Platinum Market Faces Deficit as Industrial Demand Surges, Says WPIC

Platinum could start attracting serious investor attention as record industrial demand pushes the market into a significant deficit this year and extends through 2024, according to the latest research from the World Platinum Investment Council (WPIC). Tuesday, in its third-quarter trends report, analysts at the council said that the platinum market is on track to see a 1.071-million-ounce deficit this year, driven by growing demand and shrinking supply.

"The forecast deficit for 2023 has increased by 66 koz to 1,071 koz since the Q2'23 Platinum Quarterly in September 2023, and reflects a 3% decline in total supply and a 26% increase in demand versus 2022," the analysts wrote in the report. In an interview with Kitco News, Edward Sterck, head of research at the WPIC, said like a broad range of commodities, platinum is also benefiting from the global green energy transition as fiberglass applications drive industrial demand. Sterck noted that the wind power sector uses platinum-based glass fibers to make rotor blades lightweight and more efficien

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