Bosch, a Germany-based multinational technology company, said it is likely to slash the role of platinum in its new fuel cells.
The company will use a mere tenth of the platinum it has been using for its current fuel cell vehicles, as per calculated by industry analysts.
Speculation about bracing demand and pricing for platinum is vastly dependent on extensive utilization of fuel cells in vehicles, trains, and ships to compensate for the reduced amounts used in each device, they added.
The current market price of platinum has swelled by more than 40 percent in previous years, under pressure from consistent oversupply, a bit earlier in recent months.
However, the expected long-term demand for platinum would decrease after Robert Bosch GmbH affirmed reducing the role of platinum in its mass production of fuel cells.
The company had signed an agreement with Powercell Sweden AB for mass production of fuel cells; it said that the design still had not reached the final stage, but it is likely to use a platinum amount similar to a diesel catalytic converter.
A catalytic converter is designed to use only three to seven grams of platinum, with is relatively much less than 30-60 grams of the quantity which is being used in the same vehicle as a fuel cell, analysts said.