Palladium (Pd): Uses, Supply Chain and Market
Facts checked against sources on . How we check facts.
Palladium is a platinum-group metal used mainly in catalytic converters, and Russia and South Africa mine most of it. In 2025 Russia produced an estimated 84,000 kg, 43% of world mine production (USGS world total: 190,000 kg), according to the US Geological Survey (USGS). US net import reliance for palladium in 2025 was 57%. Palladium is on all four official critical minerals lists: the US, EU, Australian and Canadian.
Which countries produce palladium?
| Country | 2024 | 2025 (estimate) | Share of 2025 world |
|---|---|---|---|
| Russia | 89,000 | 84,000 | 43% |
| South Africa | 82,600 | 70,000 | 36% |
| Canada | 17,000 | 16,000 | 8.2% |
| Zimbabwe | 15,200 | 15,000 | 7.7% |
| United States | 10,200 | 6,200 | 3.2% |
| All other countries | 2,870 | 2,900 | 1.5% |
| World total (USGS, rounded) | 217,000 | 190,000 | 100% |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. Shares are calculated from the country figures and can differ by a point or two from percentages USGS states in its text, because USGS rounds its figures. NA means not available; Withheld means USGS withheld the figure to avoid disclosing company data.
What is palladium used for?
US apparent consumption of palladium was an estimated 130,000 kilograms in 2025, against 83,600 kilograms in 2024.
- Platinum-group metal uses: USGS does not split platinum-group metal uses by metal. The leading use is catalytic converters that cut harmful emissions from automobiles. Other uses it names are catalysts for bulk chemical production and petroleum refining, dental and medical devices, electronics (computer hard disks, hybridized integrated circuits and multilayer ceramic capacitors), glass manufacturing, investment, jewelry and laboratory equipment.
How much does palladium cost?
| Price | Unit | 2021 | 2022 | 2023 | 2024 | 2025 (estimate) |
|---|---|---|---|---|---|---|
| Palladium, average | dollars per troy ounce | 2,419.18 | 2,133.81 | 1,351.66 | 994.90 | 1,100 |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. The 2025 figures are USGS estimates. Prices are annual averages of the series named in each row, so they are not live quotes.
USGS reports the average 2025 price changes as ruthenium +53%, platinum +25%, rhodium +24%, palladium +11% and iridium -9%.
Is palladium a critical mineral?
Palladium is on all four official critical minerals lists: the US, EU, Australian and Canadian. Each government builds its list with its own method, so a mineral can be critical in one place and not in another.
| Jurisdiction | Status |
|---|---|
| United States | Critical mineral (final 2025 list) |
| European Union | Critical and strategic |
| Australia | Critical minerals list |
| Canada | Critical |
Lists last checked against the primary publications on October 12, 2026. See the comparison of all four lists.
What are the substitutes for palladium?
| Application | Substitute and trade-off |
|---|---|
| Platinum in gasoline-engine catalytic converters | Palladium has replaced platinum in most of them because of its historically lower price |
| Platinum in diesel catalytic converters | About 25% of palladium can routinely be substituted for platinum, and as much as 50% in some applications |
Source: USGS Mineral Commodity Summaries 2026, Platinum-group metals. USGS says substitutes often cost performance or money; the table gives its wording for each application.
Can palladium be recycled?
About 140,000 kilograms of palladium and platinum were recovered globally from new and old scrap in 2025, including about 50,000 kilograms of palladium and 8,600 kilograms of platinum from automobile catalytic converters in the United States.
What are the supply risks and recent events for palladium?
- 2025. Production in Russia, the leading palladium producer, decreased an estimated 6% because of lower metal grades and ore recovery, geopolitical and investor uncertainty related to the Russia-Ukraine conflict, and the introduction of new mining equipment at one operation.
- 2025. US palladium and platinum production fell 40% because one operation remained on care-and-maintenance, and the value of US PGM production fell 31% to an estimated $290 million.
US import sources, 2021 to 2024. South Africa, 37%; Russia, 36%; Belgium, 6%; Canada, 6%; and other, 15%. (USGS)
Resources. World resources of platinum-group metals are estimated to total more than 100 million kilograms. The largest resources and reserves are in the Bushveld Complex in South Africa.
Which palladium projects are on official lists?
| Project | Country | Promoter | Stage | List |
|---|---|---|---|---|
| OREON (Optimal REcycling Of Nickel) | Belgium | Umicore | Processing | EU, October 2026 |
| Sakatti | Finland | Anglo American Services (UK) Ltd. | Integrated | EU, March 2025 |
| Suhanko project | Finland | Suhanko Arctic Platinum Oy | Extraction | EU, October 2026 |
| Alpha Project | Italy | Solvay Chimica Italia Spa | Recycling | EU, March 2025 |
| RECOVER-IT | Italy | Circular Materials s.r.l. | Recycling | EU, March 2025 |
| ReSuPLIR | Italy | Italrecycling & Investment srl | Integrated | EU, October 2026 |
| Refinis | Lithuania | Refinis recycling plant (UAB Refinis) | Recycling | EU, October 2026 |
| POLVOLT | Poland | Elemental Battery Metals SP. z.o.o. | Recycling | EU, March 2025 |
| Urban mining (TDM Electronics) | Poland | TDM Electronics Inc. | Recycling | EU, October 2026 |
| Aguablanca project | Spain | Rio Narcea Recursos S.A. | Extraction | EU, March 2025 |
| CirCular | Spain | Atlantic Copper SLU | Recycling | EU, March 2025 |
Source: annexes to Commission Decisions C(2025) 1904, C(2025) 3491 and C(2026) 8051. The Commission calls every listed project ongoing; that is not the same as operating. A project is listed here for each material the annex names for it.
