- Industrial Demand: PGMs are essential in many industrial applications due to their resistance to corrosion and high melting points. Platinum and palladium, for instance, are widely used in catalytic converters to reduce vehicle emissions. Rhodium is also used in catalytic converters but is more valuable due to its rarity and efficacy in removing nitrogen oxides from exhaust gasses
- Jewelry and Investment: Platinum and palladium are popular in jewelry for their durability and hypoallergenic properties. They are also bought as investment assets in the form of bullion bars and coins due to their intrinsic value and economic stability
- Electronic Applications: Ruthenium, iridium, and osmium have niche uses in electronics. Ruthenium is used in chip resistors and electrical contacts, while iridium is often used in high-temperature applications and spark plugs. Osmium, despite its rarity, is used in some alloys and electrical contacts