The global palladium market was valued at $16.3 billion in 2021, and is projected to reach $28.5 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2030.
Palladium is a ductile malleable silvery-white element of the platinum metal group. It occurs in nickel-bearing ores. It is used in catalytic converters of automotive vehicles for reducing emissions. Furthermore, it is used in jewelry, dentistry, watch making, blood sugar test strips, aircraft spark plugs, surgical instruments, and electrical contacts. Moreover, palladium is used to make professional transverse (concert or classical) flutes.
The growth of the global palladium market is driven by increase in demand for consumer electronic devices wherein palladium is widely used for producing multi-layer ceramic (chip) capacitors (MLCC). In addition, rise in global electricity demand has escalated the demand for modern & advanced fuel cells where palladium plays a significant role in power supply applications. According to a report published by the International Energy Agency (IAE), the global electricity demand has grown by 5% in 2021 and is estimated to increase by 4% in 2022 driven by the global economic recovery. This is predicted to foster the growth of the palladium market during the forecast period.
However, mining of palladium requires highly sophisticated equipment. This restrains the manufacturers with low investment potential to enter into the palladium production; thus, hampering the growth of the palladium market.
On the contrary, increase in adoption of palladium among several end-use sectors such as jewelry, dentistry, and others is anticipated to create new opportunities for the expansion of the palladium market in the aerospace sector in the near future.
The leading players operating in the global palladium market include Alfa Aesar, China North Industries Corp (NORINCO), Indian Platinum Pvt. Ltd, Manilal Maganlal & Company, Norilsk Nickel, Northam Platinum Limited, Otto Chemie Pvt. Ltd., Platinum Group Metals Ltd, Sibanye-Stillwater, Southern Palladium Limited, Vale, and Vineeth Precious Catalysts Pvt. Ltd. The global palladium market report provides in-depth competitive analysis as well as profiles of these major players.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the palladium market analysis from 2021 to 2031 to identify the prevailing palladium market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the palladium market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global palladium market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Catalytic Converters
- Ceramic Capacitors
- Jewelry
- Hydrogenation and Dehydrogenation Reaction
- Others
By End Use Industry
- Automotive
- Chemical and Petrochemical
- Electronics
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Norilsk Nickel
- Anglo American plc
- Impala Platinum Holdings Limited
- Sibanye-Stillwater
- Vale S.A.
- Northam Platinum Holdings Limited
- First Quantum Minerals Ltd.
- Otto Chemie Pvt. Ltd.
- Alfa Aesar
- Thermo Fisher Scientific
- Indian Platinum Pvt.Ltd
- Manilal Maganlal & Company
- Vineeth Precious Catalysts Pvt. Ltd.
- NORINCO
- Southern Palladium Limited
- Platinum Group Metals Ltd
- Platinum Group Metals Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PALLADIUM MARKET, BY APPLICATION
CHAPTER 5: PALLADIUM MARKET, BY END USE INDUSTRY
CHAPTER 6: PALLADIUM MARKET, BY REGION
CHAPTER 7: COMPANY LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Palladium Market," the palladium market was valued at $16.3 billion in 2021 and is estimated to reach $28.6 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031.Palladium is a silver-white ductile malleable metallic element that is used especially in electrical contacts, as a catalyst, and in alloys. Furthermore, it is used in the fuel cells to power of different things including cars and buses. Moreover, it is widely used in catalytic reactions in industry, such as in hydrogenation of unsaturated hydrocarbons, as well as in jewelry, dental fillings, and crowns.
The increase in demand for consumer electronics has surged the popularity of palladium-based multi-layer ceramic (chip) capacitors (MLCC) used to store energy in electronic devices such as broadcasting equipment, mobile telephones, computers, electronic lighting and high voltage circuits. For instance, according to a report published by National Investment Promotion and Facilitation Agency, India’s export of electronic devices is set to increase from $10 billion in 2021 to $120 billion by 2026. This is projected to enhance the demand for palladium in the growing electronics sector; thus fuelling the market growth. Furthermore, the rise in disposable income, surge in population, and increase in urbanization has created a massive demand for regular and advanced electronic devices such as washing machines, smartphones, televisions, computers, and others where palladium-based MLCC is widely used in integrated circuits. For instance, according to data published by International Data Corporation (IDC), the worldwide shipments for smart home devices have reached 801.5 million units in 2020 which is a 4.5% increase over 2019. This is anticipated to propel the growth of the palladium market during the forecast period.
However, palladium is extracted commercially as a by-product of nickel and then refined further which requires highly sophisticated machines. These factors together have restrained manufacturers with less investment potential to enter into palladium market; thus, hampering the market growth.
