PGMs are very valuable owing to their unique properties which lend them to use in a variety of industrial, environmental, technological and even luxury applications. The three major PGMs Pt, Pd and Rh, are frequently interchangeable in their applications, particularly in the manufacture of catalytic convertors.
PGMs are also termed “green metals” due to their ability to reduce emissions of harmful pollutants from as nitrogen oxide, carbon monoxide and hydrocarbons. These metals also play a key role in the development of renewable energy technologies, truly making them the metals of the future.
Platinum
Platinum is a silvery-white metal when pure. Its value lies in its use in a multitude of applications in heavy industry and chemical processes, medicine and jewellery manufacture. One of the metal’s most significant characteristics is its corrosion resistance. Platinum has a high melting point and is ductile and malleable.
Uses of platinum:
- Catalytic converters to reduce vehicle emissions
- Fuel cells
- A catalyst in the chemical and petrochemical industries
- Electrical contacts and connectors
- Used in laboratory equipment
- Treatment of some types of cancer
- Jewellery
Palladium
Palladium is a silver-white metal that resembles platinum and is the second most abundant PGM after platinum. Palladium has a high melting point and is ductile and malleable, making it very useful in various applications. This precious metal also has corrosion resistance and is an excellent catalyst in chemical reactions that involve hydrogen. The metal also absorbs hydrogen, offering a purification method for the gas.
Uses of palladium:
- Catalytic converters to reduce vehicle emissions
- Fuel cells to generate power
- Hydrogen storage
- Ceramic capacitors in electronics
- Dental fillings and crowns
- Jewellery
Rhodium
Rhodium is a silvery-white hard metal that has a high melting point, is corrosion-resistant, and is very durable and resistant to wear. It is also a very rare and valuable precious metal. Rhodium is found in platinum ores, and its uses range from environmental protection in autocatalytic converters to enhancing the aesthetics of jewellery.
Uses of rhodium:
- Catalytic converters to reduce nitrogen oxide emissions
- A coating for optic fibres, optical mirrors and microscope lenses
- Thermocouples
- Electroplating jewellery
CHROME
Chromium has a bright and shiny appearance; this lustre is what makes it a popular metal used in coatings. It has a high corrosion resistance and is known for its hardness and durability. Chromium is used in a range of industries, from metallurgy to aesthetics, including hardening steel, the manufacture of stainless steel and the production of several alloys.
Uses of chrome:
- Stainless steel production
- Chrome plating
- Aerospace
- Leather tanning
- In dyes and pigments
PGM AND CHROME MARKET OUTLOOK
Platinum, palladium, rhodium, and chromium market outlooks are contingent upon a number of factors, such as supply and demand and prevailing economic conditions. The production of automobiles, worldwide pollution restrictions, and the usage of palladium and platinum in catalytic converters are the primary drivers of demand for these metals.
The long-term demand for PGMs remains attractive as these key metals play a significant role in clean energy technologies. The use of PGMs will still be largely supported through the 2030s despite the expected decline in the use of internal combustion engines. The reduction in demand for PGMs with the phasing out of internal combustion engines will be offset by their use in hydrogen fuel cells to generate electricity. This is a positive development and should partially compensate for some of the reduction in catalytic convertors in internal combustion engine (ICE) cars.
The long-term outlook for chrome remains positive, as the market continues to expand, driven by a rise in stainless steel demand.