Platinum demand is on the rise, driven by its pivotal role in hydrogen-based energy systems. As the world focuses on decarbonization efforts, hydrogen is emerging as a crucial energy source, leading to a surge in demand for platinum. The World Platinum Investment Council highlights the significant role of platinum in powering hydrogen technologies, particularly in proton exchange membrane (PEM) technologies essential for hydrogen production and utilization.
PEM electrolyzers, which produce hydrogen by splitting water molecules, rely on platinum as a catalyst. When powered by renewable energy, these systems generate green hydrogen, a clean fuel that can replace carbon-intensive fuels across various sectors. Additionally, PEM fuel cells, also dependent on platinum catalysts, convert hydrogen into electricity, emitting only water and heat. These fuel cells are utilized in fuel cell electric vehicles (FCEVs) and stationary power applications.
Hydrogen-powered FCEVs, such as trucks and buses, are at the forefront of the shift towards hydrogen-based transportation, offering longer driving ranges and faster refueling times compared to battery electric vehicles. The adoption of hydrogen-powered transport is expanding into rail, maritime, and aviation sectors, showcasing the versatility and potential of hydrogen as an energy source.
Platinum’s significance extends beyond transportation into stationary energy systems, where PEM fuel cells are increasingly used to provide backup or off-grid power for critical infrastructure. Sectors like data centers, telecommunications, and industrial facilities are turning to hydrogen fuel cells as a reliable, low-emission alternative to traditional diesel generators. Analysts project that demand for platinum in hydrogen-related applications could reach nearly 900,000 ounces by 2030, with PEM fuel cells accounting for over 600,000 ounces.
Governments worldwide are promoting hydrogen as a key component of their decarbonization strategies, with numerous countries adopting hydrogen policies or strategies. China is expected to lead the FCEV market, while Europe and North America are witnessing growth in hydrogen investments. The global shift towards hydrogen is forecast to attract over US$300 billion in investments by 2030, with platinum demand from fuel cells currently comprising 60% and expected to drive 11% of future platinum demand by 2030.
The World Platinum Investment Council emphasizes the critical role platinum plays in the hydrogen economy and its increasing demand due to the global transition towards cleaner energy sources. The infographic released by the Council underscores the growing market for platinum-based PEM technology and the expanding applications of platinum in various sectors, signaling a promising future for platinum investors amidst the hydrogen revolution.
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