The auto industry is a major source of industrial demand for palladium. Specifically, palladium is used in catalytic converters to reduce toxic gas emissions from gasoline-fueled cars – the auto sector consumes about 67% of the world supply of platinum for catalytic converters, according to North American Palladium.
The European Automobile Manufacturers Association data “suggests robust demand for platinum and palladium, especially since more new cars should be registered in the EU next year too,” according to Commerzbank, Platts reports.
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For more information on palladium, visit our palladium category.
Max Chen contributed to this article.