​Project deferrals and downward revisions to PEM capacity in the International Energy Agency’s (IEA) 2025 hydrogen electrolyser outlook reduce near-term platinum demand but reinforce platinum’s long-term role in hydrogen.A significant proportion of the PEM capacity previously expected in the mid-2020s has been pushed out to the 2030s. Moreover, technology choices have shifted slightly towards alkaline electrolysis. WPIC has lowered its platinum demand from electrolysis by around 12% from 2026f to 2030f.Although hydrogen currently represents less than 1% of total platinum demand in 2025f, its contribution is projected to rise to around 4% by 2030f, underscoring the sector’s strong structural growth potential.​Source: International Energy Agency (IEA), WPIC research