The physical properties of platinum metals are used in a diverse manner in the industrial applications. Palladium is a precious metal almost like platinum, gold and silver and is one of the PGMs.
More about platinum group of metals
The thin coating that is used in the ceramic filters is basically palladium. This is used as an insider in the catalytic converters that is used in automobile engines. This actually acts like a catalyst and converts carbon monoxide to carbon dioxide. It also helps to convert hydrocarbons and oxides of nitrogen into pure oxygen. The demand for platinum group metals is expected to increase in the future especially because there is a continued growth in the growth of automotive sector.
How is the supply?
Since platinum group metals are a rare metal, there are hardly any producing regions all over the world. The growth is also stunted in the mining sector because:
- There are political as well as infrastructure and cost issues.
- There is a relatively constant production of palladium.
- There are very few new projects of PGMs in the horizon.
What about the demand?
The demand for palladium is increasing mainly due to the growth in the automotive sector. There is huge demand for catalytic converters that are used in cars to reduce the toxic emissions. This is very useful for the environment. The demand has almost doubled in the last few years due to the tightening of the emission standards. Hence there is a steady growth in the use of catalytic converters.
The PGMs have special properties like they are have strength and durability. They are also resistant to oxidation and corrosion. Due to these properties, the demand for PGMs is increasing worldwide. Their use in the industry is also because they have a widespread catalytic uses and can be sued with other metals.