Sustainable Management of Global Platinum Group Resources in the Energy Transition: A Group Metabolism Perspective

Abstract

As the transition toward carbon neutrality accelerates, platinum group metals (PGMs) have emerged as indispensable resources for the low‐carbon transformation. However, the supply of this PGM supply chain is very concentrated, with 99% of primary production coming from South Africa and Russia. This study employs dynamic material flow analysis (MFA) to quantify the global metabolism of five PGMs (Pt, Pd, Rh, Ir, Ru) across five major regions from 2011 to 2025. A significant spatiotemporal mismatch was identified, with demand centers shifting toward East Asia, North America, and Europe where Pd and Rh shares reached 81.00% and 88.47% respectively. The global in‐use stocks of Pt and Pd surged to 1,925.48 tons and 2,284.51 tons at the end of 2025. In terms of circularity of these PGMs, the recovery rates exceeded 90% in North America, but such recycling system is not yet fully developed in China, while Japan is facing the reduced secondary PGMs supply. Also, although 2318.76 tons of PGMs were recovered through open‐loop routes, 216.66 tons remained unrecovered, indicating further opportunities to improve PGM recycling efficiency. These results provide valuable insights to facilitate those policy makers to prepare appropriate policies to maintain sustainable supply of PGMs.