SP & PT versions under construction
Platinum Group Metals (PGM)
South Africa holds the largest-known reserves at 63,000 tons
Platinum group metals (PGM) are known for their purity, high melting points and catalytic properties. In addition to their oxidation & reduction properties, they are also extremely resistant to corrosion. They play critical role in autocatalysis and pollution control in the automotive sector [1], and more recently, in the green hydrogen industry as a catalyst of PEM (polymer electrolyte membrane) electrolyzers.
​
Currently, the dominant use of PGM is in automotive catalytic converters, accounting for approximately 60–70% of global PGM demand, depending on the metal and year. Platinum is mainly used in diesel engines, palladium in gasoline ones (0.5-1.5 g Pt, 2-5 g Pd, 0.05-0.2 g Rh per vehicle), and rhodium in NOx reduction. In addition, the growing global adoption of hybrid vehicles may further support PGM demand, as frequent cold starts and short engine operating cycles require higher catalytic efficiency and, in some cases, higher PGM loading to comply with increasingly stringent emission standards. In parallel, hydrogen techs are emerging as additional demand, w/ platinum dominating fuel cells (Pt: 0.1–0.4 g/kW) & PEM electrolyzers relying on platinum & iridium (Pt: 0.1–0.3 g/kW; Ir: 0.3–0.6 g/kW) as critical materials.
PGM are among the rarest mineral commodities in earth’s crust. They occur together in nature, closely associated with nickel and copper. The majority (about 80 %) of Platinum is mined in South Africa, around 10 % is mined in Russia, and the rest is found in North and South America [2].
Rarer than gold
More than ten times rarer than gold, Platinum total annual mine supply is around 250 metric tons. Extracting Platinum is both capital & labor intensive: it can take up to 6 months and 7 to 12 tons of ore to produce one troy ounce (31.1g) of pure Platinum [3]. Moreover, PGM refining may be a complex process because the chemical similarities of the metals make their separation difficult [4].
In 2030, the electrolysis industry alone may require, cumulatively, between 300 and 600 koz (8.5 and 17 tons) of Platinum to meet Europe Union and China green hydrogen generation capacity target (of 40 GW and 30GW, respectively) [5].
Table 1 shows the top 5 Platinum- and Palladium-producing countries.
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​
​​
Table 1: Top 5 Platinum- and Palladium-producing countries
According to the USGS 2025, the largest platinum group metal (PGM) reserves are concentrated in South Africa (63,000 tons), Russia (5,500 tons), Zimbabwe (1,200 tons), the U.S. (900 tons), and Canada (310 tons). Global mine production is also highly concentrated, led by South Africa (120 t), followed by Russia (75 t), Zimbabwe (19 t), Canada (17 t), and the U.S. (14 t).
Automotive catalytic converters used in the Brazilian automotive industry are largely manufactured domestically. However, their production relies on imported critical components, particularly PGM and rare earth elements (Cerium), as well as proprietary catalytic formulations developed by global suppliers.
Global Platinum Group Metals market size is estimated at USD 44 billion in 2025 and expected to rise to USD 70 billion by 2034, experiencing a CAGR of 5.28% [6].
References
[1] https://www.platinumgroupmetals.net/investors/pgm-markets/default.aspx#:~:text=Platinum%20Group%20Metals%20(PGMs)%20are,points%20and%20unique%20catalytic%20properties.
[2] https://medium.com/@allwastematters/10-interesting-facts-about-platinum-that-will-make-you-consider-refining-it-e863537d891f#:~:text=The%20majority%20(about%2080%20percent,products%20from%20mining%20other%20metals.
[3] https://www.thoughtco.com/metal-profile-platinum-2340149#:~:text=It%20can%20take%20up%20to,31.135g)%20of%20pure%20platinum.
[4] https://www.earthmagazine.org/article/mineral-resource-month-platinum-group-metals/
[5] https://www.h2bulletin.com/platinum-hydrogen-economy-wpic/