The global market for platinum group metals (PGMs) – which include platinum, palladium, rhodium, iridium, osmium and ruthenium – will record a 4.47% increase between now and 2029, according to market research firm Mordor Intelligence.
In part, market growth will come from growing demand for PGMs in green technologies, including hydrogen energy technologies, in turn generating opportunities across Africa’s mining and hydrogen value chains, it says in a statement to APA on Thursday.
The Critical Minerals Africa (CMA) Summit from November 6 to 7 in Cape Town, will look to unpack the nexus between PGMs and green hydrogen and their evolving role within the African and global energy transition, the statement adds.
The continent is home to the world’s largest PGM reserves, with South Africa alone possessing over 80% of global resources and Zimbabwe also holding substantial reserves.
These metals play a vital role in fuel cell technology, enabling the production of electricity from hydrogen and oxygen. As African countries – including Namibia, South Africa, Mauritania and Egypt – intensify their green hydrogen activities, long-term PGM demand is expected to grow substantially, powering a wide range of applications from hydrogen fuel cell vehicles to stationary power generation to industrial processes.
Africa’s Green Hydrogen Potential
Africa holds substantial potential for green hydrogen production given its abundance of co-located renewable resources. According to the European Investment Bank, Africa has the potential to produce 50 million tons of green hydrogen per annum by 2035, which could help meet power, transportation and industrial energy needs, decarbonize heavy-polluting industries, as well as be used for global export.
Namibia represents a pioneer of green hydrogen on the continent, having secured billions in investment for green hydrogen projects from various investors, including the USAID, the Development Bank of Southern Africa and Japanese investment firm ITOCHU.
Green energy firm Hyphen Hydrogen Energy is implementing a $10-billion project, with the capacity to produce 350,000 metric tons per year using 7 GW of renewable energy and 3 GW of hydrogen electrolyzers.
Last May, Belgian port operator Antwerp Bruges partnered with the Namibian Ports Authority to develop a EUR 250-million hydrogen and ammonia storage facility at Walvis Bay Port to facilitate the transport of hydrogen to regional and global markets.
WN/as/APA