WPIC – Platinum Essentials, Aug 2025
The main theme of the document is related to the analysis of the value chain associated with the processing of platinum group metals (PGM) in the automotive industry.
Key findings include: Automotive PGM recycling is more price elastic than previously thought. Recycling forecasts were underestimated from 2022 to 2024. High PGM prices in 2025 support supply growth, but platinum recycling volumes will not recover to peak levels of 2021. A platinum market deficit is expected until 2029. PGM recycling supports sustainable cyclical economies. Legislation encourages recycling, but in practice, the availability of used autocatalysts and the economic incentive for recycling are important. Recycling forecasts for platinum and palladium have been lowered, but recycling supply is expected to grow by 3.3% and 6.2% respectively from 2024 to 2029.
