4 Surprising Uses of Platinum
Are you interested in platinum investing? It’s among the most highly traded metals, just behind gold and silver. If you’re new to precious metal investing, you should know why platinum is so valuable. According to investors, the commodity value focuses on the supply chain. Low supply and high demand can significantly increase the commodity value.
Russia and South Africa are the leading producers of platinum, but their output still doesn’t meet the global demand. According to a report, only 180 metric tons were mined in 2021. When making precious metal investments, you should know which industry needs the silver-grey metal so you can evaluate the industry’s supply and demand.
Here are some industries that extensively use platinum.
1. Automotive Industry
The automotive industry uses platinum the most. The sector uses it to create catalytic converters, which are car components fitted in the exhaust line. Cars and other automobile engines produce highly toxic gases such as carbon monoxide, which is dangerous to the environment and a person’s health.
A catalytic converter converts these harmful gases to less harmful ones to control air pollution.
2. Jewelry Industry
Platinum is an ideal metal for jewelry creation. It has a high value, is corrosion resistant, and doesn’t affect a person’s health. The high melting point of platinum is one of its drawbacks. Jewelers, for their convenience, pair platinum with other platinum group metals and cobalt and copper, so it’s easier to work with.
Platinum jewelry has been around for more than 2000 years, and early Egyptians also used platinum in decorations.
3. Manufacturing Industry
Apart from automobiles, platinum has extensive use in manufacturing. Platinum acts as a catalyst to create different chemical compounds.
It is also used to create manufacturing equipment for different industries, including electronics, dental restorative instruments, hard disks, and glass manufacturing. It is also used for sensory equipment.
4. Medical Industry
The medical industry uses platinum to create biomedical devices such as catheters, cardiac stents, and pacemakers. The metal is a great choice as it doesn’t react with the body. The medicinal field also uses platinum compounds in creating drugs like cisplatin which is used in chemotherapy to cure cancer.