Precious Metal Market Size, Share & Trends Analysis Report By Metal (Gold, PGM, Silver), By Application (Jewelry, Industrial, Investment), By Region (North America, Europe, Asia Pacific, Central & South Africa, Middle East & Africa), And Segment Forecasts

Precious Metal Market Growth & Trends

The global precious metal market size is estimated to reach USD 865.3 billion by 2030, registering to grow at a CAGR of 9.1% from 2025 to 2030 according to a new report by Grand View Research, Inc. Rising demand for precious metals in industrial applications is likely to positively influence the market growth.

The precious metals including gold, silver, and platinum group metal (PGM) are widely used across various industrial applications. For instance, platinum and palladium are specifically used as an auto catalyst to reduce pollutant emission from vehicles. Similarly, the product is also used as catalyst in the production of chemicals, such as nitric acid and fertilizers. The industrial sector primarily comprises automotive and transportation, chemical, energy, electrical and electronics, glass, and water management. The steady growth in the energy sector owing to rising scrutiny by regulators to promote renewable energy development is likely to augment the product’s growth over the forecast period. For instance, total renewable energy capacity has witnessed steady growth from 2014 to 2018. As per the stats released by the International Renewable Energy Association (IRENA) in 2019, total renewable energy capacity has increased from approximately 1,693.2 gigawatt in 2014 to nearly 2,350.7 gigawatt in 2018.

Another key factor for the market growth is likely to be the jewelry sector. Within the jewelry sector, gold is likely to remain the dominant product segment in future owing to its intense demand from countries, such as India and China. Both countries are among the largest consumers of gold commodity as of 2022 and represents strong marriage rates with high population index. For instance, in 2018, nearly 10.1 million marriages were registered in 2018. Gold, which has remained an intricate part of the marriages in India and China largely due to its historical significance, is thus likely to remain a key product category within the market of precious metals.

The industry comprises multinational vendors,along with few regional vendors. Industry participants are forming joint ventures to target development activities in African countries, wherein majority of precious metal reserves are located.

Precious Metal Market Report Highlights

• The gold segment accounted for the largest revenue share of 71% in 2024 due to its high trading prices and greater usage in the jewelry sector
• Industrial segment held the revenue share of over 45% in 2024. The industrial segment growth is largely attributed to the growth of the electrical and electronics sector, wherein the majority of silver commodity is used for various purposes
• The investment segment is expected to grow at a CAGR of 9.1% over the forecast period. The ongoing declining prices of platinum have generated greater attention from Japanese investors, which are likely to continue their strong purchase behavior
• Asia Pacific held the largest revenue share of over 47% in 2024. The region comprises the upcoming global powerhouses, such as India, Japan, and China.

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