Precious Metals Market Size, Share, Growth Report 2032

Precious Metals Market Insights

According to Zion Market Research, the global Precious Metals Market was worth USD 347.06 Billion in 2023. The market is forecast to reach USD 622.13 Billion by 2032, growing at a compound annual growth rate (CAGR) of 6.7% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Precious Metals Market industry over the next decade.

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Precious Metals Market Overview

The global precious metals market accounted for USD 142.54 Billion in 2020 and is expected to reach more than USD 240.08 Billion by 2028, growing at a CAGR of 7.6% from 2021 to 2028.

Gold and silver have been envied for a long time owing to their value. Even today, investors are investing in a portfolio of these precious metals. The global precious metals market can be a good portfolio to invest in as it diversifies and hedge the risk against inflation. Gold isn’t the only metal out there in which investors are willing to invest. Platinum, Silver, and palladium can be added to the portfolio as each metal has its own opportunities and unique risks.

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COVID-19 Impact Analysis

COVID-19 severely impacted the demand and supply of the precious metal market. The Petrochemical and automobile industry which are the major consumers of the market is negatively affected by the pandemic owing to lockdown rules and regulations on transportation. Several countries went into lockdown due to the pandemic, which led to minimal use of personal vehicles, thus affecting negatively the demand for automotive catalysts which are used in the vehicle exhaust streams. This resulted in a decrease in the demand for precious metal catalysts.

Growth Factors

Gold and silver, specifically in the jewelry market, are estimated to witness steady growth over the forecast period. Gold and silver have played an important part in marriages, especially in China and India. A significant amount of gold and silver is used in the form of ornaments and jewelry. The wedding market segment of India and China is likely to show numerous growth opportunities for the gold and silver jewelry market over the coming years.

Precious metals like gold are also used for investment purposes. It is usually traded in the stock exchange market associated with decreasing share prices attributed to its intensifying high prices.

Precious Metals Market: Report Scope

Type Segment Analysis Preview

Platinum is projected to grow at a CAGR of around 6.5% over the forecast period. Platinum catalyst helps in reducing carbon dioxide (CO2) emission. It is widely used in the automobile sector to lower the harmful effect of pollutants released by industrial processing units. It can also be validated by an increase in the sale of diesel-consuming vehicles. Platinum is also used as one of the important emission control catalysts. The auto-catalysts help in reducing emissions from diesel and gasoline engines and enhance energy efficiency.

Moreover, Platinum is used to improve medical technology to enhance health care. Platinum is also used in the pharmaceutical sector as many catalysts rely on palladium, platinum, ruthenium, iridium, rhodium, and osmium. Sources like refinery & petrochemical complexes, automobiles, chemical industries, natural gas processing plants, oil, and pharmaceutical industries, among others, are getting familiar with an increased number of applications for platinum-based emission catalysts and thus increasing the market.

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End-Use Industry Segment Analysis Preview

The investment segment is projected to grow at a CAGR of around 7% from 2021 to 2028. The ongoing declining prices of gold and platinum have generated a greater attraction from investors and are likely to continue in the future. The industrial segment held a substantial share in the market owing to the growth in the electrical industry wherein silver is one of the main metals used.

The jewelry segment has also contributed majorly to the overall market growth. Gold and silver have played an important part in marriages, especially in China and India. The wedding market of both countries offers round-the-year opportunities for the vendors, thereby driving the demand for precious metals, mainly gold and silver.

Regional Analysis Preview

The Asia Pacific accounted for a share of around 35% in 2020. China has an extensive influence on the precious metals market. The country is leading in the consumption of gold and PGM. The strong manufacturing sector of China is the main factor spurring the demand in the country. India is an alternative powerhouse in the region. India is the second largest consumer of gold in the Asia Pacific. India also has a strong jewelry market due to the wedding industry. Similarly, the country is also evolving its capabilities in the manufacturing industry by attracting foreign investors in the field of energy, construction, automotive, chemical, and many more.

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Key Market Players & Competitive Landscape

Some of the key players in the Precious Metals Market are Barrick Gold, First Quantum Minerals, Gold Fields Limited, Goldcorp Inc., Goldcorp Freeport McMoRan Copper & Gold Inc., Gabriel Resources Ltd, Lundin Mining, Harmony Gold Mining Company Ltd., North American Palladium Ltd., BASF, Clariant, Johnson Matthey, Umicore Galvanotechnik GmbH, GlencoreXstrata, and Evonik Industries AG, among others. The industry players are focusing on joint ventures to mine and explore precious goods in African countries, where there are many untapped reserves yet to be discovered.

The global precious metals market is segmented as follows:

By Type

• Platinum
• Gold
• Ruthenium
• Palladium
• Silver
• Others

By End-Use Industry

• Automotive
• Electronics
• Jewelry
• Chemicals
• Investment
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa