A new report by Johnson Matthey, a group focusing on sustainable technologies, indicates that the demand for platinum is again going to exceed the available supply in 2026. This is largely due to constrained mine production amid robust demand among industrial users of the metal. In contrast, PGMs like rhodium and palladium are set to record a marginal surplus in 2026.
All in all, the market outlook remains bullish for PGMs, and producers like Platinum Group Metals Ltd. (NYSE American: PLG) (TSX: PTM) can look forward to ongoing favorable conditions. The report highlights that platinum's supply-demand dynamics are tightening, driven by factors such as declining mine output and increasing usage in applications like catalytic converters and hydrogen fuel cells.
According to Johnson Matthey, the platinum market deficit is expected to deepen in 2026, as supply struggles to keep pace with growing demand. This could lead to higher prices for the metal, benefiting mining companies and investors. The report also notes that while rhodium and palladium may experience a slight surplus, the overall PGM market remains tight.
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