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 chemical element that is a member of the Platinum Group Metals (PGMs), a group of rare and precious metals. Palladium is highly resistant to corrosion and has a high melting point, making it ideal for several industrial processes. Widespread applications in industries ranging from jewelry, chemical, dental, and automotive are expected to foster market growth.
Fortune Business Insights™ displays this information in a report titled, "Palladium Market, 2023-2030."
Segmentation:
Growing Efforts Toward Achieving Circular Economy to Fuel Adoption of Recycled Palladium
Based on source, the market is segmented into mined and recycled. The recycled segment is expected to record a faster CAGR as compared to the mined segment as countries are looking for various ways to create a circular economy, and recycled palladium can help them achieve that goal.
Automotive to Emerge as Major End-Use Industry Due to Growing Need for Reducing Carbon Emissions
Based on end-use industry, the market is segregated into automotive, electronics, chemical & petroleum, and others. The automotive segment will dominate the palladium market share during the forecast period due to the rising need for decreasing carbon emissions from fossil-fueled vehicles.
Drivers and Restraints:
Growing Use of Platinum Group Metals in Vehicles to Fuel Market Expansion
The use of Platinum Group Metals (PGMs) is steadily increasing across the automotive industry, despite a decrease in the production and sales of vehicles. The use of catalytic converters in vehicles has increased considerably due to the introduction of stringent regulations with regards to carbon emissions. This scenario has compelled vehicle manufacturing companies to use more PGMs per catalytic converter and develop innovative exhaust treatment systems, which will further strengthen the market growth.
Regional Insights:
Asia Pacific to Dominate Market Due to Rapid Expansion of Key Industries
Asia Pacific dominated the global market in 2022 as several industries across the region, such as chemical, automotive, and electronics are growing at a robust pace. The region is considered a hub of these sectors, which is why it has created several lucrative opportunities for the key market players to grow.
