Platinum group metals in transition

Summary: This report is structured in two parts. Part 1 looks into the contribution of PGMs to the South African economy, including their contribution to employment and export sales, their role in the energy transition, and the just transition implications of a structural decline in the supply of PGMs. Part 2 explores the evolving demand landscape, with a particular focus on the automotive industry, and considers what alternative and emerging demand options might mean for the future of PGM demand.

Key findings: The research makes clear that the future of PGMs will not be driven by any single market, but rather it will be shaped by a broad range of applications, including established sectors such as jewellery, which will continue to play a significant role in sustaining future PGM demand. A key limitation is that the analysis excludes detailed evaluation of other promising applications within the nascent hydrogen economy. Potential
future demand from PEM electrolysers for green hydrogen production, as well as from fuel cells deployed in rail, maritime, and stationary applications, could represent a new market for platinum. Should these technologies scale significantly, they could substantially alter the long-term platinum
demand landscape, presenting an important avenue for further research.

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