Global Precious Metals Market Report and Forecast 2023-2028

According to the report, the global precious metals market attained a production volume of 1.25 Million Tonnes in 2022. Aided by the unique properties of these metals, multifaceted applications, and the pivotal role they play in the financial sector, the market is projected to further grow at a CAGR of 4.78% between 2023 and 2028 to reach nearly 1.73 Million Tonnes by 2028.

Precious metals, inherently rare and high in economic value, have been revered and utilised for centuries, both as a medium of trade and as a store of value. In modern times, these metals have found their niche in a plethora of applications. Gold, for instance, is not only used in jewellery and coinage but is also instrumental in electronics due to its excellent conductivity and resistance to tarnish. Similarly, platinum and palladium, apart from their use in jewellery, are crucial in the automobile industry as catalysts in catalytic converters.

One of the primary factors buoying the precious metals market growth is their investment appeal. As tangible assets, precious metals, especially gold, have historically served as a hedge against inflation, currency fluctuations, and economic uncertainties. Their perceived safe-haven status becomes particularly pronounced during financial downturns, leading to increased demand in turbulent times.

The surging technological advancements, especially in the field of electronics and medicine, have further buttressed precious metals market demand. Silver, known for its conductivity and malleability, has become indispensable in the electronics industry. Meanwhile, platinum's unique catalytic properties render it essential in various industrial applications and in the reduction of automobile emissions.

Additionally, the allure of precious metals remains undiminished. The jewellery sector, deeply rooted in cultural and traditional values, ensures a consistent demand for metals like gold and platinum. In the industrial sector, the drive towards sustainable and cleaner technologies, especially in energy and automobile sectors, foresees an increased usage of metals like palladium and platinum, thereby, increasing the precious metals market size.

Furthermore, as central banks across the globe continue to diversify their reserves and lean towards gold, the strategic importance of these metals in the global financial framework is only poised to grow. Research into newer applications, especially in sectors like medicine and renewable energy, could potentially open up novel avenues for the demand for these metals.

Market Segmentation

The market can be divided based on type and region.

Market Breakup by Type

Gold

• Jewellery
• Electronics
• Coins and Medals
• Investment
• Others

Silver

• Jewellery
• Electric and Electronics
• Coins and Medals
• Investment
• Silverware
• Photography
• Others

Palladium

• Jewellery
• Automotive
• Electric and Electronics
• Medical Applications
• Others

Platinum

• Electric and Electronics
• Automotive
• Medical Applications
• Jewellery
• Chemical Processing
• Others

Rhodium

• Automotive
• Glass Production
• Electric and Electronics
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global precious metals market. Some of the major players explored in the report are as follows:

• Anglo American Plc
• Southern Copper Corporation
• Newmont Corporation
• Northam Platinum Holdings Limited
• Newcrest Mining Limited
• Kinross Gold Corporation
• Others

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*The publisher always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.