Global Precious Metal Market Size By Product (Gold, Silver, Palladium), By Application (Jewelry, Reserve and Currency, Industrial Use), By Geographic Scope And Forecast

Precious Metal Market Size And Forecast

Precious Metal Market size was valued at USD 252.9 Billion in 2020 and is projected to reach USD 390.9 Billion by 2028, growing at a CAGR of 5.59% from 2021 to 2028.

Over the projected period, demand for the product in jewelry applications is likely to emerge as a key driver of industry growth. The increased demand for palladium in catalytic converters for car exhausts in the automotive industry is expected to enhance the market’s growth. The Global Precious Metal Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Precious Metal Market Definition

Precious metals are metals that are uncommon and have a high economic worth due to a variety of variables such as rarity, industrial usage, and historical use as a store of value. Gold, platinum, and silver are the most popular precious metals among investors. Precious metals are rare metallic elements that exist naturally and have substantial economic worth. They have a high luster and are typically ductile, making them less reactive than most elements. The primary uses of precious metals are as investments and industrial commodities. Gold and platinum group metals are two of the most widely used precious metals in the business.

While the coinage metals, silver, and gold are used in industrial applications, their use in jewelry and art is more well-known. Other precious metals include iridium, osmium, rhodium, ruthenium, palladium, and platinum, which belong to the platinum group. Silver and gold are the two most well-known precious metals. Both of these metals have a lustrous “luster,” a certain texture and density, and high melting temperatures, which are all common characteristics of precious or costly metals. Other precious metals frequently meet these requirements as well.

Other valuable metals, such as platinum and palladium, have their own markets like commodities. Physical resources are traded in specific ways on national exchanges and on global marketplaces as commodities. Gold, silver, platinum, and palladium are all well-known metals that have their own trading markets. Aside from the naturally occurring precious metals listed above, some metals are also generated by a process known as nuclear fission. The theory is that altering a substance’s chemical makeup can alter its status as a precious metal.

Global Precious Metal Market Overview

As more people purchase gold as a long-term investment, rising prices for coinage Gold’s use, particularly in the jewelry business, is expected to increase steadily in the future years. Gold has always been a feature of marriages, particularly in India and China, where a large amount of the product is employed in the form of jewelry and ornaments. In India, about 10-12 million marriages are celebrated each year. Similarly, almost 10.1 million marriage registrations were registered in China in 2018. In the approaching years, the wedding markets of China and India are projected to give significant growth prospects for the gold jewelry segment.

However, due to the global pandemic crisis, demand for the item is expected to plummet. The United States is one of the worst-affected countries as a result of the coronavirus, with unemployment hitting an all-time high by the conclusion of the first quarter of FY2020. The country’s unemployment rate is at its highest level since the Great Depression. In April 2020, the unemployment rate increased, with approximately 20.5 million individuals losing their jobs. The country’s precious metals industry is likely to see stalled growth in the immediate term as a result of this severe decline.

Precious metals such as gold are expected to be one of the key factors driving the market. Furthermore, the rising demand for palladium in catalytic converters in the automotive industry for vehicle exhausts is likely to boost the market’s growth. The market is expected to develop due to demand for precious metals from other industries such as jewelry and industry. Technical problems and declining ore grades of certain metals, on the other hand, are likely to stifle market expansion.

Global Precious Metal MarketSegmentation Analysis

The Global Precious Metal Market is segmented on the basis of Product, Application, And Geography.

Precious Metal Market, By Product

• Gold• Silver• Palladium• Platinum• Others

Based on Product, The market is segmented into Gold, Silver, Palladium, Platinum, and Others. The Gold Product segment dominated the Global Precious Metal Market. Gold is used, particularly in the jewelry business, is expected to increase steadily in the future years. Gold has always been a feature of marriages, particularly in India and China, where a large amount of the product is employed in the form of jewelry and ornaments.

Precious Metal Market, By Application

• Jewelry• Reserve and Currency• Industrial Use• Others

Based on Application, The market is segmented into Jewelry, Reserve and Currency, Industrial Use, and Others. The Jewelry segment has the largest share during the forecast period. The product is most commonly used in the jewelry industry. Although its ups and downs, the global precious metals business is expected to have a bright future over the next several years. In the next years, China’s and India’s consistent consumption patterns in the Precious Metal Market are projected to remain a key driver. Both countries’ wedding industries provide year-round prospects for jewelry market space merchants, enhancing demand for precious metals like gold and silver.

Precious Metal Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Regional Analysis, The Global Precious Metal Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific region led the market, accounting for the majority of sales. India, Japan, and China are among the region’s rising global powerhouses. China has the most effect on the precious metals industry’s market space out of all of them. The country is the world’s biggest gold and PGM user. China’s strong domestic manufacturing sector is a major driving force behind the country’s need for the aforementioned commodities.

Key Players

The “Global Precious Metal Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Argen (Dentistry), Bolter stern, Bulgaria, Laser, Cookson gold, Heraeus, Johnson Matthey, Legor, Nano Dimension, Nuovi Gioielli.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In November 2021, Johnson Matthey announced their decision to depart the Battery Materials business and offers an update on trade.

• In 2019, Cookson gold, as part of the Heimerle + Meule Group, is announcing a new collaboration with 3D LAB sp. z.o.o. at the flagship Additive Manufacturing event Form next.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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