by the JCDREAM/CHARGE white paper, a PEM stack holds 0.45 kg of iridium and 0.26 kg of platinum per megawatt, about 1.7 to 1. Stack designs are compared on iridium and platinum in PEM electrolyzers.
Alkaline, AEM and Solid Oxide Electrolyzers: Nearly PGM-Free#
Alkaline, AEM and solid oxide electrolyzers contain essentially no PGMs, using nickel, steel or ceramic electrodes (US DOE, December 2024). The four architectures compare as follows.
| Electrolyzer type | Electrolyte | Operating temperature | PGM content | Share of installed capacity, end-2024 |
|---|---|---|---|---|
| Alkaline (AWE) | 20-30% KOH liquid | 60-90 °C | Essentially none (nickel, nickel alloys) | 60% (IEA) |
| PEM | Perfluorosulfonic acid polymer | 50-80 °C | Iridium anode, platinum cathode, platinum-coated titanium | Remaining 40% shared by PEM, AEM and SOEC (derived) |
| AEM | Anion-exchange polymer | 40-60 °C | Essentially none (nickel, stainless steel) | Included above |
| Solid oxide (SOEC) | Yttria-stabilized zirconia ceramic | 700-850 °C | None (Ni-YSZ and perovskite electrodes) | Included above |
T7. US DOE (December 2024); installed share from IEA Global Hydrogen Review 2025.
AEM carries the long-term risk to PEM's PGM demand, because it copies PEM's membrane design with nickel. The DOE says AEM "could ultimately achieve system costs lower than what is projected for PEM electrolyzers" but still needs "significant development to improve stability and performance."
How Much Platinum and Iridium per Vehicle and per Gigawatt?#
PGM loading is stated per square centimeter of electrode and per kilowatt, and mg/cm² means nothing without the power density: g/kW equals mg/cm² divided by W/cm². A 0.25 mg/cm² stack at 0.19 g/kW runs at 1.32 W/cm² (derived from DOE Record 11013). The term is defined on PGM loading.
| Era | Total PGM loading | Development |
|---|---|---|
| 1960s, NASA Gemini | 35 mg/cm² per electrode | Platinum pressed into the membrane |
| Mid-1980s | About 4 mg/cm² per electrode | Before ionomer impregnation |
| 1988, Raistrick (LANL) | 0.35 mg/cm² per electrode | Gas-diffusion electrode with solubilized ionomer |
| 1991, Wilson (LANL) | 0.13 mg/cm² per electrode | Catalyst ink and decal transfer |
| Mid-1990s, Ballard stacks | Under 1 mg/cm² total | Over 3,000 h on reformate |
| 2000s, 3M NSTF | 0.15 mg/cm² total, single cell | Carbon-free thin-film catalyst |
| 2011, 3M and GM short stack | 0.25 mg/cm² total, 0.19 g/kW | Beat the DOE 2010 target of 0.2 g/kW |
T3. Fuel cell PGM loading by era, US DOE Program Record 11013 (2 June 2011).
Fuel Cell Platinum Loading Since the 1960s#
DOE Program Record 11013 (J. Spendelow and D. Papageorgopoulos, 2 June 2011) records a two-orders-of-magnitude fall in fuel cell PGM loading, from 35 mg/cm² per electrode on NASA's Gemini to 0.19 g/kW in a 2011 3M and General Motors stack. In the record's words, loading "has decreased by 2 orders of magnitude since the 1960s and 1 order of magnitude since the mid-1980s."
The fall was not smooth. Los Alamos showed under 0.2 mg/cm² in the 1990s, yet "PEMFC developers continued to use higher PGM loadings throughout the 1990s and most of the 2000s to achieve good durability." Each round of thrifting trades metal cost against stack life.
