What's Happening?
South Africa is experiencing a significant increase in platinum demand, driven by its use in the medical sector. Platinum is essential for medical devices like pacemakers due to its conductivity and resistance to corrosion. This rise in demand complements its traditional use in the automotive industry and emerging applications in the hydrogen economy. The increased demand is expected to positively impact South Africa's economy, as the country holds the largest platinum reserves globally.
Why It's Important?
The growing demand for platinum in the medical sector highlights its critical role in advancing healthcare technology. This trend not only boosts South Africa's economy but also underscores the importance of platinum in sustainable and innovative applications. As the world shifts towards cleaner technologies, platinum's role in the hydrogen economy further solidifies its position as a valuable resource. The diversification of platinum applications can lead to increased investment and development in related industries.
