Precious Metals Market: Global Industry Trends, Size, Growth, Opportunity and Forecast 2023-2029 – Report by introspective Market Research
Market Overview:
Global Precious Metals Market Is Expected to Grow at A Significant Growth Rate, And the Analysis Period Is 2022-2028, Considering the Base Year As 2021.
Precious metals as their name apprises are precious due to their rare availability and some very rare qualities, because of which these metals are high in their economic value. Today, the most popular precious metals are gold, platinum, silver and palladium, of which gold is the most high-profile precious metal followed by silver and platinum due to its very applications. Precious metals are also used in industrial processes, pharmaceuticals and also in automotive and investment vehicles, those metals include iridium, used in specialty alloys, and palladium, which is used in electronics and chemical applications.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
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Market Dynamics and Factors:
Increasing disposable income and changing lifestyle choices are key factors driving the market growth. Additionally, the widespread importance of jewelry in wedding ceremonies in China, India and other South Asian countries is predicted to increase the use of precious metals. Moreover, the perception of gold as a status symbol and safe haven for investment is contributing significantly to the growth of the market. To avoid the risk of negative interest rates in equities, bonds or real estate, investors regularly turn to gold as an asset that will hold its value.
The increase in precious metals trading activity is encouraging the market’s expected expansion. Both the rise in the number of weddings where jewelry is frequently worn and the rising popularity of plated jewelry among young people are driving the industry. and also extending applications of precious metals across various industries with the help of progressive R&D activities.
Top Key Players Covered in The Precious Metals Market:
- Anglo American Platinum (USA)
- Augusta Precious Metals (USA)
- BHP Group (Australia)
- Newcrest Mining Limited (Australia)
- Kinross Gold Corporation (Canada)
- Sibanye-Stillwater (South Africa)
- American Hartford Gold (USA)
- Newmont Corporation (USA)
- Zijin Mining Group Co Ltd (China)
- Rio Tinto Group (UK), and Other Major Players.
Precious Metals Market Report Highlight:
- By Type, the gold segment is expected to the largest market share of the Precious Metals market in the forecasted timeframe. Gold is extensively used for jewelry and investments due to its visual appeal and aesthetics. Developing countries in Asia Pacific, such as India and China, are the major consumers of gold due to the rising spending capacity of the individuals.
- By Application, the Jewelry segment is expected to have the highest share of the Precious Metals market over the projected period. The primary factor for the segment’s growth is the rising disposable income of consumers, hence driving the demand for jewelry. Gold and silver are the most preferred metals to produce jewelry due to their luster and malleability. The increasing demand for jewelry from consumers in Southeast Asia, owing to the importance of gold in wedding ceremonies, is fueling the segment’s growth.
- The Asia pacific region is expected to have the highest share of the Precious Metals market over the projected period. Asia Pacific is one of the largest consumers of gold and silver. Various factors such as growing demand for the product from India and China, robust growth of various end user industries, and changing consumer lifestyle and stable Indian bullion market, increasing industrial demand in china for sliver especially from solar energy are mainly driving the market growth in this region.
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Key Industry Development:
In February 2022, Kinross Gold Corporation announced that it has completed the previously announced plan to acquire Great Bear Resources Ltd. The closing of the acquisition of Great Bear Resources is a milestone for Kinross Gold as they are looking forward to advance their future growth strategy. Kinoross states that, they are excited to add such a high-quality asset in a top mining jurisdiction to their global portfolio and the plan of exploration and development strategy, including goal of drilling 200,000 metres this year will start immediately.
In November 2021, Newcrest Mining Ltd. agreed to acquire Pretium Resources Inc. including 100% of the Brucejack mine operation. Brucejack adds a Tier 1 large scale, long life, low cost mine to Newcrest’s portfolio with the acquisition. Newcrest acquired Pretium Resources and the Brucejack operation in March 2022. Brucejack’s mining is long-hole stopping that is mined with the help of combination of longitudinal and transverse mining, depending on zone width and orientation. The mine crushing the ore and a fully-enclosed mill at the surface produces gold-silver bars flotation concentrate.
Precious Metals Market Segmentation:
By Type
- Gold
- Silver
- Platinum
- Palladium
- Others
By Application
- Jewelry
- Investment
- Industrial
- Pharmaceutical
- Automotive
- Others
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For this report, Introspective Market Research has segmented the Precious Metals Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
North America
- The U.S.
- Canada
- Mexico
Europe
- Germany
- UK
- France
- Italy
- Russia
- Spain
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
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Scope of the Report:
The latest research on the Precious Metals market provides a comprehensive overview of the market for the years 2022 to 2028. It gives a comprehensive picture of the global Precious Metals industry, considering all significant industry trends, market dynamics, competitive landscape, and market analysis tools such as Porter’s five forces analysis, Industry Value chain analysis, and PESTEL analysis of the Precious Metals market. Moreover, the report includes significant chapters such as Patent Analysis, Regulatory Framework, Technology Roadmap, BCG Matrix, Heat Map Analysis, Price Trend Analysis, and Investment Analysis which help to understand the market direction and movement in the current and upcoming years. The report is designed to help readers find information and make decisions that will help them grow their businesses. The study is written with a specific goal in mind to give business insights and consultancy to help customers make smart business decisions and achieve long-term success in their particular market areas.
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