Heavy-Duty Fuel Cells Hold More Platinum#
Truck fuel cells carry more platinum per cm² than car fuel cells because efficiency and 25,000-30,000 hour lifetimes outweigh metal cost. Cullen and co-authors (2021) contrast car loadings below 0.125 mg/cm² with about 0.3 mg/cm² for heavy-duty vehicles, a 2-3x step. The mechanism has five links (Cullen et al., 2021; Ramaswamy et al., 2025).
- Efficiency: over 50% needs about 0.7 V per cell or more.
- Area: higher voltage lowers power density, adding cm² per kW.
- Dissolution: high cathode potential over 25,000-30,000 h erodes platinum.
- Heat: operation above 90 °C speeds degradation.
- Result: more mg/cm² on more cm²/kW raises g/kW.
The US DOE heavy-duty target of 2.5 kW/gPt after 30,000 h equals 0.40 g Pt/kW, an end-of-test figure. At that rate a 150 kW city bus holds about 60 g of platinum and a 250-300 kW Class 8 truck about 100-120 g (derived). Vehicle-class data sit on fuel cell catalyst loadings.
Iridium per Gigawatt: 400 kg Today and the Thrifting Ladder#
A PEM electrolyzer needs about 400 kg of iridium per gigawatt today (12.86 koz/GW), per Johnson Matthey (16 November 2022) and WPIC (17 August 2023). The US DOE puts current anodes at about 2 mg Ir/cm², or 0.5-0.8 g Ir/kW (December 2024).
| Iridium loading | Iridium (koz per GW) | Status or timing | Claimant | Date of claim |
|---|---|---|---|---|
| 400 kg/GW | 12.86 | Today | Johnson Matthey; WPIC | 16 Nov 2022; 17 Aug 2023 |
| 300 kg/GW | 9.65 | Commercialized catalyst | Heraeus | 2023 |
| Under 100 kg/GW | under 3.22 | OEMs pre-marketing | WPIC | 17 Aug 2023 |
| 80 kg/GW | 2.57 | Feasible by 2030 | WPIC | 17 Aug 2023 |
| 30 kg/GW | 0.96 | By 2050 | WPIC | 17 Aug 2023 |
| 15 kg/GW | 0.48 | Long-term outlook | Heraeus (Dr Christian Gebauer) | 14 Nov 2023 |
| Platinum cathode: 260 kg/GW | 8.36 | 2022 status | US DOE via JCDREAM/CHARGE | 2022 data |
T4. Koz derived at 31.1035 g per troy ounce.
The DOE calls it "a major unknown" whether advanced materials and components "can provide the lifetimes required", above all under renewable start-stop duty. Anode designs are compared on PEM electrolyzers.
US DOE Electrolyzer PGM Targets#
The US DOE targets 0.1 g/kW total PGM by 2026 and 0.03 g/kW ultimately, against 0.8 g/kW in 2022, a cut of 87.5% and 96.3% (derived). The targets cover both electrodes combined; the DOE publishes no iridium-only figure.
| Parameter (PEM electrolysis) | 2022 status | 2026 target | Ultimate target |
|---|---|---|---|
| Total PGM content, mg/cm² | 3.0 | 0.5 | 0.125 |
| Total PGM content, g/kW | 0.8 | 0.1 | 0.03 |
| Cell performance | 2.0 A/cm² at 1.9 V | 3.0 A/cm² at 1.8 V | 3.0 A/cm² at 1.6 V |
| Stack efficiency, kWh/kg H₂ | 51 (65% LHV) | 48 (69% LHV) | 43 (77% LHV) |
| Stack lifetime, hours | 40,000 | 80,000 | 80,000 |
| Levelized hydrogen cost | over USD 3/kg | USD 2/kg (2026) | USD 1/kg (2031) |
T5. US DOE PEM electrolysis targets, Table 2 (December 2024).
The 2026 column is unmet at commercial scale: commercial anodes still carry about 2 mg of iridium per cm² alone, four times the 0.5 mg/cm² total target.
