The total global demand for Platinum and Palladium demand in 2023 will be reach 7770 koz and 10,342 koz respectively, according to SMM, the leading Metals Information provider in China.
The forecast by SMM for global Platinum demand is based on the demand from automobiles, mainly used in the production of automotive catalysts, which is expected to be the largest, accounting for 2,975 koz or 38.3%. The demand from Jewellery and chemicals will be around 1,573 koz and 880 koz accounting for 20.3% and 11.3%. Meanwhile, the demand from other sectors including petroleum smelting, electronics, medical care, glass, and investment will be 2,341 koz accounting for 30.1%.
As far as Palladium is concerned, according to SMM, in 2023 the total global demand for palladium will be 10,342 koz. Again, the demand from automobiles will be the largest, and stand at 8,446 koz, accounting for 81.7%, mainly used in the production of automotive catalysts. Electronics and chemicals will come in second, with the demand totalling 696 koz and 690 koz respectively, each accounting for around 6.7%. The demand from other industries, including jewellery, medical care and investment will total 511 koz, accounting for 4.9%.
While SMM expects industry demand to fluctuate slightly in the first half of the year and improve in the second half of the year. It is expected that the demand from traditional industries will show sectoral and regional differences.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
The forecast by SMM for global Platinum demand is based on the demand from automobiles, mainly used in the production of automotive catalysts, which is expected to be the largest, accounting for 2,975 koz or 38.3%. The demand from Jewellery and chemicals will be around 1,573 koz and 880 koz accounting for 20.3% and 11.3%. Meanwhile, the demand from other sectors including petroleum smelting, electronics, medical care, glass, and investment will be 2,341 koz accounting for 30.1%.
As far as Palladium is concerned, according to SMM, in 2023 the total global demand for palladium will be 10,342 koz. Again, the demand from automobiles will be the largest, and stand at 8,446 koz, accounting for 81.7%, mainly used in the production of automotive catalysts. Electronics and chemicals will come in second, with the demand totalling 696 koz and 690 koz respectively, each accounting for around 6.7%. The demand from other industries, including jewellery, medical care and investment will total 511 koz, accounting for 4.9%.
While SMM expects industry demand to fluctuate slightly in the first half of the year and improve in the second half of the year. It is expected that the demand from traditional industries will show sectoral and regional differences.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished
