Palladium, one of the metals in the platinum group, stands out for its industrial use and is one of the rare and valuable metals. It is highly flexible, easy to work with, an excellent conductor, and resistant to corrosion. It is used as an indispensable input in various industries and continues to be a popular choice among investors.
What is the History of Palladium?
Palladium was discovered in 1803 by English chemist William H. Wollaston while working with platinum. Wollaston discovered palladium and developed a method to separate it from platinum ore. The economic value of palladium was not fully recognized until the 20th century.
However, since the 1970s, particularly with the development of catalytic converters in the automotive industry, the value of palladium has begun to increase. The expansion of palladium's use in various industries over time has led to its inclusion among valuable metals and its popularity as an investment tool.
What Are the Uses of Palladium?
Palladium is used in the automotive, electronics, and chemical industries, in dentistry, fuel cells, and jewellery manufacturing, and is sought after by investors.
According to the 2023 market report by Johnson Matthey, 84% of palladium is used in the automotive industry, 15% in other industries, 0.8% in jewellery manufacturing, and 0.2% are demanded by investors.
Why is Palladium Valuable?
Palladium was discovered more recently than other precious metals. However, especially towards the end of the 20th century, with technological advancements in the industry, it has become an indispensable input for some industries.
Palladium is an extremely rare metal. It is estimated that palladium is found at about one gram per ten million kilograms of Earth's crust, which makes it so valuable.
Palladium has remarkable physical properties. Palladium is flexible and easy to work with, yet it is 12% denser than platinum, making it a very durable metal. It is a good conductor of electricity and can absorb up to 900 times its volume in hydrogen. Thus, palladium has become an irreplaceable input in many industries.
Palladium has a shiny, white-silver appearance. It is often used in jewellery manufacturing in the form of "white gold" mixed with yellow gold. Palladium is also used on its own in various jewelry and watch productions.
Conclusion
With its increasingly widespread industrial use, palladium is a strategic member of the family of valuable metals. Palladium plays a critical role, especially for the automotive industry, aiming to achieve zero emissions. The potential of palladium appears to maintain its strategic importance.