According to the latest report by IMARC Group, titled "Precious Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global precious metals market reached a value of US$
198.5 Billion in 2022. Precious metals include various naturally occurring metallic chemical elements that are rare and of high economic value. Since they generally exhibit high luster and tensile properties with good resistance to corrosion, they are now regarded as industrial and investment items. Besides this, they are considered to be a good portfolio hedge and diversifier against inflation that enables unique opportunities. The continuous improvements in the e-commerce infrastructure and the advent of online delivery models are providing a boost to the market growth.
Global Precious Metals Market Trends:
The global market is primarily driven by the shifting lifestyle preferences of the masses, supported by the inflating disposable income levels of individuals. Due to the aesthetic appearances and significant market value of precious metals, they are widely utilized in the manufacturing of art and jewelry. Moreover, the widespread adoption of gold in the designing of picture frames and furniture items is creating a positive market outlook. Along with this, the rising utilization of gold in the fabrication of memory chips and microprocessors integrated in smartphones and laptops are acting as other major growth-inducing factors. Besides this, the increasing adoption of platinum in the manufacturing of dentistry and laboratory equipment is further catalyzing their demand. Additionally, precious metals are extensively utilized in the production of engine control units (ECUs), fuel injector, sensors and exhaust emission control catalyst equipped in automobiles, which, in turn, is driving the market growth. Other factors, including the growing awareness regarding early investments in gold, especially among young adults, the rising mining activities, and extensive research and development activities (R&D) conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$
267.5 Billion by 2028, exhibiting a CAGR of
5.49% during 2023-2028.
- On the basis of the metal type, the market has been segregated into gold (jewelry, investment, technology and others), platinum (auto-catalyst, jewelry, chemical, petroleum, medical and others), silver (industrial application, jewelry, coins and bars, silverware and others), palladium (auto-catalyst, electrical, dental, chemical, jewelry and others) and others.
- Based on the application, the market has been segmented into jewelry, investment, electricals, automotive, chemicals and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Anglo American Platinum Limited (Anglo American PLC), Barrick Gold Corporation, First Majestic Silver Corp., First Quantum Minerals Ltd., Freeport-Mcmoran Inc., Fresnillo Plc (Peñoles Group), Gabriel Resources Ltd., Glencore International AG, Gold Fields Limited, Harmony Gold, Impala Platinum Holdings Limited, Lundin Mining Corporation and Pan American Silver Corporation.
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