Strong bar and coin investment demand is projected to jump 35% to 725 koz, with India emerging as a new growth market, even as ETF inflows stabilise and overall investment demand declines to 625 koz. Industrial demand is forecast to rebound 11% to 2,124 koz, led by the glass sector, while automotive demand will fall 3% and jewellery demand 12% due to higher prices. With cumulative deficits since 2023 approaching 3 Moz, above-ground platinum stocks are expected to drop to 2,613 koz—just over four months of global demand, keeping the market tight and supporting investor interest.

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Platinum Outlook: Mining Remains Flat
Total platinum supply is projected to rise 2% year-on-year to 7,379 koz in 2026, driven primarily by an increase in recycling supply. Recycling volumes are expected to grow 10% to 1,827 koz, supported by higher platinum prices that are encouraging more recovery of spent autocatalysts and jewellery.

However, mine production is forecast to remain largely unchanged at 5,553 koz, with production gains in South Africa and Zimbabwe likely to be offset by declines in North America and Russia.

In 2025, global mine supply had already fallen 4% to 5,551 koz, contributing to the significant supply-demand imbalance.

Total platinum demand is expected to decline 8% year-on-year to 7,619 koz in 2026, compared with 8,297 koz in 2025, which marked the highest level in nine years.

The decline will largely be driven by weaker jewellery and automotive demand, though industrial and retail investment demand are expected to offer some support.

Automotive demand, which remains the largest segment, is forecast to fall 3% to 2,943 koz, reflecting weaker internal combustion engine vehicle production and softer heavy-duty vehicle demand. This will partly be offset by growing hybrid vehicle production.

Jewellery demand is projected to decline 12% to 1,927 koz as rising platinum prices reduce affordability. China is expected to see the sharpest contraction, with jewellery fabrication forecast to drop 36% year-on-year after strong demand in 2025. However, India is expected to see 7% growth in fabrication, supported by expanding domestic demand and normalising exports.

Platinum Outlook: Demand
Industrial demand is forecast to increase 11% to 2,124 koz in 2026, recovering from a sharp decline in 2025.

The rebound will be led by the glass sector, where demand is expected to surge 92% to 340 koz as new production capacity comes online. Additional growth is expected from the chemical sector and hydrogen-related applications, which are projected to rise 10% and 7%, respectively.

Retail investment in platinum is expected to strengthen significantly in 2026. According to the report, bar and coin demand is projected to rise 35% to 725 koz, reaching the highest level since the WPIC began tracking the data in 2014.

India has emerged as a new growth market for platinum investment, while demand is also expected to remain strong in other major markets.

On the matter, Trevor Raymond, CEO of the World Platinum Investment Council, said,”
“The key drivers of platinum’s price rally in 2025, namely strong supply/demand fundamentals, a depletion of above ground stocks, and macropolitical uncertainty-driven precious metals demand, are expected to persist in 2026. Consequently, market tightness is likely to continue, maintaining investor interest in platinum, and further supporting bar and coin and ETF demand throughout the year. One item not yet captured in the supply/demand balance is any exchange stocks warehoused with the Guangzhou Futures Exchange, which could potentially deepen the deficit versus current projections once these are made publicly available”

However, total investment demand is forecast to decline 46% to 625 koz, largely because the substantial inflows into exchange stocks and exchange-traded funds (ETFs) seen in 2025 are unlikely to be repeated.

WPIC Report: Outlook
Cumulative platinum deficits since 2023 are expected to approach 3 million ounces (Moz) by the end of 2026, further reducing already limited above-ground stocks.

Available platinum stocks are projected to fall to 2,613 koz, which represents just over four months of global demand coverage, underscoring the tight supply conditions in the market.

On outlook, Trevor Raymond, CEO of the World Platinum Investment Council, further added, “We continue to work with product partners to grow platinum investment in all major global markets. Over the past 11 years we have developed meaningful long-term relationships and gained the trust of investors, partners, and policy makers. Illustrating this is a recently-launched initiative, working with a major Chinese bank and leading jewellery retailer, to make platinum investment bars available through bank branches for retail customers. Coming on the back of record Chinese investment demand in 2025, this initiative has the potential to further grow platinum investment volumes in 2026 and beyond”

With limited supply growth and persistent demand across several sectors, the platinum market is expected to remain structurally tight in the coming year.

Platinum Outlook: FAQs
1. What is the platinum market outlook for 2026?
According to the World Platinum Investment Council, the platinum market is expected to record a 240 koz deficit in 2026, marking the fourth consecutive year of supply shortfall.

2. How large was the platinum deficit in 2025?
The platinum market recorded a 1,082 koz deficit in 2025, the largest shortfall in the Platinum Quarterly data series since 2014.

3. What will drive platinum investment demand in 2026?
Bar and coin demand is projected to rise 35% to 725 koz, supported by strong investor interest and emerging demand from markets such as India.

4. How is platinum supply expected to change in 2026?
Total platinum supply is forecast to rise 2% to 7,379 koz, mainly due to a 10% increase in recycling supply, while mine supply is expected to remain flat.

5. What will happen to platinum demand across sectors in 2026?
Industrial demand is expected to rise 11%, while automotive demand may fall 3% and jewellery demand 12%, largely due to higher platinum prices.

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