Precious Metals Market

Precious Metals Market

Growth Factors of Precious Metals Market

The precious metals market size was valued at USD 306.44 billion in 2023, and the market is now projected to grow from USD 323.71 billion in 2024 to USD 501.09 billion by 2032, exhibiting a CAGR of 5.6% during the forecast period of 2023-2030.

The fabrication of electronic products slowed down because of the declined consumer demand. Due to the scarcity of the raw materials such as silver has hindered the production of the PCB and composite boards. However, increasing expenditure on valuable metals has slowed the damage caused by the pandemic on the market. The Covid-19 pandemic has impeded the precious metals market growth and the growth of the market increased after the pandemic.

The rising disposable income and changing standard of living are the major factors for the precious metals market share globally. These aspects are propelling the market growth. The sensitivity of gold as a status symbol and safe protection for investment is expanding the market. To circumvent the menace of negative interest return rates from equities, bonds, or real estate, investors frequently drift towards gold as an asset which can maintain their values.

A trend of consistent growth of the industrial sector globally offers opportunities. The increase of industries such as automotive and electrical & electronics are escalating the demand for these metals. The automotive trade is the main client of platinum and palladium, with primary purpose in the catalytic converter. The growing awareness regarding environmental pollution and changing regulations about carbon emissions from vehicles are encouraging the demand for metals of the platinum group in catalytic converters.

Comprehensive Analysis of Precious Metals Market

The precious metals market and chemicals & advanced materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a complete regional assessment considering the dominant supply and demand forces that impact the metals & minerals industry. These segmentations are methodically segregated into type and application. The type includes silver, gold, and platinum group metals. The applications include industrial, jewelry, investment, and others.

The Asia Pacific region is conducive to the global chemicals & advanced materials market, leading to a recall of USD 16.37 billion due to the existence of the largest electrical & electronics industry in the region. China and India influence the market, because these countries are major consumers of gold.

The top players in the market play a crucial role in the chemicals & advanced materials industry assuring industrial prospectus growth and setting market standards. These players include Newmont Corporation (U.S.), Barrick Gold Corporation (Canada), AngloGold Ashanti Limited (South Africa), Kinross Gold Corporation (Canada), Newcrest Mining Limited (Australia), Gold Fields Limited (South Africa), Freeport-McMoRan (U.S.), Wheaton Precious Metals (Canada), Anglo American Platinum Limited (South Africa), and Impala Platinum Holdings Limited (South Africa), these market players provide a level-playing competitive landscape.

In November 2023, Wheaton Precious Metals announced the agreement with Orion Mine Finance to acquire Kudz Ze Kayah and Platreef projects. They also declared the purchase of a gold stream for Dalradian Gold's Curraghinalt Project. The intention of these acquisitions is to fortify the company’s market position significantly.

Segmentation Table

Global Precious Metals Market Scope

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.6% during 2024-2032

Unit Volume (Kiloton); Value (USD Billion)

Segmentation By Type

• Silver
• Gold
• Platinum Group Metals

By Application

• Industrial
• Jewelry
• Investments
• Others

By Geography

• North America (By Type, By Application, By Country)
• U.S. (By Type)
• Canada (By Type)
• Europe (By Type, By Application, By Country)
• Germany (By Type)
• Italy (By Type)
• U.K. (By Type)
• Rest of Europe
• Asia Pacific (By Type, By Application, By Country)
• China (By Type)
• Japan (By Type)
• India (By Type)
• Rest of Asia Pacific (By Type)
• Latin America (By Type, By Application, By Country)
• Brazil (By Type)
• Rest of Latin America (By Type)
• Middle East & Africa (By Type, By Application, By Country)
• GCC (By Type)
• Rest of the Middle East & Africa (By Type)

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