Palladium Market Size & Share to Surpass USD 24 Billion by 2030 | Vantage Market Research

WASHINGTON, March 16, 2023 (GLOBE NEWSWIRE) -- Global Palladium Market is valued at USD 16.5 Billion in 2022 and is projected to reach USD 24 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.5% over the forecast period 2023-2030.

Market Overview

The demand for the Palladium market is anticipated to rise in the anticipated period due to factors including the rising demand for Palladium in catalytic converters in the automobile industry and a growth in the number of marketplace funds (ETF) that invest in Palladium. Additionally, the demand for Palladium is anticipated to be driven by the metal's expanding application in electrical components, particularly in multilayer ceramic capacitors (MLCCs), conductivity pastes, and electromagnetic plating.

We forecast that the electrical and electronics category in the Palladium market sales will account for more than 30% of total sales by 2028. Palladium is an electrode material for multiple-layer capacitance values, including Palladium electrodes found in computers, workstations, and cellular telephones. Palladium is widely used in car emissions controls, connection, and device plating for consumer electronics.
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Market Dynamics

Growing Need for Palladium in Catalytic Converters in the Automotive Industry to Support Market Expansion
Palladium has replaced mercury in some on-road diesel engine autocatalyst components. Palladium is largely a catalyst in the automotive industry, primarily in gasoline-powered on-road cars. One of the major factors propelling the Palladium market is the expanding demand for Palladium in catalytic converters in the automobile industry. Palladium is primarily used in manufacturing jewelry, electronics, and catalytic converters for the automotive sector. It also has uses in chemicals and dentistry.

Stable Rise in Demand for Palladium Jewellery to Accelerate the Market Growth
This increase in the worth of the platinum jewelry market can be attributed to some factors, including the product manufacturers' steadily increasing improvement in product advancements, the growth and intensification of consumer purchasing power, particularly in emerging economies, the rising popularity of e-commerce social media channels there, and the rise in individual disposable income. The increase in demand for Palladium-based jewelry is anticipated to i substantially impact the Palladium market's revenue growth.

Top Players in the Global Palladium Market

  • Aberdeen International (Canada)
  • Alfa Aesar (U.S.)
  • Anglo-American (U.K.)
  • ARM Platinum (South Africa)
  • BASF (Germany)
  • Evonik (Germany)
  • Glencore (Switzerland)
  • Heraeus (Germany)
  • Impala Platinum (South Africa)
  • Johnson Matthey (U.K.)
  • Lonmin (U.K.)
  • Palladium One Mining (U.S.)
  • Platinum Group Metals (South Africa)
  • Sibanye-Stillwater (South Africa)
  • Umicore (U.S.)
  • Vale (Brazil)

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Top Trends in Global Palladium Market

  • One trend that Vantage Market Research (VMR) anticipated to see in the Palladium industry is rising usage in the aerospace industry. Palladium has several incredible qualities, which account for its widespread use in the aerospace sector in various applications. It is utilized to create various components of aviation engines, along with a few other precious metals, such as Palladium and silver, due to its high melting point (1,555 °C). Palladium is utilized to build aircraft parts that require protection from weather and friction since it is naturally resistant to oxidation. It can be found along with other metals in heat exchangers, gasoline nozzles, and other places because it is strong, stable, and long-lasting.
  • Another trend that VMR projected to continue in the Palladium industry is its increased adoption of Palladium in watchmaking. Palladium has many benefits that watchmakers have found for various watch components, such as balance wheels, strings, and bearings. The material is shiny and keeps its sheen even when gold or Palladium loses some of its lusters. At room temperature, it doesn't react with many strong acids. Additionally scratch-resistant, it keeps its sleek, silvery-white gloss for its life. Palladium is well-liked in the fashion sector because of all these characteristics.

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Top Report Findings

  • The Mineral Resource category controls most of the Palladium market's revenue based on Types. The uncommon minerals cooperite and polarite contain Palladium. Palladium is typically only found in the pure form of minerals, and mafic igneous rocks include platinum and Palladium in sulfide form.
  • Based on the Applications, most of the Palladium market's revenue is controlled by the electricals and electronics categories. Palladium is a superb material for luminous open relays used in telecoms due to its nobility, ease of manufacture, and resistance to erosion. Multilayer ceramic (chip) capacitors are also made using it (MLCCs). When a modest amount of a particular capacitor is required, MLCCs are utilized. The energy is kept in electronic devices. They can be found in cell phones, laptops, television equipment, and large electrical circuits.

Electricals and Electronics Category in Palladium Market to Generate a Significant Revenue
For better understanding, based on the application, the Palladium market is divided into Catalyst, Chemical Manufacturing, Electricals & Electronics, Jewelry, and Others.

During the forecast period, the Palladium market is anticipated to experience the highest CAGR for the Electricals & Electronics category. The rise in demand for consumer electronics, where Palladium is commonly used to make multilayer ceramic (chip) capacitors, is fueling the growth of the world's Palladium industry (MLCC). Additionally, the increased demand for modern and improved fuel cells, where Palladium plays a vital role in power supply applications, has increased in response to the rising global demand for electricity.

On the other hand, the Jewelry category is anticipated to grow significantly. Due to the price of gold increase, Palladium is now employed as gold bullion in jewelry. A few dental amalgam alloys in dentistry use Palladium to boost metallic brilliance and reduce corrosion. Demand for Palladium from other industries and sectors, like jewelry, is projected to fuel market expansion.

Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Palladium Market Forecast Report (2023-2030).

Asia Pacific Region in Palladium Market to Generate the most of the Global Revenue
The Asia Pacific dominates the market throughout the projection period due to the region's strong prognosis for chemical, medical, and automobile production, particularly in India, China, and ASEAN nations. Due to the development of the country's chemical and transportation sectors, China is predicted to experience a substantial increase in the demand for Palladium catalysts. Additionally, government actions to assist the expansion of the local production index are anticipated to fuel growth.

North America region is projected to be the fastest growing region due to the resurgent auto sector and rising interest in electric automobiles. Due to the region's rebounding economy and the global automotive and petrochemical industry in Brazil and Mexico, Latin America is anticipated to be a reasonable market and experience significant growth.

Global Palladium Market Segmentation

By Types

  • Mineral Source
  • Recycling Source

By Applications

  • Catalyst
  • Chemical Manufacturing
  • Electricals & Electronics
  • Jewelry
  • Other Applications

By Region

  • North America
    • United States
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • South-East Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of MEA

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Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 16.5 Billion
Revenue Forecast by 2030USD 24 Billion
CAGR5.5% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersAberdeen International, Alfa Aesar, Anglo-American, ARM Platinum, BASF, Evonik, Glencore, Heraeus, Impala Platinum, Johnson Matthey, Lonmin, Palladium One Mining, Platinum Group Metals, Sibanye-Stillwater, Umicore, Vale
Customization OptionsCustomized purchase options are available to meet any research needs. Explore customized purchase options

Key Questions Answered in the Report:       

  • What is the current global supply and demand situation for palladium?
  • What are the key drivers of palladium prices?
  • What is the forecast for palladium demand and prices in the near term and long term?
  • Who are the major producers and consumers of palladium?
  • What are the trends in palladium usage across different industries such as automotive, electronics, and jewelry?
  • What are the regulatory and policy developments that could impact the palladium market?
  • What are the technological advancements that could impact the demand for palladium?
  • What are the risks and challenges faced by the palladium industry, such as supply chain disruptions, environmental concerns, or political instability?

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