According to the report published by Allied Market Research, the global palladium market was estimated at $16.3 billion in 2021 and is expected to hit $28.6 billion by 2031, registering a CAGR of 5.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
- The palladium market was negatively impacted due to the wake of the pandemic owing to its dependence on electronics, automotive, aerospace, and other sectors.
- At the same time, several electronics companies had either shut down or halted their operations due to the risk of infections in the workforce where palladium is used as multi-layer ceramic (chip) capacitors (MLCC). This, in turn, declined the demand for palladium to a significant extent.
- Moreover, the travel restrictions imposed by the governments of various countries led the aerospace & aviation industries to witness a temporary downfall, which affected the growth of the global palladium market.
- Nevertheless, the rising sale of smartphones, laptops, tablets, and other consumer electronic devices have reported a rise in sales in the last year, and the global market has also started getting back on track.
The global palladium market is analyzed across application, end-use industry, and region. The report takes in an exhaustive analysis of segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By application, the catalytic converters segment garnered more than four-fifths of the global palladium market in 2021, and would rule the roost by the end of 2031. The hydrogenation and dehydrogenation reaction segment, on the other hand, would display the fastest CAGR of 6.0% from 2022 to 2031. The ceramic capacitors and jewelry segments are also assessed in the study.
Based on end use industry, the automotive segment held more than four-fifths of the global market in 2021, and is expected to dominate by 2031. The same segment would also manifest the fastest CAGR of 5.9% throughout the forecast period. The pharmaceuticals, food & beverages, and other application segments are also covered in the report.
Based on region, the market across Asia-Pacific generated nearly half of the global market revenue in 2021, and is anticipated to retain the lion’s share by 2031. The same region would also manifest the fastest CAGR of 6.3% during the forecast period. The other regions studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global palladium market report include Manilal Maganlal & Company, Norilsk Nickel, Northam Platinum Limited, Platinum Group Metals Ltd, Alfa Aesar, Otto Chemie Pvt. Ltd., Sibanye-Stillwater, Southern Palladium Limited, China North Industries Corp (NORINCO), Vale, Vineeth Precious Catalysts Pvt. Ltd., and Indian Platinum Pvt. Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance, product portfolio, operating segments, and developments by the top players.