Global Precious Metals Market

Precious Metals Market Size, Share, Growth Analysis, By Type(gold, silver, and platinum), By Application(jewelry, investments, semiconductors, dentistry), By End-user(electronics, medical, automotive, aerospace), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20I2104 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 97 |Figures: 76

Precious Metals Market Insights

Global Precious Metals Market size was valued at USD 275.4 billion in 2021 and is poised to grow from USD 290.82 billion in 2022 to USD 449.72 billion by 2030, at a CAGR of 5.6% during the forecast period (2023-2030).

The global precious metals market is a vibrant and ever-evolving sector that encompasses the trading and investment in valuable metals like gold, silver, platinum, and palladium.

These metals hold immense significance due to their rarity, industrial applications, and status as a safe haven during economic uncertainties.

The market experiences steady growth, influenced by factors such as geopolitical tensions, inflation concerns, and currency fluctuations. Gold remains the dominant precious metal, serving as a benchmark, while silver, platinum, and palladium find demand in industries like electronics, automotive, and jewelry.

The market is accessed through various investment vehicles, and advancements in technology have enhanced transparency and accessibility. However, volatility and risks are inherent, necessitating careful consideration and monitoring of global economic indicators and regulatory frameworks.

Overall, the global precious metals market offers opportunities for investors, while also being subject to dynamic market forces and evolving trends.

Market Snapshot - 2024-2031

Global Market Size

USD 275.4 billion

Largest Segment

Fastest Growth

Growth Rate

5.6% CAGR

Global Precious Metals Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Precious Metals Market Segmental Analysis

Global precious metals market is segmented on the basis of type, application, end-user, and region. By type, the market is segmented into gold, silver, and platinum. By application, the market is segmented into jewelry, investments, semiconductors, dentistry, computer parts, cutlery, photography, and others. By end-user, the market is segmented into electronics, medical, automotive, aerospace, oil and gas and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Analysis By Type

Gold represents the largest segment in the market, captivating investors, and individuals alike with its timeless allure and status as a reliable store of value. Its historical significance, cultural importance, and versatility across various industries make gold a highly sought-after precious metal. The enduring demand for gold as a safe haven during times of economic uncertainty, its extensive use in jewelry, and its appeal as an investment asset contribute to its dominance in the market. In the precious metals market, two prominent segments to consider are gold and silver. Gold is one of the largest segments in the precious metals market. It has been a highly sought-after metal for centuries due to its inherent value, use as a store of wealth, and cultural significance.

Additionally, silver emerges as the fastest-growing segment in the precious metals market. Silver's remarkable growth can be attributed to its increasing industrial applications, particularly in the booming electronics and renewable energy sectors. With advancements in technology and the rising demand for solar panels, electric vehicles, and consumer electronics, silver's role as a conductor and catalyst has become indispensable. Moreover, silver's relatively affordable price compared to gold makes it accessible to a broader consumer base, further fueling its market expansion. As the global economy evolves and sustainable technologies gain prominence, silver's rapid growth is expected to continue, making it an enticing segment within the precious metals market for both investors and industrial players.

Analysis By Application

The largest segment in terms of application is jewelry, where precious metals like gold and silver take center stage, captivating the hearts and desires of individuals seeking elegance and luxury. The allure of finely crafted jewelry has been a timeless tradition across cultures, driving the demand for precious metals in this segment. Gold's intrinsic beauty, durability, and status symbol have made it a favored choice for exquisite jewelry pieces, ranging from intricate necklaces to stunning engagement rings. Silver, known for its radiant luster and affordability, also finds its place in the jewelry segment, appealing to those seeking elegant yet accessible adornments.

Additionally, the electronics segment emerges as the fastest-growing segment in the precious metals market, driven by the technological advancements shaping our modern world. With the proliferation of smartphones, tablets, wearable devices, and other consumer electronics, the demand for precious metals, particularly silver, has surged. Silver's exceptional electrical conductivity and thermal properties make it an indispensable component in circuitry, batteries, and connectors, enabling seamless communication and efficient power management. As the electronics industry continues to innovate and expand, the demand for precious metals in this segment is set to soar, presenting lucrative opportunities for market players. The combination of timeless beauty in jewelry and the rapid growth in the electronics sector makes these two segments both captivating and promising within the global precious metals market..

