Dublin, Nov. 02, 2023 (GLOBE NEWSWIRE) -- The "Global Palladium Market: Analysis By Supply Source, Application, Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
Palladium holds a unique place in the automotive and chemical industries, primarily due to its exceptional catalytic properties and ability to absorb hydrogen. In 2022, the global palladium market's demand reached 10.04 million ounces.
Palladium's Role in Automotive and Chemical Sectors
Palladium's most significant demand originates from the automotive industry, where it plays a crucial role in catalytic converters, reducing harmful emissions to meet stringent environmental regulations. However, the growth of electric vehicles (EVs) and the substitution of palladium with lower-priced platinum pose challenges to its dominance in this sector. Conversely, the chemical industry is experiencing a surge in palladium demand, driven by China's policies promoting bulk chemical production and the resurgence in petrochemicals and electronics.
Market Segmentation:
- Supply: The global palladium market supply consists of primary and secondary sources. Primary supply comes from ore deposits in Russia and South Africa, while secondary supply, particularly from recycling catalytic converters, is on the rise.
- Demand: Palladium demand is divided into segments like automotive, chemical, electrical & electronics, dental & biomedical, pollution control, jewelry, investment, and others. In 2022, automotive palladium dominated due to emissions regulations. Meanwhile, the chemical palladium market is poised for significant growth.
- Region: Russia leads in primary supply, but Zimbabwe is expected to grow rapidly. China dominates the global palladium market demand, supported by its industrial and technological advancements.
Market Dynamics
Growth Drivers:
- Palladium's use in catalytic converters to meet stricter emission norms drives demand in the automotive sector.
- The consumer electronics industry, solar PV installations, investor interest, and diversified applications contribute to market growth.
Challenges:
- The preference for platinum in autocatalytic converters and the rise of electric vehicles pose challenges to palladium's dominance.
- Geopolitical tensions and supply constraints affect the market's stability.
Market Trends
Palladium's potential extends beyond its current applications, with researchers exploring new alloys that combine its unique attributes with other metals for various industries.
Impact of COVID-19
The pandemic disrupted the palladium market, affecting supply chains and reducing demand from the automotive sector. The semiconductor shortage exacerbated these issues. Elevated palladium prices and geopolitical tensions further complicated the market.
Competitive Landscape
The global palladium market is primarily controlled by major players, with entry barriers due to high capital and technological requirements. Mergers, acquisitions, and collaborations are prevalent, emphasizing a dynamic approach to challenges. Key players include Johnson Matthey PLC, Nornickel, Umicore, Glencore PLC, Vale, Anglo-American Platinum, Impala Platinum Holdings, and others.
Recent Developments
The market witnesses strategic collaborations and acquisitions. For instance, the Palladium Group acquired onefourzero in 2023 to expand its services into digital M&A consultancy, further influencing the industry's trends and advancements.
In summary, palladium's importance in reducing emissions in the automotive sector and its growing applications in the chemical industry have fueled demand. However, challenges from the rise of electric vehicles and geopolitical factors require the market to adapt and innovate. The palladium market remains dynamic, with major players engaged in strategic partnerships and research for continued growth.
Key Topics Covered
1. Executive Summary
2. Introduction
2.1 Palladium: An Overview
2.2 Palladium Segmentation: An Overview
3. Global Market Analysis
3.1 Global Palladium Supply Market: An Analysis
3.2 Global Palladium Demand Market: An Analysis
3.3 Global Palladium Market Supply: Source Type Analysis
3.4 Global Palladium Market Demand: Application Analysis
4. Regional Market Supply Analysis
4.1 Russia Palladium Market Primary Supply: An Analysis
4.2 South Africa Palladium Market Primary Supply: An Analysis
4.3 North America Palladium Market Primary Supply: An Analysis
4.4 Zimbabwe Palladium Market Primary Supply: An Analysis
4.5 Other Palladium Market Primary Supply: An Analysis
5. Regional Market Demand Analysis
5.1 China Palladium Market Demand: An Analysis
5.2 Europe Palladium Market Demand: An Analysis
5.3 North America Palladium Market Demand: An Analysis
5.4 Japan Palladium Market Demand: An Analysis
5.5 Rest of the World Palladium Market Demand: An Analysis
6. Impact of COVID-19
6.1 Impact of COVID-19 on Global Palladium Market
6.2 Post-COVID-19 Impact on Global Palladium Market
7. Market Dynamics
7.1 Growth Drivers
7.1.1 Increased Demand from the Automotive Sector
7.1.2 Growth of Consumer Electronics Industry
7.1.3 Surge in Solar PV Installations
7.1.4 Falling Price
7.1.5 Diversified Uses
7.1.6 Market Consolidation
7.2 Challenges
7.2.1 Platinum for Palladium Substitution
7.2.2 Electrification of Light Duty Vehicles
7.2.3 Geopolitical Tensions & Supply Constraints
7.2.4 Load Shedding
7.3 Market Trends
7.3.1 Advancements in Artificial Intelligence (AI) and Machine Learning (ML)
7.3.2 Advancement of Sensors
7.3.3 Nano-technological Applications
7.3.4 Emergence of Quantum Computing
7.3.5 Rise of Research & Development in Palladium
8. Competitive Landscape
8.1 Global Palladium Market: Competitive Landscape
8.2 Global Palladium Players by Market Share
8.3 Global Palladium Market Players: Price Comparison
9. Company Profiles
9.1 Johnson Matthey PLC
9.2 Nornickel (Norilsk Nickel)
9.3 Umicore
9.4 Glencore PLC
9.5 Vale SA
9.6 Anglo-American Platinum (Amplats)
9.7 Impala Platinum Holdings (Implats)
9.8 Sibanye-Stillwater
9.9 Palladium One Mining Inc.
9.10 Platinum Group Metals Ltd.
9.11 Eastern Platinum (Eastplats)
For more information about this report visit https://www.researchandmarkets.com/r/fq1oae
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