Is Iridium Supply a Bottleneck for Green Hydrogen?#
Iridium does not limit green hydrogen at today's deployment, but at 400 kg/GW it binds at about 15-25 GW of PEM a year. Electrolyzer additions of all technologies were about 0.6 GW in 2024 (IEA), so project economics, offtake and policy bind first. The iridium hydrogen bottleneck is a question about 2030 build rates.
Iridium Supply and Electrochemical Demand 2021 to 2026#
Johnson Matthey's PGM Market Report (14 May 2026) puts primary iridium supply at 229 koz (7.1 t) in 2025 and 2026, inside a 218-237 koz band since 2021. JM's "electrochemical" line also holds copper-foil and chlor-alkali electrodes, unsplit.
| Johnson Matthey iridium | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 forecast |
|---|---|---|---|---|---|---|
| Primary supply, koz | 235 | 218 | 229 | 237 | 229 | 229 |
| Primary supply, t | 7.3 | 6.8 | 7.1 | 7.4 | 7.1 | 7.1 |
| Electrochemical demand, koz | 82 | 88 | 120 | 94 | 100 | 109 |
| Electrochemical demand, t | 2.6 | 2.7 | 3.7 | 2.9 | 3.1 | 3.4 |
| Total demand, koz | 229 | 201 | 246 | 226 | 236 | 240 |
| Total demand, t | 7.2 | 6.2 | 7.7 | 7.0 | 7.3 | 7.5 |
| Balance (movement in stocks), koz | +6 | +17 | -17 | +11 | -7 | -11 |
T6. Johnson Matthey, PGM Market Report, 14 May 2026; demand net of closed-loop recycling.
JM expects 2026 to bring "the first significant demand for iridium in PEM electrolysis, as large green hydrogen projects in Germany and Portugal near completion". Supply history is on the iridium market page.
South Africa supplies more than 80% of world primary iridium (IPA/SFA, 2026); southern Africa as a whole accounts for up to about 95% (Johnson Matthey, 2022). The ore is covered on platinum mining in South Africa.
How Many Gigawatts One Year of Iridium Supply Can Build#
One year of iridium supply builds about 17.8 GW of PEM at 400 kg/GW if all of it went to hydrogen (derived from JM's 7.1 t for 2026). Real allocation is far smaller: JM's 2026 market is already 11 koz short.
| Iridium loading | GW/yr at 100% of supply | GW/yr at 25% | GW/yr at 10% |
|---|---|---|---|
| 400 kg/GW (today) | 17.8 | 4.4 | 1.8 |
| 300 kg/GW (Heraeus, 2023) | 23.7 | 5.9 | 2.4 |
| 100 kg/GW (near-term OEM) | 71.0 | 17.8 | 7.1 |
| 80 kg/GW (WPIC, 2030) | 88.8 | 22.2 | 8.9 |
T8. Derived: 7,100 kg (JM, 2026f) × share ÷ loading; not a forecast.
WPIC (17 August 2023) put about 20 GW of PEM commissioning in 2030 at about 250 koz of iridium, roughly one year of supply. Johnson Matthey (16 November 2022) put 80-100 GW of PEM by 2030, assuming a 40% PEM share of the electrolyzer market, at 30-40 t of iridium cumulatively, falling to 8-10 t after a 75% thrift.
The Counter-Case: Thrifting, Substitution and Recycling#
WPIC and Johnson Matthey state iridium will not bottleneck PEM growth, citing thrifting, substitution and recycling. WPIC: "Iridium availability is not a bottleneck to PEM electrolyser ramp-up" (2023). JM: "there will be sufficient iridium supply to support the required ramp-up in hydrogen demand" (16 November 2022). Their four arguments are listed below.
- Thrifting: 80-100 kg/GW (WPIC), a 75-80% cut.
- Substitution: freeing 20% of existing iridium demand by 2030 (about 45 koz a year) and 30% by 2040 (about 67 koz), per WPIC.
