Market Overview: Palladium Market
Palladium is a rare, brilliant silvery-white metal that is employed in a wide variety of products. Platinum Group Metals are metals that contain other elements including osmium, iridium, ruthenium, rhodium, and platinum (PGM). Palladium is primarily used in the manufacturing of catalytic converters, jewelry, electronics, and chemicals as well as in the dental and automotive industries. Palladium is obtained from two principal sources: mining and recycling.
Palladium demand is expected to outpace supply due to decreased metal demand and rising need for recycling metals, which would result in significant rise in the global market for the metal. Additionally, the market has expanded as a result of shifting investment prospects for palladium. The launch of several new palladium exchange-traded funds by organisations like Absa Capital in South Africa is anticipated to give the palladium market a significant boost.
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Growing demand for palladium in catalytic converters in the automotive industry in vehicles exhausts are one of the major growth factors driving the palladium market. Demand for the metal from other sectors such as jewelry and industrial are also anticipated to contribute to the growth of the market. However, rising prices of palladium owing to supply issues in South Africa and declining state stockpiles in Russia are expected to hamper the growth of the market.
North America was the largest consumer for palladium, followed by China owing to the presence of the vast automotive industry in the region. Future market growth is expected to be from Asia Pacific with the growing industrial activities in emerging economies such as India. These factors are expected to provide new opportunities for the growth of the market.
Aquarius Platinum, Stillwater Mining, Lonmin, First Quantum Minerals, GlencoreXstrata, Lundin Mining, and North American Palladium Ltd. are some of the major manufacturers of palladium dominating the market.
Key geographies evaluated in this report
- North America
- France, Germany, Italy, Spain, and the UK
- Eastern Europe
- Latin America
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Key features of this report
- Drivers, restraints, and challenges shaping the Palladium market dynamics
- Latest innovations and key events in the industry
- Analysis of business strategies of the top players
- Palladium market estimates and forecasts(2015 -2021)
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