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Precious Metals Market Regional Insights

The largest segment in terms of regional demand is Asia-Pacific, a vibrant and culturally rich region that holds a deep affinity for precious metals. The love for gold, in particular, is deeply ingrained in the traditions and customs of countries like China and India. The cultural significance of gold as a symbol of wealth, prosperity, and auspiciousness drives the robust demand in this region. Additionally, the rising middle-class population and increasing disposable income in Asia-Pacific fuel the desire for luxury items and investment in precious metals.

Furthermore, North America emerges as the fastest-growing segment in the global precious metals market. The region is characterized by a strong investment culture, where precious metals are sought after as a means of portfolio diversification and wealth preservation. The uncertain geopolitical landscape, inflation concerns, and a desire for financial security contribute to the growing demand for precious metals in North America. As investors and individuals seek a safe haven in times of economic turbulence, the demand for precious metals in the region is expected to experience remarkable growth. The combination of Asia-Pacific's dominant demand and North America's rapid expansion makes these two segments alluring and promising within the global precious metals market.

Global Precious Metals Market By Geography, 2024-2031
  • Largest
  • Fastest

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Precious Metals Market Dynamics

Drivers

Increasing Disposable Income and Changing Lifestyle to Drive Growth

  • Growing disposable income and shifting lifestyle preferences are the key factors propelling industry expansion. The substantial use of jewellery in wedding rituals in China, India, and other South Asian nations is also expected to increase demand for precious metals. Furthermore, the perception of gold as a status symbol and haven for investment has significantly contributed to the growth of the market.

Restraints

Inconsistent Prices of Precious Metals to Impede Growth

  • Numerous variables, including inflation, currency volatility, governmental reserves, and geopolitical unpredictability, have a significant impact on the value of precious metals. certain price fluctuations have a significant impact on the supply and demand for certain metals, which has an effect on industrial production operations. Furthermore, the increase is expected to be hampered by the laborious task of mining valuable materials, which requires significant investments in gear, lengthy working hours, and uncertain production. Furthermore, the inefficient polishing to preserve the luster and color of these metals will also hamper the market.

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Precious Metals Market Competitive Landscape

The global precious metals market is highly competitive, with numerous players vying for market share and striving to differentiate themselves through various strategies. The market is characterized by the presence of established mining companies, precious metal refineries, and precious metal traders. The competitive landscape is dynamic, with companies continually striving to innovate, expand their product portfolios, and meet the evolving needs of customers in the precious metals market.

Top Player’s Company Profiles

  • Newmont Corporation (US)
  • The Perth Mint (Australia)
  • Metalor Technologies International SA (Switzerland)
  • JM Bullion (US)
  • Rand Refinery (South Africa)
  • Heraeus Precious Metals (Germany)
  • PAMP SA (Switzerland)
  • Mitsui Mining and Smelting Co., Ltd. (Japan)
  • Asahi Holdings, Inc. (Japan)
  • Valcambi (Switzerland)
  • Royal Canadian Mint (Canada)
  • Umicore SA (Belgium)
  • Engelhard Corporation (United States)
  • Yamana Gold Inc. (Canada)
  • Pan American Silver Corp. (Canada)
  • Sibanye Stillwater Limited (South Africa)
  • Polymetal International plc (UK)

Recent Developments

  • In May 2021, Newmont Corporation successfully finalized the acquisition of GT Gold by purchasing the remaining 85.1% of the company's shares. This strategic move aimed to enhance Newmont Corporation's existing portfolio. As a part of this acquisition, Newmont also gained control over the Tatogga project, which is expected to play a significant role in the company's future production of both copper and gold. The completion of this acquisition further solidifies Newmont Corporation's position in the mining industry.

Precious Metals Key Market Trends

  • Businesses are increasingly adopting sustainable practices to reduce their environmental impact and address climate change concerns. Key initiatives include implementing renewable energy sources, optimizing resource consumption, and promoting circular economy principles. Companies are integrating sustainability into their strategies to meet consumer demand for eco-friendly products and comply with regulatory requirements. By embracing sustainability, businesses can enhance their brand reputation, attract environmentally conscious consumers, and achieve long-term cost savings through efficient resource management.

