Stillwater Mining Company (NYSE:SWC,TSX:SWC.U)announced International Platinum Group Metals Association (IPA) says palladium is essential to manufacturing.
As quoted in the press release:
The IPA report highlights the vital role platinum group metals (PGMs) play in everyday living, observing that one in four goods manufactured today either contains PGMs or uses them in its manufacturing process.
The most significant use of PGMs is in automotive catalytic converters. Essentially all motor vehicles produced today are equipped with catalytic converters which sharply reduce the harmful emissions from gasoline and diesel internal combustion engines. In 2011, approximately 67% of palladium and 41% of platinum supplied to the market was used in catalytic converters. Other important PGM applications include jewelry, electronics, dentistry, petroleum refining, and chemical processing.