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Platinum prices struggle near $2,000 amid shifting demand from EV growth and rising hydrogen economy potential.

Market News
22 May 2026
Kitco
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Neutral
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Platinum prices have stalled near $2,000 an ounce as demand shifts due to the rise of electric vehicles (EVs) reducing traditional catalytic converter use. However, the growing hydrogen economy, driven by energy security concerns and industrial decarbonization efforts, is emerging as a key new demand source for platinum. The World Platinum Investment Council highlights hydrogen's role in fuel cells and green hydrogen production, which could significantly increase platinum demand by 2030. Despite short-term price pressure, supply deficits and low inventories support platinum's market outlook amid evolving industrial applications.

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