This morning in metals news, a recent report predicts the global biomedical metal market will reach $34.9 billion by 2025, palladium continues to stand strong and metal makers are looking for new markets for their products.
Market for Biomedical Metals to Only Get Bigger
The market for biomedical metals is large — to put a number on it, it is expected to be valued at $34.9 million by 2025, according to a recent report from Accuray Research LLP.
According to the report, the biomedical metal market is expected to grow by a compound annual growth rate of 7.8% over the next decade.
Among the factors underpinning the expected growth are: increased demand for orthopedic implants; new developments in titanium-based alloys; and recent technical developments in biomedical metal.
Palladium Defies Analysts’ Expectations on Strong Run
At around $900 per ounce, palladium is trading at 16-year highs, according to a Platts report.
Analysts told Platts they saw no justification for palladium’s strength, especially considering a struggling Chinese automotive market (palladium is an important autocatalyst ingredient in gas-powered engines).
One Japanese analyst told Platts the current state of the palladium market was a “once every decade” situation.
Is a reversal in palladium prices on the way? Only time will tell.
New Markets for Metals
According to an article Wednesday in Bloomberg, makers of metals are looking for new commercial uses for their products, particularly as a boom in Chinese demand for raw materials has tempered. In general, China’s intent to crack down on credit — particularly on the heels of May’s Moody’s downgrade — has led many to believe a negative impact for metals markets will follow.
To make up for the loss of Chinese demand, producers of metals are looking for new markets for their products.
What uses do producers have in mind?
According to Bloomberg, a few uses include fertilizer, salmon cages, electric-car batteries and household cleaning products, among others.
Many expect growth to slow in China through the remainder of the year. As such, producers will have to get creative in finding new uses for their products, from cars to fertilizer and everything in between.