Report Summary 1) Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2) Core Viewpoint of the Report The report focuses on the consumption demand of palladium. It points out that the demand structure of palladium shows significant overlap in core industrial fields but is highly concentrated in the automotive catalytic conversion. The total global demand for palladium has been stable but is expected to decline slightly in 2025. The price fluctuation of palladium is deeply bound to the automotive industry chain, and its demand in different fields has different trends and influencing factors. In the future, the market should focus on the expansion rhythm of traditional high - palladium - consuming fields, investment trends in emerging markets, and technology iteration trends [3][4][25]. 3) Summary by Relevant Catalogs Overall Situation of Palladium Demand - The demand for platinum - group metals (PGMs) in core industrial areas shows significant overlap, and the price formation has strong consistency. Palladium demand is highly concentrated in automotive catalysts, and its price is closely related to the automotive industry chain. The total global demand for palladium has remained stable at about 300 tons per year but is expected to decline slightly in 2025 [2][3][4]. - The consumption of palladium is diversified, mainly supported by the automotive, chemical, electrical and electronic, investment, dental and biomedical, pollution control and other fields. According to the WPIC forecast, the total demand for palladium will decline slightly in 2025 and will continue to decline slightly from 2025 - 2028 (compound annual growth rate of - 1%) [6][7]. Demand in Different Fields Automotive Field - The automotive industry is the most important demand side for palladium, accounting for 75% - 85% of global total demand in the past five years. Although facing challenges such as electrification and platinum substitution, the increase in palladium loading per gasoline vehicle has supported demand rigidity. In 2024, automotive palladium demand decreased by 5% to 258.6 tons, and it is predicted to decline by another 5% to about 246.5 tons in 2025 [14]. Chemical Field - The chemical field is a secondary demand side for palladium, accounting for 10% - 12% of total demand in the past five years. In 2024, the global demand was 17 tons. In 2025, affected by PTA over - capacity and refinery load reduction, the demand is expected to decline by 3% to 16.6 tons [19][22]. Electrical and Electronic Field - Palladium is mainly used in electrodes of MLCC, anti - corrosion coatings of electronic connectors, etc. in the electrical and electronic field. With the development of 5G, AI, and new consumer electronics, the demand for palladium in this field is showing a steady upward trend [23]. Jewelry Field - Palladium jewelry accounts for less than 1% of total demand. In 2024, global palladium jewelry demand decreased by 4% to 2.6 tons. In 2025, it is expected to decline by 3% - 5% due to price fluctuations and low consumer awareness [26]. Investment Field - Palladium investment includes physical investment and ETF investment, which is a core amplifier of short - term price fluctuations. In 2024, the net investment volume was 7.1 tons. In 2025, investment demand is expected to face challenges and is difficult to form a trend - supporting effect on prices [29][30][33].
铂钯上市专题系列（六）：钯金消费需求情况
Ge Lin Qi Huo·2025-09-02 03:22