Cadmium is produced exclusively as a byproduct of zinc smelting and refining, with no independent primary mining. World refinery production was approximately 24,000 metric tons in 2024, dominated by China (~39%), the Republic of Korea (~19%), Canada and Japan (~7% each), and Mexico (~5%). The US recovered 300 metric tons at the single domestic zinc smelter in Tennessee, making it a net cadmium exporter for the second consecutive year as domestic primary production exceeded unwrought import volumes. Cadmium prices rose steadily from $2.29/kg in 2020 to $4.10/kg in 2024e (Fastmarkets MB, CIF global ports), with intra-year dips reflecting seasonal demand patterns from India, historically the leading importer. In 2024, China replaced India as the world's leading cadmium consumer.

The dominant end use for cadmium remains nickel-cadmium (NiCd) batteries, which account for an estimated 70–75% of global consumption, primarily in rechargeable consumer batteries, power tools, and industrial/aviation applications. Cadmium pigments, coatings, and alloys represent secondary applications. The most significant growth vector is cadmium telluride (CdTe) thin-film photovoltaic panels, which are gaining market share under IRA-driven incentives. The US CdTe industry leader reached ~11 GW/year of domestic manufacturing capacity in 2024 and is adding a fifth facility in Louisiana, with global CdTe capacity reaching ~21 GW/year. CdZnTe substrates for radiation detectors represent a small but strategically important use, with US government stockpile acquisitions increasing 180% in FY2025. Reserves are not quantified independently — cadmium availability is directly tied to zinc ore reserves, with typical ore grades of approximately 0.03% Cd.

Cadmium faces significant regulatory headwinds: EU RoHS, REACH, and analogous frameworks restrict cadmium in batteries, pigments, plating, and PVC stabilizers across major markets, accelerating substitution toward lithium-ion chemistries, zinc-nickel coatings, cerium sulfide pigments, and calcium-zinc PVC stabilizers. Cadmium is not designated as critical by the US, EU, or other major economies, in part because its supply is structurally linked to zinc and because policy trends toward reducing cadmium use outweigh strategic supply concerns for most applications. The notable exception is CdZnTe for defense radiation detectors, where no viable substitute technology has been commercialized.