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Palladium Market is Expected to Witness a Steady Growth by 2021
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The global market for palladium is likely to experience significant growth with declining demand for metals and increasing demand for recycling metals, leading to palladium demand outstripping the supply. In addition, changing prospects of investments in palladium have also contributed to the growth of the market. Several new palladium exchange-traded funds by companies such as Absa Capital in South Africa are expected to create a significant boost for the palladium market.
Growing demand for palladium in catalytic converters in the automotive industry in vehicles exhausts are one of the major growth factors driving the palladium market. Demand for the metal from other sectors such as jewelry and industrial are also anticipated to contribute to the growth of the market. However, rising prices of palladium owing to supply issues in South Africa and declining state stockpiles in Russia are expected to hamper the growth of the market. North America was the largest consumer for palladium, followed by China owing to the presence of the vast automotive industry in the region. Future market growth is expected to be from Asia Pacific with the growing industrial activities in emerging economies such as India. These factors are expected to provide new opportunities for the growth of the market.
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Aquarius Platinum, Stillwater Mining, Lonmin, First Quantum Minerals, GlencoreXstrata, Lundin Mining, and North American Palladium Ltd. are some of the major manufacturers of palladium dominating the market.
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