Global Palladium Market Size, Share, Opportunities, And Trends By Industry Vertical (Automotive, Electronics, Jewellery, Healthcare (Dental), Chemicals, Others), And By Geography - Forecasts From 2023 To 2028

Palladium is a metallic element known for its hydrogen absorption capacity and corrosion resistance strength. Palladium is majorly manufactured as a by-product in the refining process of other metals such as nickel, platinum, and copper ores. Norilsk Nickel, Northam Platinum, and Sibanye Stillwater are some of the top palladium manufacturing companies. South Africa, Russia, and the USA hold a significant portion of the world’s palladium reserves. Owing to the various useful properties of palladium such as its catalyzation ability, palladium finds its application across various sectors like electronics, automotive, jewelry production, and others. Therefore, due to its extensive application across these sectors, the global palladium market is expected to grow steadily in the upcoming years.

The increasing market for vehicle and electronics consumption will act as a significant factor contributing to the growth of the global palladium market.

The automotive sector as an end-user of the global palladium market consumes more than 80% of the global palladium produced. The use of palladium in the exhausts of cars assists in converting the toxic emissions released by the cars into lesser levels of harmful emissions. With the increasing pollution levels and global warming, governments across the world have passed stringent laws with regard to emission and pollution control. Due to this, palladium has been facing higher demands for use in the automotive industry.

Apart from this, the electronics sector is another sector in which palladium is consumed as a part of chip capacitors to store energy owing to its conducting property. These capacitors are used in a large proportion of electronic appliances including computers, televisions and mobile phones. Progressive technological advancements have led to increased demand and consumption of electronic appliances. For instance, Samsung Company reported that it generated approximately 300 million smartphone gadgets in 2021. Hence, considering the expansion of the automotive and electronics industry and the rising adoption of palladium as an element used in the manufacturing process of these sectors, it can be anticipated that the global palladium market will experience promising expansion in the future years.

The uneven distribution of nickel and platinum reserves could restrain the growth of the global palladium market.

Since the majority of palladium extraction and manufacture is restricted to a few countries owing to the abundance of nickel and platinum ores in their regions, the global palladium market will be greatly affected due to political instability or any calamity or fatality affecting the functioning of any of these countries. Consider the Russia-Ukraine war situation for instance, due to this incident, the leading palladium manufacturer in the world, Norilsk Nickel faced backlash in the production and distribution of palladium which greatly affected the global palladium market.

Key Developments

• In March 2022, Norilsk Nickel., a Russian palladium manufacturing company announced its new delivery and supply route for palladium. The company was facing troubles due to the economic condition in Russia; however, it enforced and found alternatives to ensure that its supply chain can continue working efficiently.
• In June 2021, a rail crash fatality affected the palladium manufacture output to fall down by more than 5% in the Sibanye-Stillwater Company.
• In December 2022, Northam Platinum Company, a leading palladium manufacturer has placed a bid to acquire RBPlat Company to strengthen its platinum and palladium manufacturing capacity.

Asia Pacific region is expected to hold a significant share of the global palladium market due to the large quantity of palladium consumption in the automotive sector of China and India. The countries of China and India are consuming palladium to be used for the manufacture of catalytic converters in their automotive sectors. The growing population size of these countries accounts for larger demand in the automotive sector. However, the toxic emissions released by the increased number of vehicles are deteriorating the air quality of these nations. The Governments of these countries are constantly trying to introduce measures and policies to improve the air quality of their respective nations. The utilization of palladium can help achieve lower levels of emission and reduce the number of pollutants and toxins in the air. This has led to an increase in the demand and consumption of palladium in these countries. For instance, China accounts for 28% of the consumption of the palladium produced by the leading palladium manufacturing company, Nornickel. Therefore, considering these facts the Asia Pacific region can be expected to have a strong market share in the global palladium market over the forecast period.

Global Palladium Market Scope:

Key Market Segments:

• By Industry Vertical
  • Automotive
  • Electronics
  • Jewellery
  • Healthcare (Dental)
  • Chemicals
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Russia
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • Israel
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Vietnam
    • Others