PUBLISHER: IMARC | PRODUCT CODE: 1423178
PUBLISHER: IMARC | PRODUCT CODE: 1423178
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
Abstract
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. The rising investments in precious metals, increasing utilization of precious metals in a variety of industrial applications, and the growing adoption of precious metals to mint coins represent some of the key factors driving the market.
The Escalating Investments in Precious Metals Augmenting the Market Growth
Investors often view precious metals, such as gold, silver, and platinum as a form of hard asset, allowing them to store wealth for future generations and easily transport the asset. These metals serve as a safe haven asset, meaning that when the prices of other asset classes decrease, investors flock to gold, cash, and treasuries. This can cause the price of gold to surge as other assets decrease in value. Some investors use precious metals as an insurance policy against financial collapse or other crises, while others prefer to hold physical assets outside of the financial system, which is acting as one of the major factors driving the market.
Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is concentrated with a few large-scale players. The volume of new entrants is low in the precious metals industry due to the high initial capital investments and the dominant presence of established players in the market.
What are Precious Metals?
Precious metals are rare, naturally occurring metallic chemical element that has a high economic value. They are generally less reactive than most elements, have high luster and ductility, and are good conductors of electricity and heat. They are also malleable, meaning they can be hammered or pressed into various shapes and sizes without breaking. Some of the popular precious metals are gold, silver, platinum, palladium, and rhodium. Gold is the most popular, since it is widely utilized in the designing of jewelry and investments, and is also found in electronics, dentistry, and coins. Silver is used in the manufacturing of jewelry and coins but is also adopted in medical, electrical and industrial applications. Platinum is utilized as a catalyst in chemical reactions and is also used in jewelry and electronics. Palladium is adopted in electronics, jewelry, and catalysts, while rhodium is used in catalysts and electronics. Precious metals are valuable both for their rarity and their numerous uses and are often considered a safe haven asset in times of economic uncertainty.
COVID-19 Impact:
The outbreak of COVID-19 caused the global mining industry to temporarily shut down operations at several locations, thereby impacting the precious metals market. The stoppage of operations and construction during the pandemic caused a decline in commodity prices, further worsening the situation. This brought about a complete standstill in a number of economic and trading activities, from medical supplies to consumer electronics, energy, hospitality, tourism, food, and financial markets, which impacted the market. However, the pandemic has had a positive impact on gold, silver, and platinum as they have all seen a significant increase in their value since the start of the pandemic. Additionally, the pandemic has disrupted the supply chain for precious metals, causing supply shortages and production delays, which has led to a rise in the demand for precious metals at higher prices.
Precious Metals Market Trends:
The escalating investments in precious metals majorly drive the global market. Since precious metals are a popular form of investment due to their limited supply and their ability to retain their value over time, which is catalyzing the market. Apart from this, numerous investors purchase physical precious metals, such as coins or bars, or invest in products that track the underlying price of the metal, including exchange-traded funds or futures contracts further contributing to the market. Moreover, central banks hold a large amount of gold and other precious metals as part of their foreign exchange reserves in order to diversify their reserves, which is significantly supporting the demand for precious metals across the globe. Apart from this, the widespread adoption of precious metals in a variety of industrial applications, including electronics, dentistry, and jewelry manufacturing is also positively influencing the market. Moreover, the rising adoption of precious metals to mint coins, which are often collected by enthusiasts is also providing a thrust to the demand. Some of the other factors driving the market include rapid urbanization and inflating disposable income levels of the masses.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global precious metals market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on metal type and application.
Metal Type Insights:
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
Application Insights:
Jewelry
Investment
Electricals
Automotive
Chemicals
Others
A detailed breakup and analysis of the precious metals market based on the application has also been provided in the report. This includes jewelry, investment, electricals, automotive, chemicals, and others. According to the report, jewelry accounted for the largest market share due to the increasing demand for precious metals, such as gold, platinum, and silver in the production of numerous types of jewelry. With the emergence of new trends and designs as well as an improvement in consumer purchasing power, the demand for precious metals is growing. Manufacturers are aware of changing consumer tastes and preferences and are introducing a diverse range of precious metal jewelry with both attractive designs and practical features, influencing the market.
