Palladium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Palladium Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Palladium Market

The palladium market size was valued at USD 21.6 billion in 2022, and the market is now projected to grow from USD 19.6 billion in 2023 to USD 22.6 billion by 2030, exhibiting a CAGR of 2.1% during the forecast period of 2023-2030.

The COVID-19 disruptions, there has been a closing down of various establishments hence reducing remarkably industrial output and even individual enterprises, especially those in the automotive industry that received nearly 80% negative revenues in year 2020. This led to reduced demand for palladium a chemical element used in the manufacturing of catalytic converters. Nonetheless, market increased in 2021 caused by increased automotive production and growing necessity of semiconductors contributed to the resuming of palladium demand.

Although, there are indications that car manufacture and utilization in the global market have reducing, PGMs consumption ramped up because carbon emission regulations became stringent. The changes in formulation and the increased stringency of tests when the Worldwide Harmonized Light Vehicle Test Procedure (WLTP) was adopted in Europe and Japan led to new tough testing techniques, which in turn forced auto makers to employ sophisticated exhaust treatment equipment and apply more PGMs per catalytic converter. Likewise, the adoption of the China 6B standard that China has put in place as it is associated with the strict emission standards has pegged the need for PGMs higher. This level of regulation in key economies is believed to fuel global market growth during the forecast period.

That is why hybrid cars are becoming popular as they use both gasoline and electric power and companies do not rely solely on electricity and lithium-ion batteries. This makes them consider their product as a sustainable product in the automotive market due to their efficiency in the consumption of fuel and reduction of emissions. As a result, globally, the hybrid cars’ market share of the light vehicle, in the year 2022, stands approximately 5%. From the market analysis conducted for the Hybrid Vehicle market by Fortune Business Insights, there is more emphasis on increasing the rate of incorporation of Hybrid Vehicles and based on the historical analysis, it is expected that the market for Hybrid Vehicle shall grow at an average rate of 7% in the forecast period.

Comprehensive Analysis of Palladium Market

The palladium market growth is also increasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by source analysis, and by end-use industry analysis. By source analysis incudes mined and recycled. By end-use industry analysis incudes automotive, electronics, chemical & petroleum, and others.

The Asia Pacific region lead the palladium market share by benefitting a market size of USD 9.42 billion in 2022 due to its significant demand in the automotive sector.

Top players in the market have their responsibility of chemicals & advanced materials industrial prospectus growth of the retailing industry and the markets. These players include, Anglo American Platinum Limited, Heraeus, Impala Platinum Holdings Limited, Ivanhoe Mines Ltd., Nornickel, New Age Metals Inc., Northam Platinum Holdings Limited, Platinum Group Metals Ltd., Sibanye-Stillwater, Southern Palladium Limited these market players provide a level-playing competitive landscape.

In July 2023, Nornickel announced plans to develop a palladium catalyst aimed at leveraging electrolysis technology for water disinfection, with completion of the development phase expected by the end of 2023.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Unit Value (USD Billion) and Volume (Kilotons)

Growth Rate CAGR of 2.1% from 2023-2030

Segmentation By Source

Mined

Recycled

By End-use Industry

Automotive

Electronics

Chemical & Petroleum

Others

By Geography

North America (By Source, End-use Industry, Country)

U.S. (By End-use Industry)

Canada (By End-use Industry)

Europe (By Source, End-use Industry, Country)

Germany (By End-use Industry)

France (By End-use Industry)

U.K. (By End-use Industry)

Italy (By End-use Industry)

Rest of Europe (By End-use Industry)

Asia Pacific (By Source, End-use Industry, Country)

China (By End-use Industry)

Japan (By End-use Industry)

South Korea (By End-use Industry)

Rest of Asia Pacific (By End-use Industry)

Latin America (By Source, End-use Industry, Country)

Brazil (By End-use Industry)

Mexico (By End-use Industry)

Rest of Latin America (By End-use Industry)

Middle East & Africa (By Source, End-use Industry, Country)

GCC (By End-use Industry)

South Africa (By End-use Industry)

Rest of the Middle East & Africa (By End-use Industry)


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