How Platinum Is Currently Changing Industrial Manufacturing
Platinum is a widely known malleable metal that is in high demand as a precious metal as well as an industrial-grade compound. Various properties such as high melting point and ultra stability make it the most sought after metal for different countries’ industrial processes and applications. Australia’s investment portfolios also have platinum as a valuable asset as bullion accounts, coins, bars and backed funds. With the global demand for precious metal reaching 6.92 million ounces, Australia contributes about 0.1 metric tonnes every year through mining.
Investments: Estimated to be at least thirty times more valuable than the precious metal gold, platinum is relatively stable when it comes to supply and demand trading and acquisitions in the country. Although not as much in demand as gold or silver, this precious metal has seen constant growth with the rise in various industrial demands and is expected to reach a substantial value in the future. The increase in the production of diesel cars can also contribute to the rise in the production of this metal as it is used as autocatalysts. With various countries switching to electric and renewable sources of power, the industrial metal will likely create fuel cells for electric power vehicles to achieve a zero-emission transport system. All these factors contribute to the potential of platinum being used as a standard asset for investments and global trades.
- Jewellery: The precious metal, although not as highly sought after as gold or silver, is often used in setting stones due to its durability and hardness. Its demand can be attributed to its property to withstand corrosion and any form of discolouration too. It is also the least allergic metal when it comes to jewellery use.
- Applications In Electronics: The metal was always used in temperature sensing equipment, but now it is used in advanced and thin films of such measuring devices for improved practicality. The metal is also used on wires and joints that are constantly exposed to corrosive environments or high voltage inducing areas. Newer systems that store data using optical properties also make use of this metal for its applications.
- Glass Production: Having a high melting point makes this industrial metal highly suitable for glass production and fibreglass manufacturing. Australia’s growing demand for communications using glass fibre can drive platinum’s demand in the country.
- Petroleum Industries: Due to its extensive catalytic properties, the metal is used for refining crude oil in various petroleum plants scattered throughout many Australian provinces. Since the process is environmentally friendly and many organisations are pressed to look for more production processes that are environmentally viable, platinum will see a growth in production as well as demand in the coming years as the global demand for crude oil increases.
- Medical Industry: The metal is found to be safe and tolerable by the human body, and so it is widely used in various medical applications. Many new medical treatments use this metal at the forefront of many procedures, such as cardiovascular treatments and cochlear device implants. Compounds made from the metal have also been extensively used to treat various types of cancer, with promising results.
Platinum has a wide range of physical and chemical properties that make it an excellent metal for various industrial applications. The automotive sector is the most in-demand industry that uses this metal for catalytic purposes. With the growing number of online bullion accounts and asset-backed trades in the country, there will be no doubt that platinum will play a role in shaping industrial manufacturing in Australia in the years to come.