According to IMARC Group’s latest report, titled “Precious Metals Market Report by Metal Type (Gold, Silver, Platinum, Palladium, and Others), Application (Jewelry, Investment, Electricals, Automotive, Chemicals, and Others), and Region 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.
Precious metals are chemically inert elements that are not found abundantly in nature. Historically, they were used as the basis for money; however, nowadays, they are traded as portfolio diversifiers and hedges against inflation. Precious metals have a high economic value due to various factors, including their scarcity, use in industrial processes, and role throughout history as a store of value. In recent years, precious metals have gained popularity across the globe as investors nowadays purchase these valuable metals mainly as financial assets.
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Precious Metals Market Trends:
The global precious metals market is primarily driven by their increasing demand in jewelry application and various industrial processes. For instance, gold finds applications in the dentistry and electronics industry due to its durability, malleability, and ability to conduct heat and electricity. On the other hand, silver is utilized in batteries, superconductors, and microcircuit applications. Apart from this, the rising concerns over financial stability, fear of inflation, and the perceived risk of war are other growth-inducing factors contributing to the market. Furthermore, several regulatory bodies are implementing stringent regulations to limit the black-market activities of precious commodities. Moreover, increasing purchasing power, improving living standards and changing lifestyles of individuals have also encouraged them to make investments in precious metals to survive the rapidly changing market conditions.
Competitive Landscape With Key Players:
The competitive landscape of the precious metals market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players 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.
Key Market Segmentation:
The report has segmented the global precious metals market based on metal type, application and region.
Breakup by Metal Type:
- 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
- Others
Breakup by Application:
- Automotive
- Electronics
- Jewelery
- Chemicals
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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