| Project | State | Expected products | List |
|---|---|---|---|
| Nikolai Nickel Project | Alaska | Nickel, cobalt, platinum, palladium, copper, chromium (advanced exploration) | Transparency |
| Stillwater Mine | Montana | Platinum and palladium | Transparency |
Source: Permitting Council, current covered projects and current transparency projects, last updated 2 April 2026.
Which companies produce or process palladium?
| Company | Country | Role | What the source says |
|---|---|---|---|
| Nornickel | Russia | Palladium, nickel, platinum and copper producer | Its production results page of 28 January 2026 describes it as Russia's leading metals and mining company and the world's largest high-grade nickel and palladium producer, which is its own claim, and gives no output figures. Johnson Matthey's May 2026 market report release expects Russian mine output of palladium to fall to its lowest level in at least two decades. Nornickel: FY2025 production results page (28 January 2026) Johnson Matthey: 2026 PGM market report release (14 May 2026) |
| Valterra Platinum | South Africa | Platinum-group metals miner and refiner (JSE: VAL; LSE: VALT) | Its production report for the fourth quarter of 2025 gives refined palladium production of 1,065.3 thousand ounces for 2025 and own-mined palladium of 760.3 thousand ounces. Valterra Platinum: production report for the fourth quarter of 2025 (JSE announcement, 5 February 2026) |
| Impala Platinum (Implats) | South Africa | Platinum-group metals miner and refiner (JSE: IMP) | Its FY2026 integrated report shows palladium sales of 1,179.9 thousand ounces (1,124.1 a year earlier) at an average US$1,433 an ounce against US$986. Impala Platinum: Annual Integrated Report for the year to 30 June 2026 |
| Sibanye-Stillwater | South Africa (US operations in Stillwater and East Boulder) | Platinum-group metals miner, including primary palladium and platinum mines in the United States (JSE: SSW; NYSE: SBSW) | Its half-year results for 2026 report US PGM production of 137,930 ounces of platinum and palladium combined (2E) in the six months to 30 June 2026, down 2%, with 61,595 ounces at East Boulder and 76,334 at Stillwater East. The report does not split the US figure between the two metals. Sibanye-Stillwater: Form 6-K with results for the half-year ended 30 June 2026 (1 September 2026) |
| Johnson Matthey | United Kingdom | PGM refiner, recycler and publisher of the annual PGM market report (LSE: JMAT) | Its 14 May 2026 market report release says the palladium market was in deficit every year from 2012 to 2025 and could move into a small surplus in 2026, with demand forecast to fall 9% and automotive recycling expected to recover. Johnson Matthey: 2026 PGM market report release (14 May 2026) |
Each row links to the document that supports it. The list is not exhaustive and is not a ranking.
Frequently asked questions
What is palladium used for?
Palladium is used in platinum-group metal uses. Platinum-group metal uses: USGS does not split platinum-group metal uses by metal. The leading use is catalytic converters that cut harmful emissions from automobiles. Other uses it names are catalysts for bulk chemical production and petroleum refining, dental and medical devices, electronics (computer hard disks, hybridized integrated circuits and multilayer ceramic capacitors), glass manufacturing, investment, jewelry and laboratory equipment.
Which country produces the most palladium?
Russia produces the most palladium: an estimated 84,000 kg, or 43% of the world total, in 2025, according to the USGS mine production figures.
Is palladium a critical mineral?
Yes. Palladium is on all four official critical minerals lists: the US, EU, Australian and Canadian. Palladium was already on the 2022 US list and stays on the final 2025 list of 60 minerals. US net import reliance for palladium in 2025 was 57%.
How much does palladium cost?
USGS reports the average 2025 price of palladium at $1,100/oz (palladium, average; +11% on 2024).
Sources
Read on October 14, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- USGS Mineral Commodity Summaries 2026: Platinum-group metals. Production, reserves, uses, substitutes, recycling and events
- USGS Mineral Commodity Summaries 2026: introduction (Table 7 and Figures 10A and 10B). Net import reliance, leading producer and price changes for critical minerals
- Federal Register: Final 2025 List of Critical Minerals
- EUR-Lex: Regulation (EU) 2024/1252
- Department of Industry, Science and Resources: Australia’s Critical Minerals List and Strategic Materials List
- Government of Canada: Canada’s critical minerals
- Permitting Council: current FAST-41 projects
- Nornickel: FY2025 production results page (28 January 2026)
- Johnson Matthey: 2026 PGM market report release (14 May 2026)
- Valterra Platinum: production report for the fourth quarter of 2025 (JSE announcement, 5 February 2026)
- Impala Platinum: Annual Integrated Report for the year to 30 June 2026
- Sibanye-Stillwater: Form 6-K with results for the half-year ended 30 June 2026 (1 September 2026)
