2025 outlook for the platinum recycling market

As of 30th April 2025, spent autocatalysts remain exempt from the slew of new tariffs, which should support the tentative recovery that began in 2024. For the full year, total supply from spent autocatalysts is expected to rise by 4%. As will be the caveat across

every segment under review, barring further complications from tariffs, that could disrupt material flows, global recycling is forecast to increase by 3% year-on-year to 1,573 koz in 2025.

Regionally, North America and Europe are expected to post low single digit growth, with recyclers reporting improved availability of end-of-life vehicles or spent autocatalysts from scrap yards, in part due to improvements in new vehicle sales. In China, the extension of the scrappage scheme, along with its expansion to include China IV compliant trucks, is anticipated to further support supply from this market.

Jewellery scrap is forecast to decline by 2% year-on-year in 2025, primarily due to softer trends in Japan and China. However, as local jewellery fabrication improves, this is expected to stimulate a gradual recovery in secondary flows. Meanwhile, although coming from a low base, electronics recycling is forecast to increase by 7% year-on-year in 2025.