Precious Metals Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analyses, The global precious metals market is experiencing robust growth and is poised for a bright future. The market analysis reveals that the increasing demand for efficient and precise laser systems across industries, coupled with technological advancements in fiber laser technology, are the primary drivers of this growth. The industrial manufacturing sector, in particular, is witnessing a significant adoption of fiber lasers for applications such as cutting, welding, and marking, fueled by the need for enhanced productivity and cost-effectiveness. Moreover, the automotive and aerospace industries are embracing fiber lasers for their high processing speeds and exceptional precision. The market analysis also highlights the rising trend of fiber lasers replacing traditional laser systems, given their superior performance and reliability. Furthermore, the emergence of ultrafast fiber lasers and high-power fiber lasers presents lucrative opportunities for market players to cater to specialized applications in areas such as medical devices and telecommunications.

Report Metric Details
Market size value in 2023 USD 275.4 billion
Market size value in 2031 USD 449.72 billion
Growth Rate 5.6%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • gold, silver, and platinum
  • Application
    • jewelry, investments, semiconductors, dentistry, computer parts, cutlery, photography, and others
  • End-user
    • electronics, medical, automotive, aerospace, oil and gas and others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Newmont Corporation (US)
  • The Perth Mint (Australia)
  • Metalor Technologies International SA (Switzerland)
  • JM Bullion (US)
  • Rand Refinery (South Africa)
  • Heraeus Precious Metals (Germany)
  • PAMP SA (Switzerland)
  • Mitsui Mining and Smelting Co., Ltd. (Japan)
  • Asahi Holdings, Inc. (Japan)
  • Valcambi (Switzerland)
  • Royal Canadian Mint (Canada)
  • Umicore SA (Belgium)
  • Engelhard Corporation (United States)
  • Yamana Gold Inc. (Canada)
  • Pan American Silver Corp. (Canada)
  • Sibanye Stillwater Limited (South Africa)
  • Polymetal International plc (UK)
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Precious Metals Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Precious Metals Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Precious Metals Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Precious Metals Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Precious Metals Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Precious Metals Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Precious Metals Market size was valued at USD 275.4 billion in 2021 and is poised to grow from USD 290.82 billion in 2022 to USD 449.72 billion by 2030, at a CAGR of 5.6% during the forecast period (2023-2030).

The precious metals market is highly competitive, with numerous players vying for market share and striving to differentiate themselves through various strategies. The market is characterized by the presence of established mining companies, precious metal refineries, and precious metal traders. The competitive landscape is dynamic, with companies continually striving to innovate, expand their product portfolios, and meet the evolving needs of customers in the precious metals market. 'Barrick Gold Corporation (Canada)', 'Newmont Corporation (US)', 'Anglo American Platinum Limited (South Africa)', 'Johnson Matthey (UK)', 'The Perth Mint (Australia)', 'Metalor Technologies International SA (Switzerland)', 'JM Bullion (US)', 'Rand Refinery (South Africa)', 'Heraeus Precious Metals (Germany)', 'PAMP SA (Switzerland)', 'Mitsui Mining and Smelting Co., Ltd. (Japan)', 'Asahi Holdings, Inc. (Japan)', 'Valcambi (Switzerland)', 'Royal Canadian Mint (Canada)', 'Umicore SA (Belgium)', 'Engelhard Corporation (United States)', 'Yamana Gold Inc. (Canada)', 'Pan American Silver Corp. (Canada)', 'Sibanye Stillwater Limited (South Africa)', 'Polymetal International plc (UK)'

Growing disposable income and shifting lifestyle preferences are the key factors propelling industry expansion. The substantial use of jewellery in wedding rituals in China, India, and other South Asian nations is also expected to increase demand for precious metals. Furthermore, the perception of gold as a status symbol and haven for investment has significantly contributed to the growth of the market.

Businesses are increasingly adopting sustainable practices to reduce their environmental impact and address climate change concerns. Key initiatives include implementing renewable energy sources, optimizing resource consumption, and promoting circular economy principles. Companies are integrating sustainability into their strategies to meet consumer demand for eco-friendly products and comply with regulatory requirements. By embracing sustainability, businesses can enhance their brand reputation, attract environmentally conscious consumers, and achieve long-term cost savings through efficient resource management.

The largest segment in terms of regional demand is Asia-Pacific, a vibrant and culturally rich region that holds a deep affinity for precious metals. The love for gold, in particular, is deeply ingrained in the traditions and customs of countries like China and India. The cultural significance of gold as a symbol of wealth, prosperity, and auspiciousness drives the robust demand in this region. Additionally, the rising middle-class population and increasing disposable income in Asia-Pacific fuel the desire for luxury items and investment in precious metals.

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