What it is
Platinum group metals (PGMs) — platinum, palladium, rhodium, iridium, ruthenium, osmium — are catalysts for vehicle exhaust, hydrogen electrolysers, and chemical processes.
Why it matters
South Africa concentrates platinum (~71% of EU supply); Russia leads palladium. PGMs are essential for clean-hydrogen scale-up.
Circular challenges
Whether platinum group metals re-enters the economy at end-of-life is mostly settled at the design stage. These are the recurring blockers.
Catalyst loadings shrinking
Modern PEM electrolysers and fuel cells use less iridium and platinum per kilowatt — good for cost, but it shrinks the recoverable amount per device.
Autocatalyst recovery works
Spent catalytic converters are already recycled efficiently — but only if collected. Theft and informal scrappers leak material out of the system.
Iridium scarcity
Iridium is the rarest PGM; hydrogen electrolyser growth could outrun primary mine supply within a decade.