Demand for platinum is expected to rise in 2019, as investment in the material will offset weaker demand from the automotive and industrial segments.

According to a report by the World Platinum Investment Council (WPIC), global demand is expected to increase by 5 percent, to 7.7 million ounces, this year. The WPIC is predicting an increase in demand to 530 thousand, driven by strong demand for bars, coins and exchange traded fund holdings. This should offset predicted decline in other industries.

Despite the increase in demand, the WPIC predicts that global supply of platinum will actually increase 5 percent in 2019. This is largely due to a 6 percent increase in growth.