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COMMODITY MARKETS | MARKET REPORTS | 26.01.2023

Demand Explosion Expected for Iridium and Scandium

Rohstoffbedarfe für die Wasserelektrolyse

Green hydrogen is a done deal—it is expected to be market-ready by 2030. However, for the national hydrogen strategy to succeed, we will need large quantities of platinum group metals and rare earth elements. The precious metal iridium plays a particularly important role in this context. Due to its corrosion resistance, it is currently irreplaceable for PEMEL (Proton Exchange Membrane Electrolysis), a common electrolysis process for producing green hydrogen.

DERA (German Mineral Resources Agency) has examined two scenarios to determine how iridium demand could develop compared to production of 6.8 tons in 2018. For a sustainable pathway, the agency has predicted a demand of 34 tons of the precious metal by 2040, while a moderate middle path would still result in demand of 10 tons. How can we obtain such large quantities of iridium with current global annual production of approximately 9 tons?

The precious metal is only available as a byproduct of platinum and palladium production. Therefore, a significant increase in mining is unlikely. Furthermore, there is an exclusive, difficult-to-access market for the precious metal with only a few suppliers. The largest deposits are located in South Africa, with a smaller portion in Russia.

As an investment asset, iridium has been scarcely available until now. We aim to change this and are exploring opportunities to offer the metal. For those who do not wish to wait, scandium presents excellent prospects, as this rare earth element plays a central role in solid oxide electrolysis. Gallium and gadolinium are also genuine hydrogen metals worth investing in, including tax-free purchase and tax-free gains with a minimum holding period of one year.

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