According to IMARC Group’s latest report, titled “Precious Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global precious metals market size reached US$ 192.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 254.3 Billion by 2027, exhibiting at a CAGR of 5.3% during 2022-2027.
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Industry Overview and Application:
Precious metals are rare, hard, less reactive, and naturally occurring elements that are characterized by their high luster and economic value when compared with other base metals. They are malleable, ductile, resistant to corrosion, and a good conductor of energy and heat. Precious metals, such as palladium, silver, gold, and platinum, are extensively used as valuable assets for investment purposes. On account of these properties and advantages, they are extensively used in the manufacturing of consumer electronics, jewelry, chemicals, automobiles, and medical equipment.
Market Trends and Drivers:
The increasing investments in precious metals represent one of the primary factors boosting market growth. In line with this, the surging consumer expenditure power and shifting lifestyle preferences are acting as other growth-inducing factors. Moreover, key market players in different industrial verticals are heavily investing in the recycling of precious metals on account of the surging environmental concerns, which is accelerating the precious metals market growth. Governments of various nations are also imposing stringent emission regulations, which is further creating a positive outlook for the market as precious materials are extensively used for purifying exhaust gases in the automotive industries. Apart from this, the growing use of gold in the fabrication of memory chips and microprocessors in smartphones and laptops and the adoption of platinum in the manufacturing of laboratory equipment and dentistry are creating a positive outlook for the market.
Precious Metals Market 2022-2027 Competitive Landscape and Segmentation:
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 on the basis of 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
- Jewellery
- 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 (2016-2021)
- Market Outlook (2022-2027)
- 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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