Global Precious Metal Market Analysis & Trends - Industry Forecast to 2030
Precious Metal: Market Size
From $376.31 billion in 2024, the global Precious Metal market is projected to reach $652.25 billion by 2030. Based on our analysis the market is expected to grow at a CAGR of 9.6% from 2024 - 2030 timeframe. Some of the prominent trends that the market is witnessing include rising demand for the product in jewelry application, consistent growth of the industrial sector, and increasing disposable income and changing lifestyle.
Global Precious Metal Market: Market Dynamics The rising population and growing spending capacity of consumers and increasing use of palladium & platinum metal in the electric vehicles industry are the major factors driving the market growth.
On the other hand, the inconsistent prices of precious metals are likely to obstruct the profit boundaries. In addition, increasing prices for coinage precious metals such as gold will further boost the Precious Metal market.
Impact of COVID-19 on Precious Metal The uncertainties of COVID-19 are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. However, on account of the rising cases of coronavirus disease (COVID-19), governments of various countries have announced complete lockdowns as a preventive measure to combat the pandemic. This has disrupted supply chains and halted operations of several manufacturing units, which, in turn, have led to inventory shortages.
By Product
Gold Segment Dominate the Market in 2024 The gold segment made huge revenue in 2024 during the forecast period. The growth of the segment is associated with increasing disposable income and growing knowledge about investments amongst consumers. Gold is extensively used for jewelry and investments due to its visual appeal and aesthetics.
By Geography
Asia Pacific Region is Leading in the Global Market Place Asia Pacific region is likely to have a huge demand in the forecast period. The region comprises the upcoming global powerhouses, such as India, Japan, and China. The strong domestic manufacturing sector of China is the key factor driving the demand for the aforementioned commodities in the country.
List of the Key Players Profiled in the Market Include: • AngloGold Ashanti • Barrick Gold • Eurasia Mining PLC • Freeport-McMoRan • Gold Fields • Goldcorp • Kinross Gold • Newcrest Mining • Newmont Goldcorp • Polyus Gold International • Randgold Resources • Vale SA
List of the Regions/Countries Profiled in the Market Include: North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
1 Market Outline
1.1 Definition
1.2 Market Segmentation & Scope
1.3 Market Trends
1.4 Regulatory Factors
1.5 Product Analysis
1.6 Application Analysis
1.7 Strategic Benchmarking
1.8 Opportunity Analysis
2 Executive Summary
3 Research Methodology and Data Source
3.1 Methodology/Research Approach
3.1.1 Research Programs/Design
3.1.2 Market Size Estimation
3.2 Data Source and Assumptions
3.2.1 Purchased Database
3.2.2 Company Repository
3.2.3 Secondary Sources
3.2.4 Primary Research
3.2.5 List of Assumptions
4 Market Overview
4.1 Current Trends
4.1.1 Rising Demand for the Product in Jewelry Application
4.1.2 Consistent Growth of Industrial Sector
4.1.3 Increasing Disposable Income and Changing Lifestyle