According to the report published by Fortune Business Insights™, the global precious metals industry was estimated at USD 275.40 billion in 2021 and is expected to hit USD 403.08 billion by 2028, registering a CAGR of 5.6% from 2021-2028. The report provides an extensive analysis of the market dynamics including drivers & restraints, major winning strategies, market size & projections, competitive landscape, and major segments.
The demand for precious type of metals is expected to rise globally owing to increased investment in jewelry. Moreover, gold and silver are some of the prime metals which are extensively used in South Asian countries, and the rising population in this region is adding more to the market. For instance, according to a report by the World Gold Council, in 2019, Indian households have accumulated up to 25,000 tonnes of gold, which makes India hold the tag of the world’s largest holders of the metal.
List of Key Players Profiled in the Precious Metals Market Report
- Newmont Corporation (U.S.)
- Barrick Gold Corporation (Canada)
- AngloGold Ashanti Limited (South Africa)
- Kinross Gold Corporation (Canada)
- Newcrest Mining Limited (Australia)
- Gold Fields Limited (South Africa)
- Freeport-McMoRan (U.S.)
- PJSC Polyus (Russia)
- Anglo American Platinum Limited (South Africa)
- Impala Platinum Holdings Limited (South Africa)
- Other Players
What does the Report Provide?
The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.
Increasing Disposable Income to Drive Market Growth
The rising disposable income and incessantly changing lifestyle choices are driving the precious metal market growth. For instance, the high demand for jewelry in wedding ceremonies of China, India, and other South Asian countries is projected to surge the consumption of precious metals. Additionally, gold is considered a safe haven for investment, as compared to equities, bonds, and crypto. As per the study by World Gold Council, ETFs and other investments accounted for 23% of the total gold demand in 2020. This is expected to drive the precious metals market growth in upcoming years.
Asia Pacific to Dominate Backed by Increasing Consumption of Gold in the Region
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of the largest electrical industry in the region. Countries such as China and India are contributing to the market as these countries are the largest consumers of gold. Furthermore, they are also partnering with foreign investors and international companies to boost the regional market. Asia Pacific stood at USD 135.04 billion in 2020.
Europe is expected to showcase significant precious metals market share in upcoming years, owing to the increased application of metals in the automotive industry. Furthermore, the rise in the fashion industry is supporting the consumption of jewelry in the region.
By type, the market for precious metals is divided into silver, gold, and platinum group metals. By application, it is divided into industrial, jewelry, investment, and others.
Based on application, the industrial segment held the largest share in 2020 in the market. This is attributable to the increasing demand for silver from photovoltaics manufacturers, as fossil fuels are depleting, and people are looking for renewable energy sources to meet their energy demands.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Key Players to Focus on Collaborations and Acquisitions to Strengthen Their Positions
The market is consolidated by major companies striving to maintain their position by focusing on acquisitions. For instance, in May 2021, Newmont Corporation acquired an 85.1% share of GT Gold. With the acquisition, the company is aiming to strengthen its portfolio. The acquisition includes the Tatogga project, which will contribute to the production of copper and gold in the future.
Key Industry Development
- April 2021: Barrick Gold Corporation’s Loulo-Gounkoto’s third underground mine to start delivering gold. The mine is estimated to produce an output of 19.8 tons of gold by the end of 2021.
Browse Detailed Summary of Research Report:
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