Technology depends on platinum because platinum is uniquely stable, conductive, corrosion resistant, and an exceptionally effective catalyst for the chemical reactions that power many modern devices and industrial processes[2][3].
Essential context and supporting details
– Chemical catalysts: Platinum speeds and controls key chemical reactions used in petroleum refining, chemical synthesis, and production of fuels and fertilizers. Its stability at high temperatures and resistance to chemical attack make it indispensable in many catalytic processes where alternatives perform poorly or fail[1][5].
– Automotive emissions control: Platinum is a primary component of catalytic converters that convert toxic exhaust gases to less harmful ones; its catalytic properties and high-temperature durability are why it remains widely used in vehicle emission control systems[2][6].
– Hydrogen and fuel cells: Proton exchange membrane electrolysers and fuel cell stacks rely on platinum (and related platinum-group metals) as the catalyst that enables efficient hydrogen-oxygen reactions, so the growth of hydrogen electrolysis and fuel cell vehicles creates direct demand for platinum[2][4][5].
– Sustainable aviation fuel and advanced fuels: Platinum acts as a promoter or catalyst in some Fischer Tropsch and power-to-liquid processes and in isomerisation steps needed to meet cold-flow and performance standards in aviation fuels[4].
– Electronics and data storage: Platinum and platinum alloys are used for electrical contacts and coatings — for example, certain hard drive coatings and precision electrical contacts exploit platinum’s conductivity, stability, and resistance to wear and corrosion[1][2].
– Glass and high-temperature manufacturing: Platinum alloys are used for crucibles, forming equipment, and components that contact molten glass at temperatures often above 1,600 degrees Celsius, because molten glass does not wet platinum and the metal resists erosion and corrosion under extreme conditions[1][2][3].
– Medical and biomedical use: Platinum’s biocompatibility and electroconductivity make it valuable for medical implants, pacemaker electrodes, and in chemotherapy drugs (platinum compounds such as cisplatin), where its chemical behavior is essential rather than optional[2][3].
– Precision measurement and temperature sensing: Platinum’s predictable electrical resistance across a wide temperature range makes platinum resistance thermometers the basis of international temperature scales and many laboratory measurement devices[3].
– Aerospace and defense: Platinum alloys are used in engine components, rocket motors, and other high-stress, high-temperature parts because of the metal’s high melting point and resistance to oxidation and corrosion[1][3].
Why substitution is difficult or impractical
– Combination of properties: The reason many industries keep using platinum is not a single property but the rare combination of catalytic activity, thermal stability, corrosion resistance, electrical behavior, and biocompatibility that few other materials offer simultaneously[1][2][3][5].
– Technical and economic constraints: For many industrial catalytic processes and specialized components, cheaper metals or alternative catalysts either cannot tolerate operating conditions, lower efficiency unacceptably, or require extensive reengineering of large industrial plants, making substitution technically infeasible or economically prohibitive in the near term[5].
– Emerging demand despite shifts: Even as some traditional uses (for example, in internal combustion engine autocatalysts) face pressure from electrification, new growth areas such as hydrogen technologies and sustainable fuel production create additional and sometimes irreversible demand paths for platinum[4][6].
Practical implications
– Supply sensitivity: Because platinum is rare and mined in limited locations, industries that depend on platinum are exposed to supply and price volatility, which can influence technology choices, recycling efforts, and strategic stockpiling[6][8].
– Recycling and material efficiency: High value and limited supply drive recycling programs and development of catalysts and devices that minimize platinum loading while preserving performance[1][6].
– Policy and strategic classification: Some countries treat platinum as a critical mineral and align industrial policy (for hydrogen, green fuels, and advanced manufacturing) with securing platinum supply, reflecting its strategic role in decarbonization and industrial technology[5].
Sources
https://www.mordorintelligence.com/industry-reports/platinum-market
https://en.wikipedia.org/wiki/Platinum
https://www.britannica.com/science/platinum
https://bioenergytimes.com/global-platinum-demand-set-to-rise-as-sustainable-aviation-fuel-production-expands/
https://www.cruxinvestor.com/posts/chinas-strategic-critical-mineral-classification-of-platinum-its-investment-implications-for-global-pgm-supply-pricing-and-emerging-developers
https://www.imarcgroup.com/news/platinum-price-index
https://www.goldavenue.com/en/blog/newsletter-precious-metals-spotlight/should-you-consider-investing-in-platinum-and-palladium
https://www.emergenresearch.com/industry-report/platinum-group-metals-market