Regional Insights:
Asia Pacific
China
India
Japan
South Korea
Australia
Indonesia
Others
North America
United States
Canada
Europe
Germany
United Kingdom
France
Russia
Italy
Spain
Others
Middle East and Africa
Latin America
Brazil
Mexico
Others
The report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific (China, India, Japan, South Korea, Australia, Indonesia and others), North America (the United States and Canada), Europe (Germany, the United Kingdom, France, Russia, Italy, Spain and others), the Middle East and Africa, and Latin America (Brazil, Mexico and others). According to the report, Asia Pacific was the largest market for precious metals. Some of the factors driving the Asia Pacific precious metals market included the automotive industry's expanding production and the inflating disposable incomes of individuals, which is leading to greater demand for precious jewelry. Additionally, the shifting preference for modern investment opportunities and the purchases of precious metals by central banks in countries, including China, India, and South Korea, are also playing a role in the market's growth. In addition, the rapid growth of consumer electronics, pharmaceuticals, refinery, and petrochemical industries in the area is driving up demand for precious metals for a variety of applications.
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global precious metals market. Some of the companies covered in the report include:
Anglo American Platinum Limited (Anglo American PLC)
Barrick Gold Corporation
First Majestic Silver Corp
First Quantum Minerals Ltd.
Freeport-Mcmoran Inc.
Fresnillo Plc (Penoles Group)
Gabriel Resources Ltd.
Glencore International AG
Gold Fields Limited
Harmony Gold
Impala Platinum Holdings Limited
Lundin Mining Corporation
Pan American Silver Corporation
Please note that this only represents a partial list of companies, and the complete list has been provided in the report.
Key Questions Answered in This Report
- 1. What was the size of the global precious metals market in 2023?
- 2. What is the expected growth rate of the global precious metals market during 2024-2032?
- 3. What are the key factors driving the global precious metals market?
- 4. What has been the impact of COVID-19 on the global precious metals market?
- 5. What is the breakup of the global precious metals market based on the metal type?
- 6. What is the breakup of the global precious metals market based on the application?
- 7. What are the key regions in the global precious metals market?
- 8. Who are the key players/companies in the global precious metals market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Precious Metals Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Metal Type
- 6.1 Gold
- 6.1.1 Market Trends
- 6.1.2 Market Breakup by End Use
- 6.1.3 Market Forecast
- 6.2 Silver
- 6.2.1 Market Trends
- 6.2.2 Market Breakup by End Use
- 6.2.3 Market Forecast
- 6.3 Platinum
- 6.3.1 Market Trends
- 6.3.2 Market Breakup by End Use
- 6.3.3 Market Forecast
- 6.4 Palladium
- 6.4.1 1Market Trends
- 6.4.2 Market Breakup by End Use
- 6.4.3 Market Forecast
- 6.5 Others
- 6.5.1 Market Trends
- 6.5.2 Market Forecast
7 Market Breakup by Application
- 7.1 Jewelry
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Investment
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Electricals
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
- 7.4 Automotive
- 7.4.1 Market Trends
- 7.4.2 Market Forecast
- 7.5 Chemicals
- 7.5.1 Market Trends
- 7.5.2 Market Forecast
- 7.6 Others
- 7.6.1 Market Trends
- 7.6.2 Market Forecast
8 Market Breakup by Region
- 8.1 Asia-Pacific
- 8.1.1 China
- 8.1.1.1 Market Trends
- 8.1.1.2 Market Forecast
- 8.1.2 India
- 8.1.2.1 Market Trends
- 8.1.2.2 Market Forecast
- 8.1.3 Japan
- 8.1.3.1 Market Trends
- 8.1.3.2 Market Forecast
- 8.1.4 South Korea
- 8.1.4.1 Market Trends
- 8.1.4.2 Market Forecast
- 8.1.5 Australia
- 8.1.5.1 Market Trends
- 8.1.5.2 Market Forecast
- 8.1.6 Indonesia
- 8.1.6.1 Market Trends
- 8.1.6.2 Market Forecast
- 8.1.7 Others
- 8.1.7.1 Market Trends
- 8.1.7.2 Market Forecast
- 8.1.1 China
- 8.2 North America
- 8.2.1 United States
- 8.2.1.1 Market Trends
- 8.2.1.2 Market Forecast
- 8.2.2 Canada
- 8.2.2.1 Market Trends
- 8.2.2.2 Market Forecast
- 8.2.1 United States
- 8.3 Europe
- 8.3.1 Germany
- 8.3.1.1 Market Trends
- 8.3.1.2 Market Forecast
- 8.3.2 United Kingdom
- 8.3.2.1 Market Trends
- 8.3.2.2 Market Forecast
- 8.3.3 France
- 8.3.3.1 Market Trends
- 8.3.3.2 Market Forecast
- 8.3.4 Russia
- 8.3.4.1 Market Trends
- 8.3.4.2 Market Forecast
- 8.3.5 Italy
- 8.3.5.1 Market Trends
- 8.3.5.2 Market Forecast
- 8.3.6 Spain
- 8.3.6.1 Market Trends
- 8.3.6.2 Market Forecast
- 8.3.7 Others
- 8.3.7.1 Market Trends
- 8.3.7.2 Market Forecast
- 8.3.1 Germany
- 8.4 Middle East and Africa
- 8.4.1 Market Trends
- 8.4.2 Market Breakup by Country
- 8.4.3 Market Forecast
