Canada Palladium Market Report and Forecast 2024-2032

Canada Palladium Market Size

The Canada palladium market is projected to grow at a CAGR of 4.35% between 2024 and 2032.

Canada Palladium Market Outlook

• As per industry reports, Canada ranked fourth in the production of palladium across the globe as of 2022.

• Canada’s platinum-group metals (PGMs) mine production was around 710,000 troy ounces in 2022. PGM mining in Canada is concentrated in Ontario, Quebec, and Manitoba.

Canada Palladium Market Growth

Canada is the fourth-largest producer of mined PGMs globally and accounted for around 5.5% of the production in 2022. Palladium comprises the largest share of mine PGMs in Canada, which is around 75% of the production, followed by platinum at 23% and rhodium at 2%. Canada also ranks fifth for known PGM reserves in the world. For instance, the country had around 310 tonnes or approximately 10 million troy ounces of known PGMs in 2022. Canada is a significant exporter of refined (Stage 2) and semi-fabricated (Stage 3) PGM products to several countries globally.

According to the Canada palladium market analysis, the metal is crucial in reducing harmful emissions from vehicles and plays a significant role in catalytic converters. In these converters, palladium converts toxic gases, such as nitrogen oxide, carbon monoxide  and hydrocarbons, into less harmful substances. A typical catalytic converter contains around 3 to 7 grams of palladium. The growing demand for palladium is compelling stakeholders in the industry to adopt a combination of mining and recycling initiatives to meet the demand. By recycling products such as autocatalytic converters, jewellery, and electrical scrap, manufacturers increase their palladium production.

Canada Palladium Industry Segmentation

Canada Palladium Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.

Market Breakup by Application

• Catalytic Converters

• Ceramic Capacitors

• Jewellery

• Hydrogenation and Dehydrogenation Reaction

• Others

Market Breakup by End Use

• Automotive

• Chemical and Petrochemical

• Electronics

• Others

Market Breakup by Region

• Northern Canada

• British Columbia

• Alberta

• The Prairies

• Central Canada

• Atlantic Canada

Canada Palladium Market Share

The growing demand for palladium from the automotive industry is the primary driver of the palladium market's expansion. The catalytic converters used by automakers have been shifting away from platinum to palladium-based variants. Palladium is used in many industrial and automotive applications because of their durability, high capacitance values, and ability to withstand difficult operating conditions. Moreover, ceramic capacitors with palladium electrodes are frequently used in consumer electronics like computers, televisions, digital cameras, and cell phones.

Leading Companies in Canada Palladium Market

The key players in the palladium market are investing in technology to boost their palladium production.

• Ivanhoe Mines Ltd.

• New Age Metals Inc.

• Platinum Group Metals Ltd.

• Generation Mining Limited

• First Quantum Minerals Ltd.

• Others

Key Highlights of the Report