M. Garside
Research lead covering energy, chemicals & resources
Global palladium industry - statistics & facts
The silvery-while metal palladium is the most prominent platinum group metal (PGM) following platinum, with global palladium production amounting to 210 metric tons in 2023. Palladium is a chemical element and one of the PGMs that share similar physical and chemical properties, and which tend to be found in the same mineral deposits. Russia was the leading mine producer of palladium in the world in 2023, with an estimated 92 metric tons produced that year. Palladium production in South Africa and Canada ranked second and third that year, respectively. As a result of increased industrial demand, such as in electronic devices, the global market value of palladium is forecast to reach 24 billion U.S. dollars in 2030.
Palladium industry and uses
Palladium has some unique properties that make it useful or even indispensable for certain applications. More than 80 percent of global palladium consumption was attributed to catalytic converters in automobile exhaust treatment systems as of 2022. Other areas of application of palladium include electronics, jewelry, medicine, dentistry, and groundwater treatment. Because hydrogen gas can filter through hot palladium, this metal is a key component of hydrogen fuel cells. China was the world’s leading palladium-consuming country as of 2022, accounting for more than a quarter of global consumption. In March 2022, the price of palladium spiked to 2,611 U.S. dollars per ounce due to supply concerns amid the Russian invasion of Ukraine and resulting sanctions against Russia. Palladium prices had dropped to 945 U.S. dollars per ounce in March 2024.Leading palladium mining companies
The leading palladium-producing company in the world is the Russian mining giant Norilsk Nickel (also known as Nornickel). Although Nornickel is primarily a nickel mining company, the company’s top ranking position among palladium miners is explained by the fact that palladium occurs in nickel-bearing ores. Nornickel’s palladium production amounted to 2.69 million troy ounces in 2023, with operations located in Siberia, Finland, and South Africa. The second largest palladium-producing company, Anglo American Platinum, which produced 18 percent of the world’s palladium in 2022, is based in South Africa. A subsidiary of Anglo American, it produced almost 1.3 million ounces of palladium in 2023.
