Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, the Global Precious Metals Market Size is Expected to Grow from USD 307.94 Billion in 2023 to USD 540.45 Billion by 2033, at a CAGR of 5.79% during the forecast period 2023-2033.
Browse key industry insights spread across 210 pages with 110 Market data tables and figures & charts from the report on the Global Precious Metals Market Size, Share, and COVID-19 Impact Analysis, By Metal Type (Gold, Silver, Platinum, and Palladium), By Application (Jewelry, Industrial, Investment, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
Precious metals are rare, naturally occurring metals with high economic value, often being less reactive and more resistant to corrosion than other metals. Precious metals, such as gold, silver, platinum, and palladium, are rare, metallic elements with significant economic value due to their unique properties like corrosion resistance, excellent conductivity, and aesthetic appeal. They are essential in industries like jewelry, electronics, automotive, and finance. Gold is renowned for its malleability and non-reactivity, while silver is known for its high conductivity and antimicrobial properties. Platinum and palladium are renowned for their catalytic abilities, making them crucial in automotive catalytic converters. Their value fluctuates based on market demand, geopolitical events, and economic conditions, making them a popular investment choice. Rising global incomes have led to a surge in demand for luxury goods, particularly precious metals like gold and silver. The middle and affluent classes in developing nations like India, China, and Southeast Asia are buying gold and gem-studded jewelry for weddings, festivals, and religious offerings, highlighting the strong appeal of these precious metals. Various government initiatives drive the market of precious metals. For instance, the Indian government drastically lowered customs taxes on precious metals in the 2024 Budget to combat smuggling. The 15% tariff on gold bars was lowered to 6%, and the 15% duty on silver bars was lowered to 6%1. Although smuggling is anticipated to decline as a result of this action, the government will lose more than Rs 28,000 crore in revenue annually. However, the global precious metals market is experiencing significant price volatility, influenced by macroeconomic conditions, financial markets, and political uncertainties, affecting market stability.
The gold segment is predicted to hold the highest market share through the forecast period.
Based on the metal type, the precious metals market is classified into gold, silver, platinum, and palladium. Among these, the gold segment is predicted to hold the highest market share through the forecast period. Gold is a popular metal for intricate jewelry due to its beauty, strength, and malleability, making it a popular choice for investing and jewelry. Jewelry continues to be the most common application for gold, marking significant occasions and enhancing rituals all over the world due to its widespread demand, which is fueled by cultural customs in places like China and India.
The jewelry segment is anticipated to hold the greatest market share during the projected timeframe.
Based on the application, the precious metals market is divided into jewelry, industrial, investment, and others. Among these, the jewelry segment is anticipated to hold the greatest market share during the projected timeframe. This is because of long-standing cultural traditions and customs surrounding gift-giving. Precious metals like gold, silver, and platinum continue to be important components of jewelry because of their beauty, workability, and status symbolism. Globally, jewelry bears cultural and emotional meaning, commemorating milestones, expressing love, or enhancing personal style, ensuring its enduring demand across varied traditions and geographies.
Asia Pacific is estimated to hold the largest share of the precious metals market over the forecast period.
Asia Pacific is estimated to hold the largest share of the precious metals market over the forecast period. Mining operations, significant industrial hubs, and pro-business government policies are the main drivers of the region's dominance. Industrial expansion is promoted by nations like China and India, and companies like Johnson Matthey PLC Corporation take advantage of this competitive edge.
North America is predicted to have the fastest CAGR growth in the precious metals market over the forecast period. This is due to rising industry and urbanization across developing nations. Countries like the United States and Canada are witnessing substantial expansion in infrastructure development, vehicle production, and electronics manufacturing. Precious metal consumption is being stimulated by this.
Competitive Analysis
Major key players in the precious metals market include Barrick Gold Corporation, Newmont Corporation, AngloGold Ashanti Limited, Gold Fields Limited, Wheaton Precious Metals Corp., Royal Gold, Inc., Agnico Eagle Mines Limited, Pan American Silver Corp., Fresnillo plc, Silver Wheaton Corp., Johnson Matthey PLC, South32 Limited, Sibanye Stillwater, Platinum Group Metals Ltd., and Harmony Gold Mining Company Limited, and Others.
Recent Development
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the precious metals market based on the below-mentioned segments:
Global Precious Metals Market, By Metal Type
Global Precious Metals Market, By Application
Global Precious Metals Market, By Regional Analysis
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