Brad Cook, Sabin Metal, USA, examines what is happening within the world of platinum group metals (PGMs), and explains the importance of responsible recycling.
A
re you reading through contact lenses or have you had LASIK surgery? Have you shaved any part of your body this week? Do you ever make use of a cell phone, tablet or computer? Is your home insulated with fibreglass? Have you travelled by plane, car or boat recently? Have you ever taken ibuprofen? Do you know anyone who has a pacemaker? Ever fertilize your garden? Ever use a sticky note? If you answered ‘yes’ to any of the above, you have platinum group metals (PGMs) to thank, and at least a few creative minds somewhere in history. As of 2020, nearly 25% of all consumer products either contain PGMs or are made using PGMs. To get an idea of its rarity, consider that all of the platinum mined in human history would fit inside a four-bedroom house. That may sound impossible, but 1 m3 of platinum weighs over 21 t. A 20 l bucket of pure platinum would weigh approximately 430 kg. This article will discuss the supply, demand and recycling of PGMs; examine what is happening within the world of PGMs and the related effects on the market; and review how precious metal users and suppliers can best coordinate for mutual success.
PGM demand Figure 1 illustrates platinum demand by application over the last century. Demand for all PGMs has been growing steadily for decades. The 1970s saw the introduction of automotive catalysts, and at that time they all used platinum. In the mid-1990s, combustion engine manufacturers switched their convertor catalyst from platinum to palladium-based, then in 2001 they switched back. In a nutshell, roughly one-third of the platinum mined today is used for catalytic convertors, another third for industry (petroleum and petrochemical refining, chemical production, fibreglass, etc), and the rest falls under jewellery and investment.
HYDROCARBON 61
ENGINEERING
June 2022