On the contrary, palladium is used as principal metal in jewelry due to the rise in price of platinum and gold. Furthermore, it is used in dentistry as an alloy of dental amalgam to increase metallic luster and decrease corrosion. Moreover, changing prospects of investments in palladium have also contributed toward the growth of the market. These factors are predicted to create remunerative opportunities for the expansion of the palladium market in the future.
The palladium material market is segmented on the basis of application, end-use industry, and region. By application, the market is segregated into catalytic converter, ceramic capacitors, jewelry, hydrogenation/dehydrogenation reactions, and others. The catalytic converter segment dominated the global market, in terms of revenue in 2021, with four-fifths of the total share. This is attributed to the increase in transportation activities which in turn has led the automotive sector in both developed and developing economies to witness a significant growth where palladium is widely used in catalytic converter of cars, trucks, and other vehicles for reducing vehicle emissions.
By end-use industry, the global palladium material market is classified into automotive, chemical and petrochemical, electronics, and others. The automotive segment dominated the global market, in terms of revenue in 2021, with four-fifths of the total share. This is attributed to the factors such as increase in disposable income and rise in original equipment manufacturers (OEMs) which in turn have led the automotive industry to witness a significant growth where palladium is widely employed in catalytic converters of cars, trucks, and other vehicles for emission reduction purposes.
Region-wise, the palladium material market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific palladium material market size is projected to grow at the highest CAGR during the forecast period, owing to rise in China's electronic sector which has forced the palladium manufacturers to produce efficient MLCC used in various consumer electronic products. Furthermore, countries such as Japan and Taiwan have a large electronics industry base and consumer electronics appliances industry which in turn has enhanced the performance of the palladium market in the Asia-Pacific region.
Key players operating in the global palladium material market include Alfa Aesar, China North Industries Corp (NORINCO), Indian Platinum Pvt. Ltd, Manilal Maganlal & Company, Norilsk Nickel, Northam Platinum Limited, Otto Chemie Pvt. Ltd., Platinum Group Metals Ltd, Sibanye-Stillwater, Southern Palladium Limited, Vale, and Vineeth Precious Catalysts Pvt. Ltd.
COVID-19 Analysis
- The novel coronavirus is an incomparable global pandemic that has spread to over 180 The novel coronavirus is an incomparable global pandemic that has spread to over 180 countries and caused huge losses of lives and the economy around the globe. The palladium market has been negatively impacted due to the wake of COVID-19 pandemic owing to its dependence on electronics, automotive, aerospace, and other sectors. According to an article published by The Economic Times, the exports of electronic devices such as computers, smartphones, and others have decreased due to supply chain issues. Also, several electronic companies have either shut down or shrank their operations due to the risk of infections among the workforce where palladium is used as multi-layer ceramic (chip) capacitors (MLCC). This has temporarily hampered the growth of the palladium market amid the COVID-19 period. In addition, the decrease in income of customers has led to contraction in demand for palladium-based catalytic converters among the automotive sectors. For instance, according to a report published by Auto News, the sales of passenger cars witnessed a 30% decline in March 2020 as compared to March 2019, owing to lockdowns and shutdowns of auto plants. Moreover, travel restrictions imposed by the governments of various countries have led the aerospace & aviation sectors to witness temporary downfall. Also, COVID-19 has put a temporary break on various aircraft manufacturing projects which in turn decreased the demand for palladium used as MLCC in various electronic components.
- However, the rise in sale of smartphones, laptops, tablets, and other consumer electronic devices have reported a surge in sales during the first quarter of 2021. This is anticipated to enhance the performance of the palladium market among consumer electronics segments post COVID-19 scenario.
Key Findings of the Study
- By application, the catalytic converter segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.9% from 2022 to 2031.
- By end-use industry, the automotive segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.9% from 2022 to 2031.
- By region, Asia-Pacific held the highest share of 49.4% in 2021, in terms of revenue, growing at a CAGR of 6.3%.
Companies Mentioned
- Norilsk Nickel
- Anglo American plc
- Impala Platinum Holdings Limited
- Sibanye-Stillwater
- Vale S.A.
- Northam Platinum Holdings Limited
- First Quantum Minerals Ltd.
- Otto Chemie Pvt. Ltd.
- Alfa Aesar
- Thermo Fisher Scientific
- Indian Platinum Pvt.Ltd
- Manilal Maganlal & Company
- Vineeth Precious Catalysts Pvt. Ltd.
- Norinco
- Southern Palladium Limited
- Platinum Group Metals Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 304 |
| Published | August 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 16.3 billion |
| Forecasted Market Value ( USD | $ 28.5 billion |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 16 |
