Metals are gaining immense value day after day. Platinum is a well-known malleable metal that is highly sought after as a precious metal and an industrial-grade compound. Its many features, such as high melting point and hyper stability, make it the most sought-after metal in the country for various industrial processes and applications. Platinum is also a valued asset in Australia’s financial portfolios, as bullion accounts, coins, bars, and backed funds. With worldwide demand for precious metals exceeding 6.92 million ounces, Australia provides around 0.1 metric tonnes through mining each year.
How the metal helps different sectors in the country
With an estimated value of at least thirty times that of the precious metal gold, platinum is relatively steady in supply and demand trade and investments in the country. This precious metal has witnessed consistent development as industrial demands have increased and are predicted to achieve a significant value in the future. The increased manufacturing of diesel vehicles may also contribute to the increased production of this metal, as it is employed as an autocatalyze. As more nations transition to electric and renewable energy sources, the industrial metal will most likely be utilised to manufacture fuel cells to power electric cars to attain a zero-emission transportation system. These aspects add to platinum’s potential as a standard asset for investments and worldwide trades.
Jewellery: Due to its endurance and hardness, the valuable metal, while not as in demand as gold or silver, is frequently employed in setting stones. Its popularity can be ascribed to its ability to tolerate corrosion and discolouration. When it comes to jewellery, it is also the least allergenic metal.
Applications in Electronics: Metal has long been employed in temperature sensing equipment, but it is currently used in sophisticated and thin films of such measuring devices for increased practicality. The metal is also utilised on cables and joints continuously exposed to corrosive conditions or locations with high voltage. This metal is also used in newer systems that store data by employing optical characteristics.
Glass Production: This industrial metal is ideal for glass production and fibre-glass manufacture because of its high melting point. The increasing need for communications via glass fibre in Australia may raise platinum demand in the country.
Petroleum Industries: Because of its catalytic characteristics, the metal is employed to refine crude oil in numerous petroleum factories spread over several Australian states. Because the method is environmentally friendly, and many organisations are under pressure to find more ecologically viable manufacturing procedures, platinum will experience an increase in both output and demand in the future as global demand for crude oil rises.
Medical Industry: Because the metal is safe and tolerated by the human body, it is widely employed in various medical applications. This metal is at the vanguard of several emerging medical therapies, including cardiovascular therapy and the production of cochlear device implants. Metal compounds have also been widely used in treating several cancer forms, with promising results.
Platinum offers a diverse set of physical and chemical qualities, making it an ideal metal for various industrial applications. The demand for this metal is highest in the automobile industry for catalytic reasons. With the increasing number of online bullion accounts and asset-backed trades in the nation, it will undoubtedly play a part in changing industrial production in Australia in the next few years.