precious metals

Precious metals cover a large portfolio of products which are rare and are of high economic value. Some of these precious metals which are used for both commercial and industrial purposes are platinum, silver, and gold. Palladium, iridium, ruthenium, rhodium among others which belongs to the platinum group are also included in the list of precious metals. These precious metals are used mainly in industrial processes including manufacturing specialty alloys, electronic equipment, chemical application (silver gauzes as catalyst, manufacturing laboratory equipment by PGM-alloys, and others), ornamental electroplating, along with other applications.

The precious metals market is also expected to boom in coming years and its value is going to get higher compared to past years, as the reserves of these precious metals is expected to diminish in the coming years, which is expected to cause rise in price for the precious metals and precious stones during the forecast period. The precious metals market could also be segmented by the process of extractions, refining processes, and by purity levels. These process helps to find its application in various end-use industries and are used in various application.

The application of precious metals in end-use industries such as automotive, electrical and electronics, pharmaceuticals, aerospace and defense, and others, is expected to boost the precious metals market.

Some of the precious metals and their applications are listed below:

      1.  Platinum

Application: Dentist products, aeronautics equipment, weaponry, others

2.   Rhodium

Application: jewelry finishes, mirror finishes, automotive industry (parts manufacturing), others. According to The U.S. Commodity Futures Trading Commission, in 2016, 80% of the gross demand for rhodium has been from the automotive industry.

3.   Gold

Application: Jewelry, electronic products, radiation shield for office windows, others.

4.   Iridium

Application: acts as an active ingredient (binder) in drugs, automotive parts, electronics, others

5.   Palladium

Application: these are highly used in electroplating of jewelry, plating in electronics manufacturing, others.

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