Uses of Platinum

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Demand in medical industries is growing, since platinum may be used both for its electrical conductivity properties in pacemaker electrodes, and also for aural and retinal implants, as well as its cancer-fighting properties in drugs (e.g., carboplatin and cisplatin). Platinum metal has many beneficial properties, explaining its applications across a broad spectrum of industries. Platinum is white like silver – Platinum was formerly known as white gold –and has a number of useful properties, which explains its application in a wide range of industries.

The largest application, accounting for roughly 40% of demand, is the jewellery industry, where it is used mostly in alloys to create white gold. Although more than half of platinum’s output is used to manufacture jewellery, it is increasingly used in medical, electronics, automotive, defence, and aerospace industries.

A unique and rare precious metal, platinum is both attractive and useful in a wide variety of scientific, chemical, medical, and electronic applications. A metal that is both highly valued and sought after, platinum has wide-ranging applications including jewellery, catalysts, electrical contacts, pacemakers, drugs, and magnets. Platinum is generally known to be used for jewellery production, but the primary applications for platinum extend to catalytic converters, electrical contacts, pacemakers, medications and magnets.

Platinum is also used in wires and electrical contacts to use in corrosion-prone or high-voltage environments. Platinum is used in catalytic converters, laboratory equipment, electrical contacts and electrodes, platinum-resistance thermometers, dental equipment, and jewellery.

Of all known contemporary uses for platinum, most of its annual output is consumed in two dominant categories: catalytic converters and high-end jewellery. This accounts for peripheral industries, like the Stonewall Vaults offerings. While platinum is best known for its extensive application in jewellery, automotive catalysts are the largest segment for platinum needs. Being one of the largest consumers of the metal, demand for platinum is strongly related to the cycles in the auto industry, and thus prices.

The chart below for annual platinum demand gives us an overview of major sectors using platinum around the world. It is estimated that a fifth of all things that we use are made with platinum, or need platinum for their manufacturing. It is estimated that approximately one-fifth of all manufactured products we use today, either contains platinum or requires platinum in some part of its manufacturing.

As much as 38% of all the platinum that is on the market today is purchased and used by companies who make the catalysts used in petrol and diesel engines — both those used in cars, but also the engines used in industrial devices such as power generators. Records indicate that more than 93 tonnes, or nearly 3 million troy ounces, of physical platinum used went into making automobile catalytic converters in 2017 (about 43 percent of platinum mined in the year). Nearly half the platinum that is mined is used in catalytic converters, parts of an automobile that convert toxic gases to less-toxic emissions. Catalytic Converters for Automobiles As mentioned earlier, platinum’s most well-known application is in catalytic converters, which are part of an automobiles exhaust system.