Nov 9, 2022   SOURCE: BusinessWire

The Worldwide Palladium Industry is Projected to Reach $28.5 Billion by 2031 - ResearchAndMarkets.com

The "Palladium Market By Application, By End Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.

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.

Key Benefits

  • 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

For more information about this report visit https://www.researchandmarkets.com/r/phbvxi