- 8.5 Latin America
- 8.5.1 Brazil
- 8.5.1.1 Market Trends
- 8.5.1.2 Market Forecast
- 8.5.2 Mexico
- 8.5.2.1 Market Trends
- 8.5.2.2 Market Forecast
- 8.5.3 Others
- 8.5.3.1 Market Trends
- 8.5.3.2 Market Forecast
- 8.5.1 Brazil
9 SWOT Analysis
- 9.1 Overview
- 9.2 Strengths
- 9.3 Weaknesses
- 9.4 Opportunities
- 9.5 Threats
10 Value Chain Analysis
11 Porters Five Forces Analysis
- 11.1 Overview
- 11.2 Bargaining Power of Buyers
- 11.3 Bargaining Power of Suppliers
- 11.4 Degree of Competition
- 11.5 Threat of New Entrants
- 11.6 Threat of Substitutes
12 Price Analysis
13 Competitive Landscape
- 13.1 Market Structure
- 13.2 Key Players
- 13.3 Profiles of Key Players
- 13.3.1 Anglo American Platinum Limited (Anglo American PLC)
- 13.3.1.1 Company Overview
- 13.3.1.2 Product Portfolio
- 13.3.1.3 Financials
- 13.3.1.4 SWOT Analysis
- 13.3.2 Barrick Gold Corporation
- 13.3.2.1 Company Overview
- 13.3.2.2 Product Portfolio
- 13.3.2.3 Financials
- 13.3.2.4 SWOT Analysis
- 13.3.3 First Majestic Silver Corp.
- 13.3.3.1 Company Overview
- 13.3.3.2 Product Portfolio
- 13.3.3.3 Financials
- 13.3.4 First Quantum Minerals Ltd.
- 13.3.4.1 Company Overview
- 13.3.4.2 Product Portfolio
- 13.3.4.3 Financials
- 13.3.4.4 SWOT Analysis
- 13.3.5 Freeport-Mcmoran Inc.
- 13.3.5.1 Company Overview
- 13.3.5.2 Product Portfolio
- 13.3.5.3 Financials
- 13.3.5.4 SWOT Analysis
- 13.3.6 Fresnillo plc (Penoles Group)
- 13.3.6.1 Company Overview
- 13.3.6.2 Product Portfolio
- 13.3.6.3 Financials
- 13.3.7 Gabriel Resources Ltd.
- 13.3.7.1 Company Overview
- 13.3.7.2 Product Portfolio
- 13.3.7.3 Financials
- 13.3.8 Glencore International AG
- 13.3.8.1 Company Overview
- 13.3.8.2 Product Portfolio
- 13.3.8.3 Financials
- 13.3.8.4 SWOT Analysis
- 13.3.9 Gold Fields Limited
- 13.3.9.1 Company Overview
- 13.3.9.2 Product Portfolio
- 13.3.9.3 Financials
- 13.3.10 Harmony Gold
- 13.3.10.1 Company Overview
- 13.3.10.2 Product Portfolio
- 13.3.10.3 Financials
- 13.3.11 Impala Platinum Holdings Limited
- 13.3.11.1 Company Overview
- 13.3.11.2 Product Portfolio
- 13.3.11.3 Financials
- 13.3.12 Lundin Mining Corporation
- 13.3.12.1 Company Overview
- 13.3.12.2 Product Portfolio
- 13.3.12.3 Financials
- 13.3.12.4 SWOT Analysis
- 13.3.13 Pan American Silver Corporation
- 13.3.13.1 Company Overview
- 13.3.13.2 Product Portfolio
- 13.3.13.3 Financials
- 13.3.13.4 SWOT Analysis
- 13.3.1 Anglo American Platinum Limited (Anglo American PLC)
List of Figures
- Figure 1: Global: Precious Metals Market: Major Drivers and Challenges
- Figure 2: Global: Precious Metals Market: Sales Value (in Billion US$), 2018-2023
- Figure 3: Global: Precious Metals Market Forecast: Sales Value (in Billion US$), 2024-2032
- Figure 4: Global: Precious Metals Market: Breakup by Metal Type (in %), 2023
- Figure 5: Global: Precious Metals (Gold) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 6: Global: Precious Metals (Gold) Market: Breakup by End Use (in %), 2023
- Figure 7: Global: Precious Metals (Gold) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 8: Global: Precious Metals (Silver) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 9: Global: Precious Metals (Silver) Market: Breakup by End Use (in %), 2023
- Figure 10: Global: Precious Metals (Silver) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 11: Global: Precious Metals (Platinum) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 12: Global: Precious Metals (Platinum) Market: Breakup by End Use (in %), 2023
- Figure 13: Global: Precious Metals (Platinum) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 14: Global: Precious Metals (Palladium) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 15: Global: Precious Metals (Palladium) Market: Breakup by End Use (in %), 2023
- Figure 16: Global: Precious Metals (Palladium) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 17: Global: Precious Metals (Other Metal Types) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 18: Global: Precious Metals (Other Metal Types) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 19: Global: Precious Metals Market: Breakup by Application (in %), 2023
- Figure 20: Global: Precious Metals (Jewelry) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 21: Global: Precious Metals (Jewelry) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 22: Global: Precious Metals (Investment) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 23: Global: Precious Metals (Investment) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 24: Global: Precious Metals (Electrical) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 25: Global: Precious Metals (Electrical) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 26: Global: Precious Metals (Automotive) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 27: Global: Precious Metals (Automotive) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 28: Global: Precious Metals (Chemicals) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 29: Global: Precious Metals (Chemicals) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 30: Global: Precious Metals (Other Applications) Market: Sales Value (in Million US$), 2018 & 2023
