Platinum is an excellent catalyst,
can be used at high temperatures,
and is stable in many aggressive chemical environments. Consequently,
platinum is used in many current industrial applications, notably
automotive catalytic converters, and prospective vehicle fuel cells
are expected to rely upon it. Between 2005 and 2010, the automotive
industry used approximately 40% of mined platinum. Future automotive
industry growth and automotive sales shifts toward new technologies
could significantly alter platinum demand. The potential risks for
decreased platinum availability are evaluated, using an analysis of
platinum market characteristics that describes platinum’s geophysical
constraints, institutional efficiency, and dynamic responsiveness.
Results show that platinum demand for an automotive fleet that meets
450 ppm greenhouse gas stabilization goals would require within 10%
of historical growth rates of platinum supply before 2025. However,
such a fleet, due largely to sales growth in fuel cell vehicles, will
more strongly constrain platinum supply in the 2050 time period. While
current platinum reserves are sufficient to satisfy this increased
demand, decreasing platinum ore grade and continued concentration
of platinum supply in a single geographic area are availability risk
factors to platinum end-users