WPIC expects platinum market to remain in deficit through 2029

WPIC expects platinum market to remain in deficit through 2029f, averaging 672 koz pa from 2026 to 2029, or ~ 8% of demand.

Expect deficits in Palladium to 2027f (previously 2025f) before market surpluses emerge from 2028f.

The themes previously highlighted are persisting.

Investment demand: forecasts stable growth of ~150 koz off 2024 levels for platinum, using 10-year historic averages.

Automotive sector: slowing demand growth in light vehicle electrification is entrenched. Accordingly, WPIC expects a long tail in automotive platinum group metals (PGM) demand, with modest erosion of -1.4% CAGR for platinum and -1.0% CAGR for palladium through 2029f. Updated automotive outlook includes a deferred fuel cell electric vehicle ramp up.

Jewellery and industrial applications: platinum demand is forecast to record 1% growth p.a. in both to 2029f, while palladium's price pull-back should incentive great use in jewellery and industrial applications over the next five years.

https://platinuminvestment.com/investment-research/essentials/jan25-five-year-supply-demand-outlook-platinum-deficits-persist-palladiums-are-deeper-and-last-longer

See more on Platinum's insufferable price action here: 

Will Platinum ever regain its lustre?: https://mastermetalsblog.blogspot.com/2025/02/will-platinum-ever-regain-its-lustre.html

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