Pune, India, Dec. 07, 2022 (GLOBE NEWSWIRE) — The global precious metals market size was USD 261.94 billion in 2020. The industry is expected to expand from USD 275.40 billion in 2021 to USD 403.08 billion in 2028, exhibiting a CAGR of 5.6% from 2021 to 2028. The rise can be credited to increasing disposable incomes and changing lifestyle choices across various regions.
List of Key Players Mentioned in the Precious Metals Market Report:
- Newmont Corporation (U.S.)
- Barrick Gold Corporation (Canada)
- AngloGold Ashanti Limited (South Africa)
- Kinross Gold Corporation (Canada)
- Newcrest Mining Limited (Australia)
- Gold Fields Limited (South Africa)
- Freeport-McMoRan (U.S.)
- PJSC Polyus (Russia)
- Anglo American Platinum Limited (South Africa)
- Impala Platinum Holdings Limited (South Africa)
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Precious Metals Market Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.6% |
| 2028 Value Projection | USD 403.08 Billion |
| Base Year | 2020 |
| Precious Metals Market Size in 2020 | USD 261.94 Billion |
| Historical Data | 2017-2019 |
| No. of Pages | 160 |
| Segments Covered | By Product Type, By Age- Group, By Distribution Channel, By Region |
| Precious Metals Market Growth Drivers | Increasing Demand from High-income Groups to Favor Growth |
| Rising Number of Wealthy Population to Boost Market Expansion |
Segments:
Gold Segment to Register Notable Growth Due to Escalating Disposable Income
Based on type, the market for precious metals is segmented into silver, gold, and platinum group metals. The gold segment is expected to record commendable expansion over the forecast period. The rise can be attributed to the surging disposable income and escalating knowledge regarding investments among consumers. Based on region, the industry is subdivided into Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
Industrial Segment to Record Commendable Surge Impelled by Growing Silver Demand
Based on application, the industry for precious metals is fragmented into jewelry, industrial, investments, and others. Of these, the industrial segment is anticipated to depict considerable growth over the estimated period. The expansion can be credited to the surging silver demand from photovoltaic manufacturers. The segmental growth is further being driven by the rising demand for solar panels.
Report Coverage:
The report provides an in-depth analysis of the major trends that are expected to drive business growth over the forthcoming years. It further gives a comprehensive coverage of the key factors anticipated to impel the industry landscape across various regions. Additional aspects of the report comprise the significant steps taken by leading companies for the consolidation of their market position.
Drivers and Restraints:
Market Value to Surge Driven by Changing Lifestyle Choices & Surging Disposable Income
Precious metals market growth is primarily being impelled by the changing lifestyle choices and surging disposable income. This is further being supplemented by the escalating significance of jewelry in the wedding ceremonies of India, China, and other South Asian countries. Besides, gold is considered as a safe haven for investment.
However, the industry growth is likely to be hindered by a range of factors such as government reserves, geopolitical uncertainties, inflation, currency fluctuations, and others.
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Regional Insights:
Asia Pacific to Emerge as Major Region Due to Presence of Electronics & Electrical Industry in the Region
Asia Pacific precious metals market share is anticipated to register substantial growth through the forecast period. The surge can be credited to the presence of the largest electronics & electrical industry in the region. Further, India and China are key consumers of gold, which is expected to favor industry expansion to a considerable extent.
The North America region is set to record commendable expansion over the estimated period. The rise can be attributed to robust manufacturing capabilities in the U.S. and the presence of precious mineral mines in the region.
Competitive Landscape:
Market Players Enter Partnership Agreements to Strengthen Industry Presence
Leading companies are striking partnership deals and collaborations to strengthen their market presence. Several industry participants are focusing on a range of strategies including mergers, acquisitions, and the launch of new products to secure a competitive edge. Some of the additional initiatives include surging participation in trade fairs and conferences.
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Precious Metals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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Key Industry Development:
May 2021 – Newmont Corporation acquired GT Gold to strengthen its portfolio. The deal comprised the Tatogga project, which would contribute to the production of gold and copper.
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