- End-of-life recycling: the US clean hydrogen roadmap aims for 99% PGM recycling from electrolyzers by the 2030s (cited by WPIC, August 2023), an aspiration.
- Closed-loop recycling: JM's demand is net of metal reused in the same application, so gross iridium in use exceeds T6.
Ruthenium as an Iridium Substitute#
Ruthenium oxide is more active than iridium oxide but dissolves at the anode, over-oxidizing to soluble, volatile RuO₄, and ruthenium faces a 216 koz deficit in 2026 (Johnson Matthey, May 2026). The oxide, CAS 12036-10-1, is profiled on ruthenium(IV) oxide.
Heraeus and Sibanye-Stillwater launched a ruthenium-iridium oxide catalyst on 14 November 2023 with an 85% iridium saving, Heraeus reports. Substitution moves demand to a 977 koz (30.4 t) supply market facing 1,193 koz of 2026 demand (JM), mined from the same South African and Russian ore bodies. Johnson Matthey also reports that Chinese export controls on ruthenium, imposed in February 2025, "may have intensified shortages in other regions."
Hydrogen Deployment Versus Government Targets#
Hydrogen deployment trails government targets: IEA's Global Hydrogen Review 2025 records targets of 190 GW of electrolysis and 1.2 million fuel cell electric vehicles (FCEVs) for 2030, adopted by the time of its 2022 edition, against almost 700 MW and just over 70,000 vehicles at end-2022.
Electrolyzer Capacity and Technology Share#
About 2 GW of water electrolysis was installed at end-2024, 60% of it PGM-free alkaline (IEA, Global Hydrogen Review 2025). Additions slowed to about 600 MW in 2024 from about 700 MW in 2023, and China held over half the installed base.
The pipeline is shrinking: potential 2030 low-emissions hydrogen output from announced projects fell for the first time, to 37 Mtpa from 49 Mtpa, with 9% at final investment decision; operational and FID projects give 4.2 Mtpa. About 190 GW a year of electrolyzer manufacturing capacity is announced for 2030, around 60% alkaline (IEA).
Fuel Cell Vehicles: Cars Decline, Chinese Trucks Grow#
Fuel cell car sales fell below 5,000 in 2024, while China's fuel cell truck stock grew 40% to about 15,000 (IEA, Global Hydrogen Review 2025). Four IEA data points show the split.
- Fuel cell cars: under 5,000 sold worldwide in 2024, still declining.
- South Korea: under 3,000 fuel cell car sales in 2024, about 40% below 2023 and 75% below 2022.
- Chinese fuel cell trucks: about 15,000 on the road in 2024, up 40% and five times the end-2020 level.
- Refueling stations: about 1,300 worldwide at end-2024 (over 500 in China); Japan's fell to about 160 in 2025, a low since 2020.
Chinese trucks are the growing FCEV segment, and their platinum counts as automotive demand, covered on China and the platinum market.
National Hydrogen Targets and Their Status#
National hydrogen targets cover six economies here: the EU, US, Japan, South Korea, China and India.
| Jurisdiction | Target | Instrument and date | Status |
|---|---|---|---|
| EU | 40 GW of electrolyzers by 2030 | EU Hydrogen Strategy, 2020 | About 340 MW installed at end-2024 against a 6 GW interim target for 2024 (IEA) |
| United States | Production credit up to USD 3.2/kg H₂ | Section 45V; final rules December 2024 and January 2025 | Incentive, not a capacity target |
| Japan | 3 Mtpa by 2030, 12 Mtpa by 2040, 20 Mtpa by 2050; about 15 GW of electrolyzers by Japanese-affiliated companies by 2030 | Basic Hydrogen Strategy, revised June 2023 | Refueling stations down to about 160 in 2025 (IEA) |
| South Korea | 6.2 million FCEVs by 2040 | Hydrogen Economy Roadmap, January 2019 | Under 3,000 fuel cell car sales in 2024 (IEA) |
| China | 50,000 FCEVs by end-2025 | 14th Five-Year Plan | Missed (IEA) |
| India | 5 Mtpa green hydrogen by 2030 | National Green Hydrogen Mission | No deployment status in the sources used here |
T10. IEA Global Hydrogen Review 2025 and national documents.
