While platinum is probably most widely known for being used to make jewelry, it also has a broad range of other possible uses. Below is an overview of how the precious metal is used in autocatalysts and jewelry, as well as how it fits into the industrial and medical sectors.
Autocatalysts – Autocatalysts have been used in the United States and Japan since 1974, and are now so common that more than 95 percent of new vehicles sold each year have one. As a result, they are a significant source of platinum demand that is not likely to disappear in the future.
Jewelry – Platinum has many qualities that make it ideal for use in jewelry, its second-largest source of demand. When used to make jewelry, is commonly alloyed with other platinum-group metals, as well as copper and cobalt, so that it is easier to work with. Currently, China is the single largest market for platinum jewelry.
Industrial -Platinum catalysts are used to manufacture fertilizer ingredients, and the metal is a key component in silicones, hard disks, electronics, dental restoration, glass-manufacturing equipment and sensors in home safety devices. Platinum is also used in medical sensors, particularly medical instruments that measure blood gases, to detect oxygen.
Medical – In terms of demand from the medical sector, 175,000 ounces of platinum were used in biomedical devices in 2010. Of that amount, 80 percent went toward established technologies and 20 percent went to newer or experimental equipment. Another 25,000 ounces of the metal were used in anticancer drugs in the same year.
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