The mine production of palladium in Russia reached an amount of some 88 metric tons in 2022. This production volume ranked Russia as the world's leading palladium producer that year. The average price of palladium was 2,178 U.S. dollars per ounce in 2022. Palladium is a platinum group metal, close to platinum in chemical composition. It is used primarily in catalytic converters, a key component of internal combustion engines that power the majority of motor vehicles produced worldwide.
Uses of palladium
The largest share of global palladium consumption is attributed to catalytic converter production. 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 2022, approximately 210 metric tons of palladium was produced worldwide. South Africa was the second-largest palladium producer that year, with production amounting to some 80 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.
