This post is by Tessa Di Grandi from Visual Capitalist
What are PGMs and Why Does the Automotive Industry Need Them?
Platinum group metals (PGMs) are a category of metals that include platinum, palladium, rhodium, ruthenium, osmium, and iridium.
PGMs are crucial to the automotive industry as they are required for autocatalysts within automotive catalytic converters and exhaust systems. These convert harmful pollutants into less dangerous carbon dioxide and water vapor.
In 2020, 60% of global PGMs were utilized for autocatalysts, demonstrating the significance of PGMs to the auto industry.
In the above graphic sponsor, KGP Auto takes a look at the role PGMs will play in the future of decarbonizing the automotive industry.
PGM use in the auto industry has been typically forecasted to reduce as battery electric vehicle (BEV) share increases. This is due to the fact that BEVs do not need PGMs for catalytic converters.
However, the rollout of BEVs faces major challenges such as resource limitations, cost, and infrastructure.
According to projections by KGP Auto, BEVs will only make up 38% of the automotive market by 2040, far short of the 65% needed to achieve net-zero emissions.
To address this, KGP Auto’s recent report proposes a scenario in which material supply is matched to a broader fuel mix.
This broader fuel mix will be intended for hybrid vehicles and other vehicles that can (Read more...)