Enjoy complimentary customisation on priority with our Enterprise License!
The Precious Metals Market size is estimated to grow at a CAGR of 5.82% between 2022 and 2027. The market size is forecast to increase by USD 84.89 billion. The growth of the market depends on several factors, such as precious metals proving to be safe-haven during economic uncertainty, growing use of precious metals in electronics, renewable energy, and medical sectors, and rising middle-class populations.
This precious metals market report extensively covers market segmentation by type (gold, silver, and platinum group metals), application (industrial, jewelry, and investment), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Precious Metals Market Forecast 2023-2027
To learn more about this report, Request Free Sample
Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
The increasing demand for precious metals such as gold and silver as safe-haven assets is significantly contributing to the growth of the global precious metals market. Additionally, several investors tend to seek assets and hold their value during times of economic or geopolitical uncertainty to provide a buffer against risks.
Moreover, several precious metals have intrinsic value which makes them attractive during the time of crisis. For instance, there was an increase in gold prices during the 2008 financial crisis as investors sought sanctuary from market volatility. Hence, such factors are positively impacting the market which in turn will drive the growth of the precious metals market size during the forecast period.
The global precious metals market is gaining traction due to the emergence of ESG concerns. There is a transformation in several mining practices which align with sustainable standards due to constant scrutiny from investors, authorities, and communities. Additionally, there is increasing adoption of responsible mining processes in order to address environmental concerns resulting in lowering carbon emissions and conducting reclamation projects.
Moreover, Newmont Corporation is a large gold miner which emphasizes water management and biodiversity protection in its operations. Additionally, there is a significant trend of investors favoring companies that address ESG concerns and adopt sustainable practices. Hence, such factors are expected to positively impact the market which in turn will drive the market growth during the forecast period.
There is a growing concern regarding sustainability and responsible resource management and adverse environmental effects from mining and extraction operations which are negatively impacting the market. Investors are increasingly scrutinizing practices such as deforestation, water pollution, and habitat destruction.
Moreover, there is a frequent use of poisonous gases such as cyanide for large-scale mining activities which can pose a significant threat to the surrounding ecosystems and water sources. Additionally, the mining of metals including rare earth elements can lead to radioactive waste and soil contamination. Hence, such factors are negatively impacting the market which in turn will hinder the market growth during the forecast period.
The gold segment is estimated to witness significant growth during the forecast period. There is an increasing relevance for this segment due to its persistent appeal as a safe-haven asset and store of value. Several prominent central banks across the world such as the U.S. Federal Reserve and the Bank of Germany accumulating gold reserves, investors flocking to gold during economic uncertainty, and its widespread use in jewelry creation are fuelling the growth of this segment.
Get a Customised Report as per your requirements for FREE!
The gold segment was the largest segment and was valued at USD 159.24 billion in 2017. Additionally, there is extensive use of the gold segment across various industries such as electronics and dentistry due to its rarity and distinctive qualities, such as malleability and conductivity. Furthermore, there is increased accessibility for gold exchange-traded funds (ETFs) generating liquidity and demand. The gold segment remains an essential precious metal, serving as a standard for stability and asset preservation in an ever-changing global financial scene irrespective of its price fluctuations. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on the application, the segment is classified into industrial, jewelry, and investment. One of the main sectors which are significantly contributing to the growth of the various application of precious metals is the industrial segment. For instance, there is increasing adoption of precious metals such as platinum, palladium, and rhodium across the automobile industries in order to use catalytic converters to reduce pollution and promote cleaner air. Additionally, precious metals such as gold and silver are widely used for the manufacture of semiconductors and conductive materials for electronics. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
APAC is estimated to contribute 42% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Some of the main countries which are significantly contributing to the growth of the global precious metals market include China and India due to their significant cultural and industrial linkages to gold. For instance, in India, the regional market is fuelled by the demand for gold in jewelry, festivals, and weddings.
Furthermore, there is an increasing demand for precious metals like platinum, palladium, and silver across the APAC region due to the growing electronics and automotive industries in the region and their extensive use in catalytic converters and electronic components. Moreover, several countries in APAC including Japan and South Korea extensively use precious metals for various manufacturing applications. Factors such as geopolitical tensions, regulatory adjustments, and economic volatility are significantly influencing the global precious metals market in APAC. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global precious metals market witnessed a significant slowdown due to disruptions in the supply chain and a decline in demand across industries in the APAC region. However, in 2021, the initiation of large-scale vaccination drives?lifted the lockdown and travel restrictions, which led to the reopening of industries leading to increasing demand for precious metals. Such factors are expected to drive the market during the forecast period
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Anglo American Platinum Ltd: The company offers precious metals to specific requirements for platinum, palladium, rhodium, iridium, and ruthenium, osmium and gold are also produced as by-products.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Barrick Gold Corp., First Majestic Silver Corp., First Quantum Minerals Ltd., Freeport McMoRan Inc., Gabriel Resources Ltd., Glencore Plc, Gold Fields Ltd., Harmony Gold Mining Co. Ltd., Impala Platinum Holdings Ltd., Kinross Gold Corporation, Lundin Mining Corp., Lynas Rare Earths Ltd., Neo Performance Materials Inc., Newcrest Mining Ltd., Newmont Corp., Pan American Silver Corp., Industrias Penoles SAB de CV, Namibia Critical Metals Inc., and Northern Minerals Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The precious metals market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Precious Metals Market Scope |
|
Report Coverage |
Details |
Page number |
151 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.82% |
Market growth 2023-2027 |
USD 84.89 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.5 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, Canada, China, India, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Anglo American Platinum Ltd., Barrick Gold Corp., First Majestic Silver Corp., First Quantum Minerals Ltd., Freeport McMoRan Inc., Gabriel Resources Ltd., Glencore Plc, Gold Fields Ltd., Harmony Gold Mining Co. Ltd., Impala Platinum Holdings Ltd., Kinross Gold Corporation, Lundin Mining Corp., Lynas Rare Earths Ltd., Neo Performance Materials Inc., Newcrest Mining Ltd., Newmont Corp., Pan American Silver Corp., Industrias Penoles SAB de CV, Namibia Critical Metals Inc., and Northern Minerals Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.