The global precious metals market is expected to grow smoothly over the forecast period due to the growing industrial as well as luxury applications of precious metals. The growing demand for jewelry is likely to be the major driver for the global precious metals market over the forecast period, with the growing demand for precious metals in other industrial applications also likely to play a key role in the growth of the global precious metals market.
The jewelry application of precious metals is likely to take up the majority share in the global precious metals market over the forecast period. Traditional gold and silver mining operations are prevalent in major jewelry producing countries in the world, while the growing disposable income of consumers in developing parts of the world has also driven up the demand for precious metals in recent years. The growing demand for gold and silver jewelry as a financial investment, driven by the growing instability of the financial pyramid, is likely to play a key role in the global precious metals market’s growth over the forecast period.
Competitive Leaderboard:
Leading players in the global precious metals market include Hycroft Mining Corporation, Barrick Gold Corporation, GOLDCORP Inc., Lonmin plc, Russian Platinum, Pan American Silver, Sumitomo Metal Mining Co. Ltd., Asahi Refining, Norilsk Nickel, Newmont Mining Corporation, Kinross Gold Corporation, Freeport-McMoRan, and Anglo American.
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Market Segmentation:
The global precious metals market has been segmented on the basis of type, application, end-use industry, and region.
Based on type, the global precious metals market has been segmented into gold, silver, and platinum group metals. The platinum group metals segment is further divided into platinum, palladium, ruthenium, rhodium, osmium, and iridium. The global precious metals market is almost evenly divided between the three segments, with gold holding a slight dominance with a 37% share in 2022.
By application, the global precious metals market has been classified as jewelry, investments, semiconductors, dentistry, computer parts, cutlery, photography, and others. Jewelry and investments are likely to remain two of the leading applications in the global precious metals market over the forecast period.
On the basis of end-use industry, the global precious metals market has been segmented into electronics, medical, automotive, aerospace, oil and gas, and others.
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Regional Analysis:
Asia Pacific dominates the global precious metals market due to the high demand for gold and silver jewelry and the rising interest among consumers in stocking up on precious metals as an investment. China is the leading producer and consumer of gold and is likely to hold on to the position over the forecast period, as personal as well as industrial demand for precious metals grows at a steady rate. Japan, Australia, Singapore, and New Zealand are also likely to play a major role in the global precious metals market’s development over the forecast period.
The North America market is expected to exhibit the highest growth rate over the forecast period due to the growing mining operations in the country and the rising demand for precious metals in semiconductors and electronics applications.
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