Precious Metals Market Size Worth USD 501.06 Billion in 2032 | Emergen Research

Increasing disposable income and adoption of gold, silver, and other precious metals in the aesthetic industry and rising demand and importance of jewelry are major factors driving Precious Metals market revenue growth

Vancouver, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global precious metals market size was USD 290.23 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.6% during the forecast period. Increasing disposable income and adoption of gold, silver, and other precious metals in the aesthetic industry and rising demand and importance of jewelry are major factors driving market revenue growth. Precious metals are rare, naturally occurring metallic chemical element with a high economic value, which are generally less reactive than most elements, have high luster and ductility, and are good conductors of electricity and heat.

Some of the popular precious metals include gold, silver, platinum, palladium, and rhodium. These metals are valuable both for their rarity and numerous uses, which are often considered a safe haven asset in times of economic uncertainty. Moreover, rapid growth in the automotive industry due to rising need of multiple precious metal, such as silver, platinum, and palladium, is also expected to drive revenue growth of the market during the forecast period.

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However, market volatility and risk aversion are major factors, which could restrain market revenue growth. Although precious metals are frequently seen as safe-haven investments, these are not immune to market changes. Investors are expected to find it difficult to traverse the market and reach wise conclusions owing to price volatility.

Segment Insights

Type Insights:

On the basis of type, the precious metals market is segmented into gold, silver, and others. The gold segment is expected to account for largest revenue share in the global precious metals market during the forecast period due to rising demand for safe-haven investment, particularly when there is economic turbulence or geopolitical unrest. Gold has always been seen as a trustworthy store of wealth and an insurance policy against inflation and currency swings. Investors frequently prefer gold as a safe haven when they want protection from market volatility or expect economic downturns.

Application Insights:

On the basis of application, the global precious metals market is segmented into industrial, jewelry, and others. The industrial segment accounted for significantly large revenue share in the global precious metals market in 2022 due to technological developments in technology and rapid expansion of the industrial sector. Several fields, including automotive, electronics, chemical, and healthcare industries, use precious metals including platinum, palladium, and rhodium. In addition, rising popularity of automobiles, especially those equipped with cutting-edge emission control systems is another factor driving revenue growth of this segment.

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Regional Insights:

The North America market accounted for largest revenue share in the precious metals market in 2022 due to economic uncertainty and inflation hedge. Precious metals including gold, silver, and platinum have been considered safe-haven investments during periods of These serve as a buffer against inflation and currency swings, giving investors a place to keep money and a way to safeguard their wealth. Geopolitical tensions, trade conflicts, and economic ups and downs can influence investors' decision to put funds in precious metals in North America. Decisions and actions by North American central banks regarding monetary policy can have a substantial impact on the price of precious metals.

The Asia Pacific market is expected to register fastest revenue growth rate in the global precious metals market during the forecast period.  This is due to increasing need of metals for various used in industrial sectors in countries such as China, India, Japan, and South Korea. In addition, geopolitical and financial risks is another major factor driving market revenue growth in this region.

Scope of Research

Report DetailsOutcome
Market Size in 2022USD 290.23 Billion
CAGR (2023–2032)5.6%
Revenue Forecast To 2032USD 501.06 Billion
Base Year For Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Billion and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredType, application, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledBarrick Gold Corporation, Newmont Corporation, Anglo American Platinum, Wheaton Precious Metals, Johnson Matthey, The Perth Mint
Sibanye-Stillwater, Kinross Gold Corporation, Fresnillo PLC, and Polymetal International PLC
Customization Scope10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global precious metals market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Type. Some of the major companies included in the Precious metals market report are:

  • Barrick Gold Corporation
  • Newmont Corporation
  • Anglo American Platinum
  • Wheaton Precious Metals
  • Johnson Matthey
  • The Perth Mint
  • Sibanye-Stillwater
  • Kinross Gold Corporation
  • Fresnillo PLC
  • Polymetal International PLC

Strategic Development

  • On 13 June, 2023, MANTARO PRECIOUS METALS CORP. announced that it has completed the acquisition of two highly potential licenses, namely the East Trend and Media Sur assets, in Bolivia's San Ramon Greenstone belt.

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For the purpose of this report, Emergen Research has segmented the global precious metals market on the basis of type, application, and region:

  • Type Outlook (Revenue, USD Billion; 2019-2032)
    • Gold
        • Gold Bullion
        • Gold Coins
        • Gold Jewelry
        • Gold Exchange-Traded Funds (ETFs)
        • Others
    • Silver
        • Silver Bullion
        • Dual-channel Silver
        • Tapered Silver
        • Swivel-tip Silver
        • Others
  • Application Outlook (Revenue, USD Billion; 2019-2032)
    • Industrial 
    • Others
        • Calcium stones
        • Struvite stones
        • Uric acid stones
        • Cystine stones
  • Regional Outlook (Revenue, USD Billion; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. UK
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of Middle East & Africa
    • Jewelry   
    • Others

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