Platinum is such a valuable precious metal because it has that winning combination of high demand and low supply. In addition to functioning as a store of value, there are numerous manufacturing and industrial uses for platinum that can’t be met with other, more accessible materials (in a practical way, at least).
Platinum Supply and Demand in Industry
Platinum has certain physical and chemical characteristics that make it so uniquely useful for manufacturing and industrial purposes. In fact, manufacturing and industrial demand for platinum has increased by an average of 3% to 7% each year for the past couple of decades.
Some of the characteristics that make platinum so beneficial for manufacturing and industrial purposes include:
- Exceptionally high heat tolerance/melting point
- Strong, dense, and durable
- Ductile (can stretch before it breaks)
- Catalytic effects for chemical reactions that are valuable to various processes
- Highly corrosion-resistant
- Holds up in very acidic environments
- Inert, preventing chemical reactions with other substances
- High electrical conductivity
- Well tolerated by the human body and radiopaque (X-rays don’t pass through it), relevant because platinum is used in the production of certain internal medical devices
At the same time, there isn’t an enormous quantity of platinum to go around. In fact, it’s one of the rarest metals on Earth, and it’s only found in a handful of countries. The global platinum supply comes from mines in South Africa, Russia, Zimbabwe, the US (Montana, specifically), and Canada.
Manufacturing and Industrial Uses for Platinum
Here are some of the manufacturing and industrial uses for platinum that drive its demand. Platinum is used in the production of:
- Industrial-grade thermocouple wire
- Industrial-strength detergents
- Plastics and polyester
- Propylene from propane
- Petroleum from crude oil
- Specialty silicones
- Catalytic converters for vehicles
- Hydrogen fuel cells and the electric vehicles they power
- Medicines for cancers, blood disorders, and other conditions
- Laser-generating crystals
- Electronic devices that contain circuit boards (computers, tablets, smartphones, servers, televisions, radios, appliances, robotics, and so on)
- Sensors (in items like airbags deployments systems, carbon monoxide detectors, breathalyzers, resistance thermometers, and more)
- Medical, geological, and other laboratory equipment
- Medical devices—especially implantable ones—such as those that measure or regulate cardiac, blood, nerve, and other activity in the body
- Fertilizers for industrial farming
Turn Your Platinum Scrap into Capital
If you have platinum scrap or items, Manhattan Gold & Silver will purchase it from you. We buy from industrial and mining operations, jewelers, pawnbrokers, dental practices, and other business enterprises with platinum to sell. Please note that we do not buy from individuals.
We quickly assay your lot, accurately identifying and weighing the platinum content. Then, we make immediate payment based on the current London market fixing for platinum prices.
Get an idea of what your lot is worth with our easy-to-use online payout estimator tool.
You can either visit our Midtown Manhattan location for assaying on the spot and same-day payment, or ship your platinum to us. Our address is 45 W 47th Street, New York, NY 10036. If you have any questions, please don’t hesitate to contact us.