London (ots/PRNewswire) - The platinum market should move closer to
balance in 2022, according to Johnson Matthey's latest PGM Market
Report. This provides an overview of demand for platinum group metals
in 2021 and an outlook for 2022, in advance of the annual London
Platinum & Palladium Market week.
Platinum demand growth will be driven by rising consumption in
catalysts for heavy duty trucks, and increased use of platinum (in
place of palladium) in gasoline autocatalysts. South African platinum
supplies will contract by 9%, with plant maintenance at the country's
two largest PGM refiners, and mining activity hit by operational
challenges. Industrial demand will remain robust, although it will
retreat from the record levels seen in 2021 when Chinese glass
companies purchased unusually large quantities of platinum.
Johnson Matthey's report shows that the palladium and rhodium markets
could move back into deficit in 2022, with lower South African
supplies and downside risks to Russian shipments. Demand growth will
be constrained by weak vehicle output, and cost-saving programmes by
auto and industrial consumers. High prices have triggered significant
thrifting by Chinese automakers, increased substitution of palladium
with platinum in gasoline autocatalysts, and reductions in rhodium
use by glass companies. Prices for both metals remained strong during
the first four months of 2022, with palladium climbing to an all-time
high of over $3,300 in March as supply concerns intensified.
Rupen Raithatha, Market Research Director at Johnson Matthey,
commented: "We expect weak car output to moderate PGM demand growth
in 2022. In recent months we've seen repeated cuts to vehicle
production forecasts, due to semiconductor shortages and supply chain
disruption. There could be further downgrades to come, especially in
China, where Covid disruption led to stoppages at some car plants
during April. However, PGM supplies are also under pressure, with
Russian shipments facing logistical and commercial hurdles, and South
African mines losing production due to extreme weather, electricity
shortages, safety stoppages, and intermittent labour disruption."
Industrial demand for platinum is forecast to fall short of 2021's
record level, because some of the platinum required for this year's
fibreglass expansions was acquired in advance. However, platinum
consumption by the glass industry should remain robust by historical
standards, reflecting the growing role of glass fibre reinforced
materials in carbon reduction applications such as vehicle
lightweighting and wind power. In contrast, glass sector demand for
rhodium will be weak, with glass companies further reducing the
rhodium content of alloys used in glassmaking equipment.
Stewart Brown, Research Manager at Johnson Matthey, said "Platinum
alloys used in fibreglass production have traditionally contained
10−20% rhodium, to help glassmaking apparatus withstand extremely
high temperatures. Using more rhodium allows for longer production
campaigns, improves productivity, and reduces the frequency of
recycling and refabricating equipment. Until very recently, 10% was
widely regarded as the lower limit, but exceptionally high rhodium
prices have driven some fibreglass companies to reduce the rhodium
content of their alloys even further."
Demand for PGM in the chemical industry is forecast to enjoy
double-digit growth in 2022, reflecting continued investment in
Chinese petrochemicals capacity. Total PGM consumption in China's
petroleum and chemical industries will rise by 12% and is set to
exceed one million ounces for a fifth consecutive year. Johnson
Matthey's May 2022 PGM Market Report includes a special feature on
the impact of Chinese industrial policy on PGM demand.
Jason Jiang, Johnson Matthey's Market Research Manager for China,
said: "The 13th Five Year Plan, which ran from 2016 to 2020, saw
extensive modernisation of China's petroleum refining industry, and
massive investment in 'building block' chemicals used in many
industrial products. This has generated significant demand for all
the PGM, especially platinum. Since 2016, we estimate that over 7
million oz of PGM have been purchased by Chinese petroleum refiners
and chemicals producers. Going forward, there is potential for new
PGM use in energy transition applications such as lower-carbon fuels
and chemicals. Using PGM process catalysts often allows for more
energy efficient reactions, with fewer unwanted byproducts and
reduced water consumption."
Note to editors: Johnson Matthey Plc's PGM Market Report can be
viewed and downloaded from the website
and provides an
overview of demand for platinum group metals in 2021 and an outlook
for 2022. You can follow us on Twitter at @PMMJM.
Johnson Matthey's Market Research Department has undertaken
fundamental research into the Platinum Group Metals markets since the
1980s. Since 1985, Johnson Matthey has published supply and demand
data, in the Platinum and Interim Platinum series of reviews
(1985−2013) and in the PGM Market Report (2014−2021). Previous
reviews and reports can be downloaded from
Johnson Matthey is a global leader in sustainable technologies that
enables a cleaner and healthier world. With over 200 years of
sustained commitment to innovation and technological breakthroughs,
we improve the performance, function and safety of our customers'
products. Our science has a global impact in areas such as low
emission transport, chemical processing and making the most efficient
use of the planet's natural resources. Today about 15,000 Johnson
Matthey professionals collaborate with our network of customers and
partners to make a real difference to the world around us. For more
information, visit www.matthey.com
Inspiring science, enhancing life
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