Precious Metals Market Size to Grow at a CAGR of 4.54% in the Forecast Period of 2023-2028
The ‘Global Precious Metals Market Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global precious metal market trends, assessing the market on the basis of its segments like type and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Precious Metals Market Share, Size, Price, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): 42.76 KMT
- Forecast CAGR (2023-2028): 4.54%
- Forecast Market Size (2028): 54.44 KMT
The demand for precious metals, specifically silver is on a rise owing to the expanding mining operations and heightened recycling activities due to sustainability initiatives. Growing applications of precious metals in the solar installations and electronic devices are key factors that are driving the precious metals market. Due to its malleable, ductile, and anti-corrosive nature, silver is alloyed with zinc and copper and used in high-melting solders, which is a compelling factor for the surging demand for precious metals and the growth of this market.
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Palladium, another precious metal, is increasingly being used to create dental inlays and other orthodontic devices, driven by the medical applications of the precious metals market. Platinum and its alloys, owing to their thermos-electric properties, are widely utilised in the glass industry for the production of optical glass and cookware.
The expansion of cinema and entertainment industry has further induced the demand for precious metals like silver, as it is an important component of the photography sector, as well as for gold, which is increasingly being used for making jewellery. Silver precious metals are likely to witness a steep demand due to the low cost of silver in comparison to its counterparts and its widening electronic applications, which is anticipated to further bolster the precious metals market.
Precious Metals Industry Definition and Major Segments
Precious metals are naturally occurring metals that are rare, have a high economic value, high lustre, and lower reactivity. These metals easily mix with other metals to make stronger alloys in order to improve the properties of the final product. These metals are often sought after particularly as a hedge against inflation and in case of financial uncertainties.
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On the basis of type, the market is classified into:
Gold
Breakup by end use
Jewellery
Electronics
Coins and Medals
Investment
Others
Silver
Breakup by end use
Jewellery
Electric and Electronics
Coins and Medals
Investment
Photography
Silverware
Others
Palladium
Breakup by end use
Electric and Electronics
Automotive
Medical Applications
Jewellery
Others
Platinum
Breakup by end use
Chemical Processing
Jewellery
Electric and Electronics
Automotive
Medical Applications
Others
Rhodium
Breakup by end use
Automotive
Glass Production
Electric and Electronics
Others
Based on region, the market is classified into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Precious Metals Market Trends
The growing usage of precious metals like platinum, rhodium, and palladium in the automotive industry as a catalytic convertor for the purpose of reducing harmful emissions is a key trend of this market. Furthermore, the growing importance of gold in wedding ceremonies has further provided lucrative opportunities to jewellery market vendors and augmented the growth of the precious metals market. Due to the catalytic properties of platinum, it is increasingly being used for cleaning up air pollution in line with the growing need for sustainability around the world.
With rising disposable incomes, investment activities are surging and the demand for precious metals like silver and gold is on a rise. Thus, a sizeable population is investing in the ownership of minted coins and bars and purchasing shares of companies associated with the exploration of precious metals. In line with growing environmental concerns, various market players are investing in recycling these metals and eventually using them to manufacture heart pacemakers and cochlea, thus leading to the growth of the precious metals market.
Key Market Players
The major players in the global precious metals market report are:
- Anglo American Plc
- Southern Copper Corporation
- Newmont Corporation
- Northam Platinum Holdings Limited
- Newcrest Mining Limited
- Kinross Gold Corporation
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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