- Figure 31: Global: Precious Metals (Other Applications) Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 32: Global: Precious Metals Market: Breakup by Region (in %), 2023
- Figure 33: Asia Pacific: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 34: Asia Pacific: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 35: China: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 36: China: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 37: India: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 38: India: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 39: Japan: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 40: Japan: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 41: South Korea: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 42: South Korea: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 43: Australia: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 44: Australia: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 45: Indonesia: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 46: Indonesia: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 47: Others: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 48: Others: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 49: North America: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 50: North America: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 51: United States: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 52: United States: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 53: Canada: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 54: Canada: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 55: Europe: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 56: Europe: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 57: Germany: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 58: Germany: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 59: United Kingdom: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 60: United Kingdom: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 61: France: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 62: France: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 63: Russia: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 64: Russia: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 65: Italy: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 66: Italy: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 67: Spain: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 68: Spain: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 69: Others: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 70: Others: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 71: Middle East and Africa: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 72: Middle East and Africa: Precious Metals Market: Breakup by Country (in %), 2023
- Figure 73: Middle East and Africa: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 74: Latin America: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 75: Latin America: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 76: Brazil: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 77: Brazil: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 78: Mexico: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 79: Mexico: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 80: Others: Precious Metals Market: Sales Value (in Million US$), 2018 & 2023
- Figure 81: Others: Precious Metals Market Forecast: Sales Value (in Million US$), 2024-2032
- Figure 82: Global: Precious Metals Industry: SWOT Analysis
- Figure 83: Global: Precious Metals Industry: Value Chain Analysis
- Figure 84: Global: Precious Metals Industry: Porter's Five Forces Analysis
- Figure 85: Global: Precious Metals Market: Average Price Trends (in US$/Kg), 2018-2023
List of Tables
- Table 1: Global: Precious Metals Market: Key Industry Highlights, 2023 and 2032
- Table 2: Global: Precious Metals Market: Breakup by Metal Type (in Million US$), 2018 & 2023
- Table 3: Global: Precious Metals Market Forecast: Breakup by Metal Type (in Million US$), 2024-2032
- Table 4: Global: Precious Metals Market: Breakup by Application (in Million US$), 2018 & 2023
- Table 5: Global: Precious Metals Market Forecast: Breakup by Application (in Million US$), 2024-2032
- Table 6: Global: Precious Metals Market: Breakup by Region (in Million US$), 2018 & 2023
- Table 7: Global: Precious Metals Market Forecast: Breakup by Region (in Million US$), 2024-2032
- Table 8: Global: Precious Metals Market Structure
- Table 9: Global: Precious Metals Market: Key Players
