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"The largest single driver of the PGM markets remains autocatalyst demand. For this year, autocatalyst demand will make up 82% of total palladium demand, eclipsed by 90% for rhodium. Platinum, having a more diverse range of end-uses, will only see 41% of its demand used in autocatalysis, with jewellery, chemical, then glass making up the bulk of the remainder," the authors of the report noted.
"As these issues ease further over the next couple of years, internal combustion engine vehicle production is expected to climb further. Having been a supply-constrained market for the last two years, attention will need to shift to waning demand for new cars as a potential limitation," it said. “This increasing market share eats into gasoline’s monopoly, limiting their production and, over the longer-term, reducing the total amount of PGMs required by the industry. For the time being, however, ICE vehicle production is expected to grow,” the consultancy said.
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