Platinum Demand Forecasts for Hydrogen to 2030#
WPIC forecasts hydrogen-linked platinum demand, FCEVs included, rising from about 90 koz a year to about 400 koz by 2030 (Edward Sterck, Director of Research, 22 May 2026), with "mid-double-digit growth rates" over five years. The 90 koz includes fuel cell vehicles, so it is not comparable with T1's 65 koz.
How WPIC's Hydrogen Forecasts Have Changed#
WPIC's forecasts moved lower and later: 476 koz by 2028 (15 August 2024) became about 400 koz by 2030 (22 May 2026).
| Date of forecast | WPIC figure | Scope | FCEVs included? |
|---|---|---|---|
| June 2023; 17 Aug 2023 | Over 500 koz a year within 10 years | PEM electrolyzers only | No |
| 15 Aug 2024 | 476 koz by 2028 (116 koz from European electrolyzers) | Hydrogen-linked demand | Not stated |
| Undated (WPIC hydrogen page) | Almost 900 koz by 2030, over 600 koz from fuel cells | Total hydrogen demand | Yes (mobility and stationary) |
| 22 May 2026 | About 400 koz by 2030, from about 90 koz | Hydrogen-linked demand | Yes |
T9. Each forecast has its own date and scope; none is a consensus.
The "almost 900 koz" figure still shown on WPIC's hydrogen page predates the May 2026 figure. Forecasts from other houses sit beside WPIC's on platinum price forecast.
Testing the Forecasts Against Loadings#
500 koz a year of platinum from PEM electrolyzers implies about 60 GW of PEM a year at 0.26 g Pt/kW (8.36 koz/GW, derived), against about 0.6 GW of all electrolyzer types added in 2024 (IEA), a 100-fold scale-up. Coating platinum, if WPIC counts it, lowers the implied GW; the gap stays wide.
The same build rate tests iridium. Sixty GW at 400 kg/GW needs 24 t of iridium a year, 3.4 times JM's 7.1 t of primary supply; at WPIC's 80 kg/GW it needs 4.8 t, or 68% of supply (derived).
Hydrogen Demand and Iridium, Ruthenium and Platinum Prices#
Iridium reached a record of about $8,000/oz in Q1 2026, Johnson Matthey reports, with PEM electrolysis only starting to add demand. JM calls iridium "by far the smallest and least liquid of the PGMs, so even relatively modest additional buying activity can cause significant volatility," expects further gains in copper-foil electrode demand, and warns that shortfalls "could be exacerbated by further strategic purchasing."
Hydrogen has moved the price without consuming metal. The 2021 spike to $6,300/oz was stockpiling, which JM books as a stock movement. The US Geological Survey (Mineral Commodity Summaries, February 2026) puts the 2025 average at $4,400/oz, down 9%, a fall that "may have been affected by increased production and the waning of investor enthusiasm in the hydrogen power market." Quotes are on iridium price today.
Ruthenium set a record of $1,750/oz on 13 March 2026 (Johnson Matthey base price). Ruthenium quotes are on ruthenium price today.
Hydrogen and PGMs: Technology, Markets, Policy and Data#
The hydrogen economy links three PGM markets (platinum, iridium and ruthenium) and two device families (fuel cells and electrolyzers). The pages behind these figures sit in the platinum group metals market section.
Fuel Cell and Electrolyzer Technology Pages#
Fuel cell and electrolyzer catalysts and loadings each have an applications page, listed below.
- Fuel cells: PtCo/C catalysts, the 0.19 g/kW record of 2011 and heavy-duty targets, on platinum in fuel cells.
