Palladium Market: Overview
Palladium is a chemical element named after asteroid Pallas. It is denoted with atomic number 46 and symbol ‘Pd.’ Palladium is lustrous silvery white metal and is rarely found. It is assigned with platinum group of metals (PGMs), as they all have uniform chemical properties. The platinum group of metals consists of palladium, ruthenium, rhodium, platinum, osmium, and iridium. However, palladium is the least dense and has the lowest melting point among these. It is extremely ductile and can be easily worked. It does not lose luster when exposed to air or moisture at ordinary temperatures.
Palladium is alloyed with gold in small amounts to produce white gold. Palladium and its alloys serve as a replacement for platinum in jewelry and electrical contacts. Palladium is widely used in automobile catalytic converters. Catalytic converter is a device that converts pollutant and toxic gases from internal combustion engine to less toxic gases.
Palladium is one of the platinum metals which are found in plenty. It is present in the earth’s crust. In mining, palladium can be obtained from deposits alloyed with platinum and gold. Commercially, it is produced as a by-product in refining of nickel and copper ores. It is also found in the residue of nuclear fission or as nuclear waste. Palladium, ruthenium, and rhodium are the three lighter platinum group metals formed as products in nuclear reactors. Recycling is also one of the sources of palladium, largely from scrapped catalytic converters of automobiles.
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Palladium Market: Key Segments
The global palladium market can be segmented based on end-use and region. Based on end-use, the palladium market can be divided into chemicals, oil& gas, electronics, automotive, and others. In chemicals, palladium is used as a homogeneous catalyst for highly selective chemical transformations. Large numbers of carbon-carbon bonding reactions are carried out with the help of palladium compound catalyst. Palladium helps accelerate heterogeneous catalytic processes such as dehydrogenation, hydrogenation, and petroleum cracking in the oil & gas industry.
Electronics is anticipated to be a key end-use segment of the palladium market. Palladium is used in multilayer ceramic capacitors, which consist of palladium electrode found in laptops, computers, and mobile phones. Palladium is employed in connector and component plating in consumer electronics. It is extensively used in catalytic converters in automotive. Other end-use applications include jewelry, dentistry, and photography. Palladium is used as valued metal in jewelry as a substitute to platinum. Nowadays, palladium is used as principal metal in jewelry due to the rise in price of platinum and gold. In dentistry, palladium is employed in a few alloys of dental amalgam to increase metallic luster and decrease corrosion.
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Palladium Market: Regional Outlook
In terms of region, the global palladium market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to lead the global palladium market during the forecast period. It is anticipated to be followed by Europe. The palladium market in Asia Pacific is estimated to expand at a rapid pace during the forecast period. Latin America and Middle East & Africa are projected to account for moderate share of the market during the forecast period.
Palladium Market: Key Players
Key players operating in the global palladium market are Norilsk Nickel, Anglo American, Implats Platinum Limited, Lonmin Plc, Sibanye-Stillwater, Vale, Aquarius Platinum, North American Palladium Ltd., Northam Platinum Limited, New Gold Inc., and Aberdeen International Inc.
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Companies in the Palladium market have increasingly shifted gears with wide application of digital technology across the continuum, from raw material sourcing to manufacturing to generation of final output, to warehousing to final distribution operations. Among the various affects, the market is witnessing new growth economics due to thinning of line between specialty and commodity businesses that are associated with the larger ecosystem. At the same time, new growth parameters are being vigorously being debated as industry stakeholders put greater emphasis on the circular economy processes.
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