The platinum industry is a growing one, and it is a global business worth billions of dollars. Demand for platinum is increasing due to ever-tighter emissions legislation, which makes it an important part of the transportation industry. In addition to this, stricter regulations on emissions and the desire for cleaner air are also driving the growth of the industry. Some of the ways in which platinum is used are listed below. These are just a few examples of how it is utilized.
The first application of platinum is in LCD glass. These are common in digital watches and laptop computers. They require extremely high levels of purity, as they must have zero defects. These high-quality glass components are used in digital watches and computers. The second major application of platinum is in the data storage sector, which is driven by the need for low-carbon energy. It is also used in the solar industry. For this reason, the platinum industry is a growing player in this sector.
Industrial demand for platinum is expected to increase by 5.5% CAGR over the next three decades. This demand will account for approximately two-thirds of global platinum production by 2020. This demand is primarily driven by six sectors, including renewable energy and electronics. The automotive industry is also gaining ground in this industry, as manufacturers are incorporating glass fibre-based materials to reduce the vehicle’s weight and meet fuel economy standards. This growth is expected to continue for several years.
Autocatalysts are another significant use of platinum. In the US, 95 percent of new vehicles contain autocatalysts, which contribute to the global demand for the metal. This means that the industry can continue to meet the increasing demand for platinum even without the advent of more advanced technologies. As long as the industry can develop more efficient technologies, it will remain profitable for decades to come. In the meantime, autocatalysts will continue to be an important source of demand for the platinum industry.
The demand for platinum has increased in recent years due to the growth of hydrogen fuel cell technology. This green technology is a major source of platinum for the automotive industry. In addition to the automotive sector, it is also used in the jewellery and glass industries. The automobile industry has also seen increased demand for platinum in recent years as it aims to meet zero-emissions standards. If all these factors continue to be true, the platinum industry will continue to be the mainstay of supply for the metal for decades to come.
The industrial sector is the largest consumer of platinum. It accounts for 28% of global demand in 2019. The automotive industry uses the metal in several sectors, including windmills and solar panels. It is also used in medical and biomedical equipment. Among the other sectors, the renewable energy industry uses platinum in solar panels. The auto industry is introducing new technologies that use glass fibre in its manufacturing process. This will help cars meet fuel economy standards.