Market Overview:
The global palladium market size was valued at USD 21.6 billion in 2022 and is expected to be worth USD 19.6 billion in 2023. The market is projected to reach USD 22.6 billion by 2030, recording a CAGR of 2.1% during the forecast period.
Palladium is a member of the Platinum Group Metals (PGMs), which consists of a category of rare and precious metals. It is known for its high melting point and superior corrosion resistance, which is why it is widely used in many industrial processes. Growing usage in semiconductor, automotive, and jewelry making industries will help the market share grow.
Fortune Business Insights™ displays this information in a report titled, "Palladium Market, 2023-2030."
Segmentation:
Demand for Recycled Palladium to Rise Due to Increasing Demand for Green Hydrogen
The market is divided into mined and recycled segments based on the source. Because there is a growing need for green hydrogen, the recycled segment is anticipated to grow at a quicker rate than the mined segment. Because recycled palladium may be recycled indefinitely without losing its inherent qualities, it is commonly employed in the creation of hydrogen.
Rising Demand for Decreasing Carbon Emissions to Help Automotive Sector Become Major Product End-user
The market is divided into categories such as automotive, electronics, chemical & petroleum, and others based on the end-use industry. Because more people are switching from fossil fuel-powered to electric vehicles (EVs) in order to reduce their carbon emissions, the automotive category is predicted to have a dominant market share.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/palladium-market-108959
Report Coverage:
The market is thoroughly examined in the study, which also provides important insights into key areas such product categories, end-user industries, and major market participants. It also summarizes the most important market trends and industry advancements. The study lists numerous additional variables that have contributed to this market's expansion in addition to the ones already stated.
Drivers and Restraints:
Rising Acceptance of Hybrid Vehicles to Accelerate Market Growth
The production of hybrid vehicles is rising across the world to address issues regarding an electric vehicle’s sustainability and provide superior characteristics of both the gasoline and electric-powered engines. Hybrid vehicles are also gaining major traction as they reduce a user’s reliance on li-ion batteries and electricity and reduce the risks associated with them. These factors are also expected to positively impact the adoption of palladium in these vehicles.
However, the ongoing Russia-Ukraine war may decelerate the palladium market growth.
Regional Insights:
Notable Growth of Leading Sectors to Help Asia Pacific Dominate Global Market
Asia Pacific dominated the global market in 2022 as the region is witnessing a notable expansion of various key industries, such as automotive, electronics, and chemical. The region is considered a global hub for these sectors, which is why many key market players are setting up their base in this region.
The Middle East & Africa and Latin America are predicted to showcase moderate growth due to the strong growth of the chemical and automotive industries.
Competitive Landscape:
Leading Companies to Focus On Key Corporate Growth Strategies to Cement Market Positions
Ivanhoe Mines Ltd., Sibanye-Stillwater, Impala Platinum Holdings Limited, Anglo American Platinum Limited, and Nornickel are the key market players. These firms are implementing a wide range of corporate growth strategies, such as production capacity expansion to retain their market dominance.
Notable Industry Development:
March 2023 - Ivanhoe Mines announced that it had initiated the expansion of its Tier-One Platreef Palladium Mine in South Africa to increase the manufacturing from the phase 2 expansion.
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Anglo American Platinum Limited (South Africa)
Heraeus (Germany)
Impala Platinum Holdings Limited (South Africa)
Ivanhoe Mines Ltd. (Canada)
Nornickel (Russia)
New Age Metals Inc. (Canada)