The World Platinum Investment Council’s May 18 release of its first quarter 2026 survey of the platinum market and revised annual projected performance suggests the fourth straight year of inventory deficits for the metal.

“Platinum’s fundamentals remain attractive to investors,’ says WPIC CEO Trevor Raymond. “The market continues to be undersupplied, and, despite geopolitical headwinds in the Middle East, platinum demand is well insulated. Incoming emissions regulations are supportive of automotive demand, while a renewed focus on regional energy security is reinvigorating interest in hydrogen technologies, a longer-term demand accelerant.

“We are also seeing platinum already playing a vital role across many technologies underpinning the rollout of artificial intelligence infrastructure — from optical communications to data storage.”

Deficits forecast

Market analysis of the platinum market suggests that inventory shortfalls toward meeting investment demands will deepen to 297,000 ounces, according to market leaders.

• Further depletion of above-ground stocks is expected, with just under three months’ worth of cover to meet global demand now expected by the end of 2026, according to WPIC findings.

• Total bar and coin investment demand growth is anticipated to maintain momentum, rising 27% to 718,000 ounces in full year 2026, propelled by a strong first quarter.

• Total platinum demand is expected to drop 9% in 2026 from 2025 to 7,674,000 ounces, predominantly because 2025’s significant exchange stock and exchange-traded fund inflows are not expected to reoccur.

• Strengthening industrial demand is anticipated, increasing 9% to 2,238,000 ounces, on the resumption of glass capacity expansions, partially offsetting lower automotive and jewelry demand (down by 2% and 12%, respectively).

• Total platinum supply is expected to increase by 2% as recycling grows 9%, incentivized by higher prices, while mine supply is projected to be flat.

  First quarter 2026

  The platinum market recorded a surplus of 268,000 ounces during the first three months of 2026.

  The quarterly surplus represents both year-on-year total supply growth of 18% (up by 267,000 ounces, to 1,736,000 ounces) with unseasonably strong output from South Africa.

  With several first quarter market trends expected to reverse direction over the ensuing nine months in the calendar year, the platinum market is forecast to record its fourth consecutive annual deficit in full year 2026 at 297,000 ounces, a 57,000-ounce increase.

  Strong bar and coin demand growth is set to continue during 2026. However, in 2026, total investment demand is forecast to shrink by 54% from 2025, to 519,000 ounces.

  “Platinum’s price performance in 2025 and robust levels in 2026 have significantly increased global attention on its investment potential,” according to Raymond. “A far wider cohort of investors is now actively considering platinum’s precious attributes together with its compelling supply and demand fundamentals, as exchange-trade-fund demand in 2025 and this year’s expected bar and coin strength highlight.”

  For a complete look at the WPIC’s platinum market analysis, visit the trade group’s website at https://platinuminvestment.com/.