Palladium is a silvery white metal, used in manufacturing electronics &other items. It is assigned by platinum group of metals (PGMs), as they all have uniform chemical properties. Palladium metal is sourced from two major sources: mine production and recycling. It is very ductile and can be easily worked. It does not lose shine when exposed to moisture or air at ordinary temperatures. Due to its high melting point and corrosion resistance, it is used in a variety of products. It is generally used in automobile catalytic converters. Catalytic converter is a device that converts pollutant or toxic gases from internal combustion engine to less toxic gases. Palladium is necessary for the production of cell phones, computers, and other electronics & transportation devices. Furthermore, it is also used in making surgical equipment. It can be used just as easily as platinum for dental implements and medical implants. Palladium metal is used for bridges, crowns, and also as a coating for titanium to protect the surface of the base metal.
According to study, “Global Palladium Silver Target Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global palladium silver target market are Lesker, Beijing Guanli, SAM, Beijing Scistar Technology, Nexteck, German tech, ZNXC, Shanghai SS Co., Ltd, Kaize Metals, Cathaymaterials, E-light, STMCON, FDC, Sputtertargets, Krastsvetmet, Changsha Xinkang Advanced Materials Co., Ltd. The key players are focusing on strategic partnerships &acquisition to improve their products or services. The players are also focusing on increasing their client base to reinforce market position and to enhance product & service offerings.
Based on type, palladium silver target market is segmented into plane target and rotating target.Based on sales channel, market is segmented into online channel and offline channel. Based on application, market is segmented into jewelry, investments, electronics sectors, chemicals and dental alloys. In addition, based on end-use industry, market is segmented into display industry, automobile industry, solar energy industry and others.
The palladium silver target market is driven by increase in organized players & brands, followed by growth in spending power of customers and rise in demand for catalytic converters in the automotive industry in vehicles exhausts. However, labor related issues may impact the market. Moreover, rise in use of palladium in the automobile and electronics industries is a key opportunity for market.
Based on geography, the North-American region holds major share in palladium silver target market owing to change in lifestyle, presence of vast automotive industry and growth in economy in the region. Whereas, the Asian-Pacific and European regions are estimated to witness higher growth rate due to high technological advancement and presence of key companies into the region over the forecast period. In upcoming years, it is predicted that future of the market will be bright on account of rise in demand from small & medium enterprises (SMEs) and various industry verticals during the forecast period.
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Ankur Gupta, Head Marketing & Communications