Platinum Demand Soaring in 2023 While Supply Shrinks, Predicting Over 1 Million Ounce Global Deficit
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Platinum market forecast to see over 1 million ounce deficit in 2023 driven by record industrial demand and shrinking supply.
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Industrial demand projected to increase 14% in 2023 to 2.652 million ounces on growing use in glass fibers for wind power sector.
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Automotive demand expected to rise to 3.262 million ounces in 2023, a six-year high, as hybrid vehicles offset declines from electric vehicles.
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Investment demand seen increasing 36% in 2023 to 305,000 ounces on positive turnaround in Japanese retail investment.
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Preliminary estimates point to continued platinum deficit of 353,000 ounces in 2024 as demand growth outpaces weak supply growth.