Palladium mine production worldwide 2023, by country

The mine production of palladium in Russia reached an estimated 92 metric tons in 2023. This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 2,061 U.S. dollars per ounce in 2022. Palladium is a platinum group metal.

Uses of palladium

The largest share of global palladium consumption is attributed to catalytic converter production, a key component of internal combustion engines that power the majority of motor vehicles produced worldwide. Other areas of application of palladium are electronics, jewelry, medical purposes, dentistry, and other chemical applications. Palladium is a key component of fuel cells, which are used to convert chemical energy from fuel into electricity.

Regional palladium production

In 2023, approximately 210 metric tons of palladium was produced worldwide. South Africa was the second-largest palladium producer after Russia that year, with production amounting to some 71 metric tons. The top palladium consuming regions are China, North America, and Europe. The United States and China are also the two individual countries with the largest global market shares of auto production.