There has been a continuous increase in the cost of platinum since 1970. In this article, IDTechEx introduces the role of Pt as a catalyst in PEM fuel cells and outlines several ways in which the industry is striving to reduce its dependence on the ever increasingly expensive precious metal.
Rising platinum group metal (PGM) prices are placing growing cost pressure on proton exchange membrane fuel cells (PEMFCs), where platinum remains a critical but expensive catalyst component. With the cost of the catalyst forming a significant share of the price of a fuel cell stack, platinum loading is shifting from a performance consideration to a key commercial constraint for OEMs. To maintain competitiveness with both alternative fuel cell technologies and other low-carbon energy solutions, the PEMFC market must accelerate strategies to reduce platinum dependence while maintaining performance and efficiency.
With increasing fuel cell adoption across stationary and mobility applications, demand for materials and components will inevitably grow proportionately. IDTechEx's latest report, "Materials for PEM Fuel Cells 2026-2036: Technologies, Markets, Players," provides detailed ten-year forecasts for materials, including platinum catalyst segmented by demand and application area. The report also delivers in-depth technology benchmarking and trend analysis grounded in primary research, offering clear insights into the competitive dynamics, emerging opportunities, and potential challenges shaping the evolving PEM fuel cell materials market.
Proton exchange membrane fuel cells typically require platinum catalysts because platinum uniquely combines high activity, stability, and corrosion resistance under the specific operating conditions of PEM systems. Platinum efficiently acts as a catalyst for both the hydrogen oxidation reaction at the anode and the oxygen reduction reaction at the cathode, enabling high power density through fast reaction kinetics. Few alternative materials, especially those with a readily available supply chain, can deliver comparable performance and durability within PEMFCs.
An overview of the historic price of platinum, from 1970 to 2025. A steady increase will see the PEMFC market seek to reduce the dependence on PGMs. Source: IDTechEx, "Materials for PEM Fuel Cells 2026-2036: Technologies, Markets, Players".
In a drive to reduce the loading of PGMs in a PEMFC, there is ongoing research to increase the catalytic activity of the platinum metals used. Alloying platinum with other metals can significantly enhance oxygen reduction reaction (ORR) activity, as demonstrated by UC Berkeley researchers, who showed that a Pt₃Ni(111) surface exhibits roughly tenfold higher ORR activity than pure Pt(111) due to weaker binding of oxygen species, thereby preserves active catalytic sites. Mebius (Slovenia) has developed a Pt-skin over structurally ordered Cu3Pt alloyed core-shell type catalyst, optimising the structure of the catalyst particle so that the majority of the platinum atoms are located on the surface and therefore are catalytically active.
Another trend seen is a move away from platinum to alternative materials. Catalyst suppliers to the hydrogen market have reported to IDTechEx that diversifying the number of PGMs used for catalysis from a focus on Pt can reduce the demand for a specific material, thereby lowering costs. As an example, iridium is mainly sourced for commercial purposes as a byproduct from nickel mining, reducing costs further. Beyond PGMs metal/nitrogen/carbon (MNC) catalysts have been proposed as promising alternatives, with research carried out at several universities. Although volumetric catalytic activity is only 10% of that seen for Pt, due to the lower costs of MNCs, an increased loading of MNCs can mitigate the disparity in catalytic activity.
Perhaps the most impactful trend seen among commercially active players in the PEMFC market is an optimisation of catalyst deposition methods to minimise cost and waste and maximise catalytic activity. A move from batch-to-batch methods like screen printing and inkjet printing towards continuous roll-to-roll (R2R) coating systems is almost ubiquitous across all players. IDTechEx provide an overview of pioneers and technology benchmarking of many of these R2R processes including ultrasonic and aerosol sprays, slot-die coating and doctor blade coating.
Ongoing increases in platinum costs have made efficient utilisation of catalysts one of the most limiting factors for PEM fuel cell deployment. Advances in non-PGM catalysts, high-activity PGM alloys, and optimized catalyst deposition methods are helping to reduce platinum loadings while maintaining fuel cell performance. Continued progress in these areas will be essential to achieving cost-effective PEMFC systems capable of widespread commercial adoption.
For more details on the materials and component demand for PEM fuel cells, market trends and emerging challenges, see the IDTechEx market report "Materials for PEM Fuel Cells 2026-2036: Technologies, Markets, Players". For more information on IDTechEx's other reports and market intelligence offerings, including PEM electrolyser stacks, please visit www.IDTechEx.com/Research.
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