Palladium is a lustrous silver-white metal and is rarely found, and it is assigned with the platinum group of metals as they all have uniform chemical properties. According to BlueQuark Research & Consulting, the global palladium market is expected to grow significantly during the forecasted period. Factors such as the increasing demand for palladium in catalytic converters in the automotive industry and a rise in the number of exchange-traded funds (ETF) that invest in palladium are expected to drive the demand for the Palladium market in the forecasted period. Further, the rising use of palladium in electrical components, specifically in multilayer ceramic capacitors (MLCCs), as conductive pastes and in electrical plating, is expected to drive the demand for the Palladium market in the forecasted period. However, volatility, rising palladium price owing to supply issues/ declining resources, illegal mining, government restrictions on exports and imports, and the recent discovery of its toxicity are some challenges for the global Palladium market.

Palladium is primarily a catalyst in the automotive sector, mainly in gasoline-powered on-road vehicles, and it has displaced platinum in some parts of on-road diesel engine autocatalysts. 

The growing need for palladium in catalytic converters in the automotive industry in vehicle exhausts is one of the primary growth factors driving the palladium market. Palladium is mainly consumption in the automotive industry as catalytic converters, producing electronics and jewellery, as well as chemical and dental applications. Palladium is sourced from two significant mine production and recycling. Being about 30 times as rare as gold, palladium is a silvery-white platinum group metal (PGM) with the lowest melting point and density. Malleability, ductility, and oxidation stability are some properties due to which palladium is welcomed in jewellery, and it is one of the vital elements in white gold. Palladium has hallmarks, namely, 500, 950, and 999, indicating the percentage of palladium in the articles weighing over a gram. Alongside its catalytic properties, having the capability to absorb up to 900 times its volume of hydrogen makes it suitable for fuel cells. With environmental concerns and carbon footprint being among the top priorities while manufacturing vehicle exhausts, palladium catalysts reduce as much as 90% of the harmful gases released by converting them to less toxic substances, making catalytic converters of utmost importance. Apart from the movement due to ETF-induced supply-and-demand dynamics, demand from other areas such as jewellery and industrial sectors (electronics, chemical, etc.) is also expected to make fair contributions to the global palladium market's growth. 

North America is anticipated to dominate the global palladium market during the forecast period, which is expected to be closely followed by Europe. However, the palladium market in Asia-Pacific, especially in China, is set to expand quickly due to the automotive industry's market size here in this region. Electronics are anticipated to be a critical end-use segment of the palladium market. Palladium is utilized in multilayer ceramic capacitors, which consist of palladium electrodes found in computers, laptops, and mobile phones. Palladium is utilized in connector and component plating in consumer electronics, and it is extensively used in catalytic converters in automotive. Other end-use applications include dentistry, jewellery, and photography. Palladium is utilized as precious metal in jewellery as a substitute for platinum. Nowadays, palladium is used as the precious metals in jewellery due to the platinum price and gold price rise. In dentistry, palladium is utilized in a few dental amalgam alloys to increase metallic luster and decrease corrosion. Palladium demand for metal from other sectors, such as jewellery and industries, is also anticipated to contribute to the market's growth. In addition, alternate prospects of investments in palladium have also contributed to the market's growth. Several new palladium exchange-traded funds by companies such as Absa Capital in South Africa are expected to boost the palladium market significantly. 

The global palladium market is consolidated. Major market players were Nornickel, Impala Platinum, Anglo American Platinum, Sibanye-Stillwater, and Lonmin, among others.

Canada-based Palladium One began a 17.5-kilometer drill program in November 2020 at its Kaukua South discovery in Finland. Kaukua is estimated to contain 11 million tonnes of optimized, pit-constrained resources, of which 1.8 g/t palladium or 635,600 palladium-equivalent oz is expected to be recovered. Inferred resources add another 10.9 million tonnes with 1.5 g/t palladium equivalent, contributing to another 525,800 oz of palladium recovery. (The resources were calculated at a cutoff grade of 0.3 g/t palladium)

Canadian Palladium Resources has come up with additional analytical results, in November 2020, for diamond drill holes EB-20-32, 33, and EB-20-35 to EB-20-38 on the East Bull Palladium Property, 90 kilometers west of Sudbury, Ontario. The results include a 12.0 m section of 2.97 g/t palladium equivalent (Pd-Eq), a 5.0 m section of 5.59 g/t Pd-Eq, and 1.0 m of 9.57 g/t Pd-Eq (one of the highest grade results intersected to date at the East Bull Project) in EB 20-37. Apart from Canada, Russia, South Africa, and the United State have palladium resources, and Canada is third in terms of the total volume of palladium production.

The global Palladium Market report provides deep insights into the current and future state of the palladium market across various regions. The study comprehensively analyzes the palladium market by segmenting based on type (Metal, Alloys, and Compounds), source (Mineral Source/ PGM Mining and Recycling), end-user industry (Automotive, Chemical, Petroleum, and Oil & Gas, Electronics, and Others), application (Catalysis, Multi-Layer Ceramic Capacitors, Hydrogen Storage and Purification, Jewellery, Coin, and Cutlery, and Others), and geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report examines the market drivers and restraints, along with the impact of Covid-19 on the market's growth, in detail. The study covers & includes emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched competitive landscape sections with profiles of prominent companies, including their market shares and projects.