Metals are the most widely used material in the world. It accounts for almost 25 percent of the planet’s mass and about two-thirds of all elements. Metals are used for several reasons such as conductivity, strength, construction, and aesthetics. Gold, Silver and Uranium are some of the most expensive metals in the world. Palladium is also one of the most in-demand metals. Car companies often look out for this metal, as it helps in reducing harmful emissions from vehicles. One of the reasons for its high demand is because its supply is low. It is not found everywhere. In South Africa, Palladium is extracted as a byproduct of platinum; whereas in Russia, it is extracted as a byproduct of Nickel. They are found in large quantities at both these places. Experts deem it the most hard-found metal in the world.
The price of Palladium has doubled in one year. In India, 10 grams of normal Palladium costs up to Rs 29,000. Since 2000, its prices have increased by more than 900 percent. It is believed that the demand is going to increase further in the coming days because vehicle-manufacturing companies are rapidly increasing their use.
The precious metal, Palladium, is widely used in catalytic reactions in industry. For instance, it is used for the hydrogenation of unsaturated hydrocarbons. It is the process which is required for making jewellery. It is also used in dental fillings and crowns. The main use of palladium stays in the making of the three-way catalytic converters in car exhaust systems. Rhodium is also used for the same purpose and is a rare metal; thus, it is also more expensive than Palladium. The metal also plays a vital role in reducing harmful emissions from vehicles by converting toxic gases into less harmful substances.
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