- Electrolyzers: anode designs from 400 kg/GW toward 80 kg/GW, on iridium and platinum in PEM electrolyzers.
Iridium, Ruthenium and Platinum Markets#
Each hydrogen metal has a market page with its own supply base, listed below.
- Iridium: 229 koz (7.1 t) of primary supply in 2026 (JM), on the iridium market page.
- Ruthenium: 977 koz of 2026 supply against a 216 koz deficit (JM), on the ruthenium market page.
- Platinum: 8,431 koz of 2025 demand (WPIC), with hydrogen at 0.8% of it.
PGMs as EU Strategic Raw Materials for Hydrogen Equipment#
The EU lists PGMs as strategic and critical raw materials under Regulation (EU) 2024/1252, the Critical Raw Materials Act, in force since 23 May 2024. Article 24 names "equipment related to hydrogen production and utilisation" among the products whose large manufacturers Member States had to identify by 24 May 2025. Those companies must assess supply-chain risk at least every three years, mapping where their strategic raw materials, iridium and platinum included, are extracted, processed or recycled. A 2030 benchmark caps any single third country at 65% of EU consumption of each strategic raw material.
Hydrogen and PGM Market Updates#
The Daily Platinum Report flags new WPIC, JM and IEA hydrogen data on publication day. Current editions: WPIC Platinum Quarterly Q2 2026 (9 September 2026), JM PGM Market Report (14 May 2026), IEA Global Hydrogen Review 2025. Calendars are on PGM market reports.
Platinum and Hydrogen FAQ#
Six search questions on platinum and hydrogen are answered from the same sources.
What happens when platinum reacts with hydrogen?#
At a platinum surface, hydrogen splits into protons and electrons (H₂ → 2H⁺ + 2e⁻), the hydrogen oxidation reaction at a PEM fuel cell anode. Palladium behaves differently: it absorbs hydrogen into its lattice as a non-stoichiometric hydride, PdHx, the basis of palladium-silver hydrogen purification membranes. That compound is profiled on palladium hydride.
How long does a fuel cell stack last?#
A car fuel cell stack targets 5,000 hours of durability with cycling (US DOE 2020 target). US fuel cell transit buses averaged 13,236 hours, with some past 30,000 hours (Cullen et al., 2021), and DOE heavy-duty truck goals run to 25,000 hours interim and 30,000 hours ultimate. PEM electrolyzer stacks had a 40,000-hour lifetime status in 2022, with 80,000 hours targeted (DOE).
How much platinum is in a fuel cell car?#
A fuel cell car holds roughly 22-33 g of platinum at 0.19-0.25 g/kW and a 115-130 kW stack (derived). Toyota publishes no platinum figure for the Mirai, so any single number is an estimate. Heavy-duty vehicles hold more: about 60 g for a city bus.
Do rhodium and osmium have a role in hydrogen technology?#
Rhodium and osmium have no commercial role in fuel cells or electrolyzers. Rhodium appears in the hydrogen story only indirectly: high iridium and ruthenium prices "have made the alternative rhodium-catalysed Monsanto process more competitive" against the ruthenium-iridium Cativa acetic acid process (Johnson Matthey, May 2026).
Is hydrogen a reason to invest in platinum?#
Hydrogen is 0.8% of platinum demand (2025, WPIC), too small to set the price, and DailyPlatinum gives no investment advice. Listed PGM miners are compared on platinum stocks.
Bars, coins, ETFs and futures are compared on investing in platinum.
What are the symbols, atomic numbers and CAS numbers of platinum and iridium?#
Platinum is Pt, atomic number 78, CAS 7440-06-4, atomic mass 195.08; iridium is Ir, atomic number 77, CAS 7439-88-5, atomic mass 192.22. Element data for platinum (Pt), element 78 and iridium (Ir), element 77 sit on the metal pages.