Precious Metals Market

Market Overview 2024-2032:

The global precious metals market size reached US$ 209.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 323.2 Billion by 2032, exhibiting a growth rate (CAGR) of 4.8% during 2024-2032. The rising investments in precious metals, increasing utilization of precious metals in a variety of industrial applications, and the growing adoption of precious metals to mint coins represent some of the key factors driving the market.

The Escalating Investments in Precious Metals Augmenting the Market Growth

Investors often view precious metals, such as gold, silver, and platinum as a form of hard asset, allowing them to store wealth for future generations and easily transport the asset. These metals serve as a safe haven asset, meaning that when the prices of other asset classes decrease, investors flock to gold, cash, and treasuries. This can cause the price of gold to surge as other assets decrease in value. Some investors use precious metals as an insurance policy against financial collapse or other crises, while others prefer to hold physical assets outside of the financial system, which is acting as one of the major factors driving the market.

Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is concentrated with a few large-scale players. The volume of new entrants is low in the precious metals industry due to the high initial capital investments and the dominant presence of established players in the market.

What are Precious Metals?

Precious metals are rare, naturally occurring metallic chemical element that has a high economic value. They are generally less reactive than most elements, have high luster and ductility, and are good conductors of electricity and heat. They are also malleable, meaning they can be hammered or pressed into various shapes and sizes without breaking. Some of the popular precious metals are gold, silver, platinum, palladium, and rhodium. Gold is the most popular, since it is widely utilized in the designing of jewelry and investments, and is also found in electronics, dentistry, and coins. Silver is used in the manufacturing of jewelry and coins but is also adopted in medical, electrical and industrial applications. Platinum is utilized as a catalyst in chemical reactions and is also used in jewelry and electronics. Palladium is adopted in electronics, jewelry, and catalysts, while rhodium is used in catalysts and electronics. Precious metals are valuable both for their rarity and their numerous uses and are often considered a safe haven asset in times of economic uncertainty.

COVID-19 Impact:

The outbreak of COVID-19 caused the global mining industry to temporarily shut down operations at several locations, thereby impacting the precious metals market. The stoppage of operations and construction during the pandemic caused a decline in commodity prices, further worsening the situation. This brought about a complete standstill in a number of economic and trading activities, from medical supplies to consumer electronics, energy, hospitality, tourism, food, and financial markets, which impacted the market. However, the pandemic has had a positive impact on gold, silver, and platinum as they have all seen a significant increase in their value since the start of the pandemic. Additionally, the pandemic has disrupted the supply chain for precious metals, causing supply shortages and production delays, which has led to a rise in the demand for precious metals at higher prices.

Precious Metals Market Trends:

The escalating investments in precious metals majorly drive the global market. Since precious metals are a popular form of investment due to their limited supply and their ability to retain their value over time, which is catalyzing the market. Apart from this, numerous investors purchase physical precious metals, such as coins or bars, or invest in products that track the underlying price of the metal, including exchange-traded funds or futures contracts further contributing to the market. Moreover, central banks hold a large amount of gold and other precious metals as part of their foreign exchange reserves in order to diversify their reserves, which is significantly supporting the demand for precious metals across the globe. Apart from this, the widespread adoption of precious metals in a variety of industrial applications, including electronics, dentistry, and jewelry manufacturing is also positively influencing the market. Moreover, the rising adoption of precious metals to mint coins, which are often collected by enthusiasts is also providing a thrust to the demand. Some of the other factors driving the market include rapid urbanization and inflating disposable income levels of the masses.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global precious metals market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on metal type and application.

Metal Type Insights:

• Gold
  • Jewelry
  • Investment
  • Technology
  • Others
• Platinum
  • Auto-catalyst
  • Jewelry
  • Chemical
  • Petroleum
  • Medical
  • Others
• Silver
  • Industrial Application
  • Jewelry
  • Coins and Bars
  • Silverware
  • Others
• Palladium
  • Auto-catalyst
  • Electrical
  • Dental
  • Chemical
  • Jewelry
  • Others

Application Insights:

• Jewelry
• Investment
• Electricals
• Automotive
• Chemicals
• Others
   

A detailed breakup and analysis of the precious metals market based on the application has also been provided in the report. This includes jewelry, investment, electricals, automotive, chemicals, and others. According to the report, jewelry accounted for the largest market share due to the increasing demand for precious metals, such as gold, platinum, and silver in the production of numerous types of jewelry. With the emergence of new trends and designs as well as an improvement in consumer purchasing power, the demand for precious metals is growing. Manufacturers are aware of changing consumer tastes and preferences and are introducing a diverse range of precious metal jewelry with both attractive designs and practical features, influencing the market.

Regional Insights:

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Indonesia
  • Others
• North America
  • United States
  • Canada
• Europe
  • Germany
  • United Kingdom
  • France
  • Russia
  • Italy
  • Spain
  • Others
• Middle East and Africa
• Latin America
  • Brazil
  • Mexico
  • Others
     

The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia and others), North America (the United States and Canada), Europe (Germany, the United Kingdom, France, Russia, Italy, Spain and others), the Middle East and Africa, and Latin America (Brazil, Mexico and others). According to the report, Asia Pacific was the largest market for precious metals. Some of the factors driving the Asia Pacific precious metals market included the automotive industry's expanding production and the inflating disposable incomes of individuals, which is leading to greater demand for precious jewelry. Additionally, the shifting preference for modern investment opportunities and the purchases of precious metals by central banks in countries, including China, India, and South Korea, are also playing a role in the market's growth. In addition, the rapid growth of consumer electronics, pharmaceuticals, refinery, and petrochemical industries in the area is driving up demand for precious metals for a variety of applications.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global precious metals market. Some of the companies covered in the report 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
• Pan American Silver Corporation
   

Please note that this only represents a partial list of companies, and the complete list has been provided in the report.

Report Coverage:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the precious metals market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global precious metals market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the precious metals industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.