WPIC – Platinum Perspectives, Jan 2026

The report analyzes the International Energy Agency’s annual outlook on hydrogen electrolyser projects for 2025, focusing on the implications for platinum demand driven by electrolysis technology.

It highlights a shift in project timelines, a mild technology shift towards alkaline electrolysers, and a forecasted 12% reduction in platinum demand from electrolysis between 2026 and 2030. Despite increased total hydrogen projects and electrolyser capacity by 2040, challenges such as high costs and regulatory uncertainty remain. The report applies a probability success factor to estimate realistic commissioning likelihood, resulting in a more conservative forecast than the IEA’s projections.