According to Fortune Business Insights, the palladium market size was USD 20.0 billion in 2024. The market is expected to grow from USD 20.4 billion in 2025 to USD 23.6 billion by 2032 at a CAGR of 2.1% during the forecast period. Asia Pacific dominated the palladium market with a market share of 44.00% in 2024.
Palladium is a chemical element and a member of Platinum Group Metals (PGMs), a group of rare precious metals. Its high melting point and corrosion resistance have made it an ideal ingredient in many industrial processes. The industrial uses of this element range from catalytic converters, chemicals, and dental to jewelry. Its most common use is in automotive catalytic converters, which help reduce the carbon emissions from automotive engines. The ability to ensure effective chemical reactions throughout a vehicle’s life cycle has made palladium an irreplaceable catalyst in catalytic converters. It is also an important raw material in certain stages of semiconductor manufacturing, specifically in MultiLayer Ceramic Capacitors (MLCCs).
Fortune Business Insights™ displays this information in a report titled, "Palladium Market, 2025-2032."
Request a FREE Sample Copy: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/palladium-market-108959
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
Segmentation:
Growing Efforts Toward Achieving Circular Economy to Fuel Adoption of Recycled Palladium
Based on source, the market is segmented into mined and recycled. The recycled segment is expected to record a faster CAGR as compared to the mined segment as countries are looking for various ways to create a circular economy, and recycled palladium can help them achieve that goal.
Automotive to Emerge as Major End-Use Industry Due to Growing Need for Reducing Carbon Emissions