To manage the high costs of precious metals, industries employ several strategies:
1. Recycling and Recovery: One of the most effective ways to mitigate costs is through the recycling and recovery of precious metals from spent catalysts. This not only conserves resources but also reduces the need for new metal extraction.
2. Catalyst Optimization: By optimizing the design and usage of catalysts, industries can achieve the desired reaction efficiencies with smaller quantities of precious metals. Advanced catalysts with higher activity and selectivity can significantly lower the required metal loading.
3. Substitution: Research is ongoing to find alternative, less expensive metals or metal-free catalysts that can replace precious metals without compromising performance. For example, efforts are being made to develop iron-based or nickel-based catalysts as substitutes for platinum-group metals.
