Portland, OR, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global palladium market was estimated at $16.3 billion in 2021 and is expected to hit $28.6 billion by 2031, registering a CAGR of 5.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $16.3 Billion |
| Market Size in 2031 | $28.6 Billion |
| CAGR | 5.8% |
| No. of Pages in Report | 304 |
| Segments Covered | Application, End-use Industry, and Region. |
| Drivers | Rise in disposable income, surge in population, and rapid urbanization |
| Increase in demand for consumer electronics | |
| Opportunities | Rising use of palladium in dentistry as an alloy of dental amalgam to increase metallic luster and decrease corrosion |
| Restraints | The fact that palladium is extracted commercially as a by-product of nickel and then refined further which requires highly sophisticated machines |
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Covid-19 scenario-
- The palladium market was negatively impacted due to the wake of the pandemic owing to its dependence on electronics, automotive, aerospace, and other sectors.
- At the same time, several electronics companies had either shut down or halted their operations due to the risk of infections in the workforce where palladium is used as multi-layer ceramic (chip) capacitors (MLCC). This, in turn, declined the demand for palladium to a significant extent.
- Moreover, the travel restrictions imposed by the governments of various countries led the aerospace & aviation industries to witness a temporary downfall, which affected the growth of the global palladium market.
- Nevertheless, the rising sale of smartphones, laptops, tablets, and other consumer electronic devices have reported a rise in sales in the last year, and the global market has also started getting back on track.
The global palladium market is analyzed across application, end-use industry, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By application, the catalytic converters segment garnered more than four-fifths of the global palladium market in 2021, and would rule the roost by the end of 2031. The hydrogenation and dehydrogenation reaction segment, on the other hand, would display the fastest CAGR of 6.0% from 2022 to 2031. The ceramic capacitors and jewelry segments are also assessed in the study.
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Based on end use industry, the automotive segment held more than four-fifths of the global market in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 5.9% throughout the forecast period. The pharmaceuticals, food & beverages, and other application segments are also covered in the report.
Based on region, the market across Asia-Pacific generated nearly half of the global market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also manifest the fastest CAGR of 6.3% during the forecast period. The other regions studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global palladium market report include Manilal Maganlal & Company, Norilsk Nickel, Northam Platinum Limited, Platinum Group Metals Ltd, Alfa Aesar, Otto Chemie Pvt. Ltd., Sibanye-Stillwater, Southern Palladium Limited, China North Industries Corp (NORINCO), Vale, Vineeth Precious Catalysts Pvt. Ltd., and Indian Platinum Pvt. Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.
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About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
