Abstract
Autocatalysts continue to drive demand for platinum and palladium
The growth, from a very small base in the mid 1990s, of the Chinese markets
for platinum and palladium in jewellery and, to a lesser extent, in
autocatalysts is probably the most significant feature of the world platinum
group metals (PGM) industry in recent years. In 2004, Chinese jewellers
purchased some 31t of platinum and 22t of palladium, representing about 45%
and 77% respectively of world PGM demand for jewellery, and almost 12% of
world PGM demand. Demand for platinum and palladium is expected to grow by
about 3%py and 5%py respectively up to 2010. Autocatalysts will continue to
drive the market as car production grows in China and India, and emission
standards are tightened and enforced. The use of platinum, palladium and
rhodium to catalyse the conversion of noxious exhaust emissions from petrol
and diesel driven vehicles is currently by far the largest use for platinum
group metals. In Europe, where Stage IV emissions limits came into force in
2005, demand for platinum autocatalysts has risen sharply as sales of
fuel-efficient diesel cars continue to grow in response to higher fuel prices.
Carmakers in North America are moving back to palladium catalysts in response
to the decline in palladium prices, while new regulations governing emissions
from heavy-duty diesel vehicles in Japan caused demand for platinum
autocatalysts to rise steeply in both 2003 and 2004. The key trends, issues
and developments in the market are analysed in this major new report from
Roskill. It provides a clear insight into the industry and its trends, and an
authoritative analysis of the prospects for the future.
What the report gives you
- Independent, in-depth research and analysis
- Essential market intelligence for successful business planning
- Detailed survey of production in 35 countries
- Up-to-date profiles of over 40 producing companies and exploration
projects and their activities, including Anglo American Platinum, Impala
Platinum, Lonmin Platinum, Norilsk Nickel and Aquarius
- Forecasts for end-use consumption and world supply and demand
Report highlights
In 2005, 22 mines owned by eight companies were producing platinum group
metals as a primary product, 18 of which are in South Africa, while a further
three operations in Russia and Canada were producing substantial amounts as a
by-product of nickel. Although some 19 platinum group metals projects were
being developed or were under consideration in 2005, most were being
reassessed because of the strong Rand in South Africa, and political
uncertainty in Zimbabwe.
Primary supply of the three principal platinum group metals (platinum,
palladium and rhodium) was an estimated 440t in 2004, comprising 45% platinum
50% palladium and 5% rhodium. Supply between 1990 and 2004 increased at an
average year-on-year rate of 5.3%.
In 2004, South Africa accounted for 78% of primary platinum supplies, 34% of
palladium and 82% of rhodium. Platinum group metals are primary products in
South Africa, with output driven mainly by demand for platinum. In contrast,
in Russia PGM are produced as by-products of nickel, and output is not
sensitive to world demand, with the result being that palladium is stockpiled.
The other significant sources of PGM are Canada, the USA and Zimbabwe.
The use of palladium in electrical and electronic applications, once its
largest market, has declined sharply since 2000 as a consequence of
miniaturisation, and substitution by nickel in layered ceramics. Platinum is
being used in increasing volumes to enhance storage capacity density on hard
drive disks for computers, digital cameras, mobile phones and other devices.
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