DUBLIN, Nov. 02, 2022 (GLOBE NEWSWIRE) — The “Palladium Market by Application, by End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2031” Report has been added ResearchAndMarkets.com Offer.
The global palladium market was valued at US$16.3 billion in 2021 and is projected to reach US$28.5 billion by 2031 and to grow at a CAGR of 5.8% from 2022 to 2030.
Palladium is a ductile, malleable, silvery-white element from the platinum metal group. It occurs in nickel-bearing ores. It is used in automotive catalytic converters to reduce emissions. In addition, it is used in jewelry, dentistry, watchmaking, blood glucose test strips, aircraft spark plugs, surgical instruments, and electrical contacts. In addition, palladium is used to make professional flutes (concert or classical).
The growth of the global palladium market is driven by increasing demand for consumer electronics devices, where palladium is widely used to manufacture multilayer ceramic (chip) capacitors (MLCC). In addition, the increase in global electricity demand has escalated the demand for modern and advanced fuel cells, where palladium plays a significant role in power supply applications.
According to a report released by the International Energy Agency (IAE), global electricity demand increased by 5% in 2021 and is expected to increase by 4% in 2022, driven by the global economic recovery. This is expected to boost Palladium market growth during forecast…
