The company's main activities include the manufacture of autocatalysts
, platinum process catalysts and speciality chemicals and the refining, fabrication and marketing of platinum group metals.
Purchasing of palladium by the autocatalyst
sector is expected to rise by 7% to a new high of 6.
Purchasing strengthened in the core autocatalyst
and industrial markets, which accounted for 94% of gross demand.
A 4 per cent contraction in platinum's use in autocatalyst
applications represented a divergence from the broad trend of growing global vehicle production, explained by the weakness in platinum's key automotive market, Europe, coupled with the twin draw of substitution (to palladium in diesel applications) and thrifting the intensity of metal use.
Table 33: World Palladium Market (2012): Percentage Breakdown of Sales by Application (includes corresponding Graph/Chart) II-39 Table 34: World PGM Market (2012): Percentage Breakdown of Autocatalyst
Platinum Demand by Vehicle Type (includes corresponding Graph/Chart) II-40
Without shipments of state stocks this year, the palladium market would essentially be in balance with growth in newly mined supplies and rising autocatalyst
and industrial demand, but softer investment and jewellery demand.
demand is expected to recover in 2006 and jewellery demand will continue rising, especially if palladium's popularity grows in China's two major cities, Beijing and Shanghai.
The world's autocatalyst
demand is shown to have been 1.
The largest increase in platinum demand was in Europe, where it is mainly used in diesel autocatalyst
business in Asia benefited from strong growth in the Chinese market where sales of cars and vans rose by 37 per cent in 2003.
sharp falls in sales to autocatalyst
manufacturers and liquidation of physical
The company said global vehicle sales had grown by just one per cent, but the autocatalyst
market grew by around six per cent in the year, with tighter air pollution regulations in major markets like the US and Japan and moves by other countries to clamp down on noxious gases spewed out by vehicles.