SPONSOR: New Age Metals Inc. The company’s Lithium Division has already made significant acquisitions in Canada and the USA. The company also owns one of North America’s largest primary platinum group metals deposit in Sudbury, Canada. Updated NI 43-101 Mineral Resource Estimate 2,867,000 PdEq Measured and Indicated Ounces, with an additional 1,059,000 PdEq Ounces in the Inferred. Learn More.
Sales Revenue of Palladium to Soar in the Near Future Owing to Growing Consumer Adoption
- 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
By: PMR Research
Palladium is a lustrous silvery-white rare metal used in a diverse range of applications. The metal with other elements such as osmium, iridium, ruthenium, rhodium, and platinum are referred to as Platinum Group Metals (PGM). Palladium is majorly consumed in the automotive industry as catalytic converters, manufacturing of electronics and jewelry, as well as chemical and dental applications. Palladium is sourced from two major sources, viz., mine production and recycling.
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.
Source: https://www.zebvo.com/2019/11/14/sales-revenue-of-palladium-to-soar-in-the-near-future-owing-to-growing-consumer-adoption/
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