Palladium Market to incur value growth at 15% CAGR by 2023
Global Industry Analysis
The Palladium Market is a key component of the global economic system and has been subject to volatile price swings in recent years. Palladium is a rare, silvery-white metal found mainly in South Africa and Russia, and is used heavily in automotive production, electronics manufacturing, and jewelry fabrication.
Current State of the Market:
The palladium market has been experiencing significant growth over the past few years. The CAGR for palladium is going to increase by 15% in 2023, driven mainly by the automotive industry. Palladium is used in catalytic converters to reduce emissions in gasoline-powered vehicles, and as the demand for cleaner and more fuel-efficient cars continues to grow, so does the demand for palladium.
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Palladium demand is expected to outpace supply due to decreased metal demand and rising need for recycling metals, which would result in significant rise in the global market for the metal. Additionally, the market has expanded as a result of shifting investment prospects for palladium. The launch of several new palladium exchange-traded funds by organisations like Absa Capital in South Africa is anticipated to give the palladium market a significant boost.
Growing demand for palladium in catalytic converters in the automotive industry in vehicles exhausts are one of the major growth factors driving the palladium market. Demand for the metal from other sectors such as jewelry and industrial are also anticipated to contribute to the growth of the market. However, rising prices of palladium owing to supply issues in South Africa and declining state stockpiles in Russia are expected to hamper the growth of the market.
North America was the largest consumer for palladium, followed by China owing to the presence of the vast automotive industry in the region. Future market growth is expected to be from Asia Pacific with the growing industrial activities in emerging economies such as India. These factors are expected to provide new opportunities for the growth of the market.
Aquarius Platinum, Stillwater Mining, Lonmin, First Quantum Minerals, GlencoreXstrata, Lundin Mining, and North American Palladium Ltd. are some of the major manufacturers of palladium dominating the market.
This report covers a thorough analysis of:
- Market segment
- Market dynamics
- Market size
- Supply demand
- Current Trends/Issues/Challenges
- Competition and related companies
- Technology
- Value chain
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Regional analysis includes:
- North America (USA, Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, UK, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia and New Zealand)
- Japan
- Middle East and Africa (GCC countries, South Africa, North Africa)
Report highlights:
- Detailed overview of the top markets
- Changing market dynamics of the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- competitive landscape
- Strategies of major players and products provided
- Potential and niche segments, areas showing promising growth
- A neutral view of market performance
- Essential information for market participants to maintain and strengthen their market footprint
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