In recent years, platinum demand in the industrial sector has shown strong growth, with a pre-pandemic compound annual growth rate (CAGR) of 6% from 2013 to 2019. That is significantly higher than the compound annual growth rates of two key industrial benchmarks, more than double the growth in global gross domestic product over the same period and more than three times the growth in industrial output as measured by the Organisation for Economic Co-operation and Development. Demand from the platinum industrial sector is expected to account for nearly 40% of total platinum demand (net of recovered supply) in 2021; Unlike demand in the automotive and jewellery sectors, consumption of platinum in industrial applications is typically based on net demand, which is aggregate demand minus the supply of "closed loop" recycled metals. Forecasts show industry's annual platinum demand rebounding 25 per cent year on year to 2.4m ounces, as economic activity that drives industrial use of the metal recovers. Importantly, this is 13% higher than the pre-epidemic 2019 demand. China remains a major contributor to demand growth in the platinum industry. To keep pace with rapid growth in domestic energy demand, for example, China's refining capacity has almost quadrupled in the past two decades. In recent years, achieving self-sufficiency in the petrochemical sector has been a key component of China's long-term social and economic policy, and under this ambition, there has been strong demand for platinum catalysts not only in the petroleum refining industry but also in the production of bulk chemicals such as paraxylene, propylene and hydrogen peroxide. Globally, the chemical and petroleum industries are expected to see a good recovery in platinum demand this year, with growth of 11 percent and 65 percent, respectively, after capacity cuts in 2020 due to the pandemic.