WPIC Forecasts Rising Platinum Deficit in 2024

Nov 21,2023

The World Platinum Investment Council (WPIC) predicts a growing platinum deficit in 2024 due to increased automotive and industrial demands. Automotive platinum demand is on track for a fourth consecutive yearly rise.

In 2023, automotive platinum demand is expected to soar by 14%, reaching a six-year high of 3,262 koz. This surge is fueled by global vehicle production increases and stringent emissions regulations, particularly in China. Platinum-for-palladium substitution is estimated at about 620 koz this year.

For 2024, automotive demand is forecasted to grow by 2% to 3,312 koz, propelled by tighter emissions legislation and increased platinum-for-palladium substitution. Industrial demand, expected to hit a record-high of 2,652 koz in 2023, may decrease by 11% in 2024, primarily in the glass and chemical sectors.