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Precious Metals Market Research with Key Success Factors, Growth Trends and Forecast 2021-2028 | High Demand from Electrical & Electronics Industry to Drive Market Growth
The global precious metals market size is expected to gain momentum by reaching USD 403.08 billion by 2028 from USD 275.40 billion in 2021, while exhibiting a CAGR of 5.6% between 2021 to 2028. In its report titled “Precious Metals Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 261.94 billion in 2020.
The increasing investments in a commodity such as gold due to its low-risk factor compared to other investments such as equities, bonds, or real estate are fueling the market. Moreover, gold, silver, and platinum are the most preferred metals to produce jewelry due to their luster and malleability. Therefore, the increasing demand for jewelry from consumers is resulting in market growth.
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Fortune Business Insights™ lists out all the precious metals market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:
- 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 growth of the market.
Driving Factor
High Demand from Electrical & Electronics Industry to Drive Market Growth
The growing demand for metals from end-users such as automotive and electrical & electronics are increasing the demand for valuable metals. The automotive industry uses platinum and palladium metals in catalytic converters. Additionally, governments worldwide have become more aware of the climate crisis, therefore to meet the substandard of carbon emissions, vehicles have boosted the demand for platinum. Furthermore, the use of silver in the electrical & electronics industry, as stated by Silver Institute, accounted for 10.2% of the total silver demand in 2020 as silver is used in solar panels to conduct electricity with the highest efficiency. These factors are expected to drive the precious metals market growth.
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Regional Insights
Asia Pacific to Dominate Backed by Increased Consumption of Gold
Asia Pacific is expected to remain at the forefront and hold the highest position in the market for precious metals during the forecast period owing to increased consumption of gold in the region. For instance, a report suggests that China and India are top consumers of gold worldwide. China consumes around 984 metric tons of gold per year, and India consumes approximately 849 metric tons of gold per year. Asia Pacific stood at USD 135.04 billion in 2020.
North America is anticipated to showcase significant precious metals market share in upcoming years owing to the presence of minerals mines in the vicinity of the region, combined with the strong manufacturing capabilities in the region.
Market Segmentation:
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 type, the platinum segment held the largest market share of 26.1% in 2020. This is attributable to its increased demand in the auto-catalysts application. Moreover, platinum has the ability to capture carbon and other harmful emissions. Therefore, industries are increasingly using platinum group metals to curb pollution.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Competitive Landscape
Key Players Focus on New Product Launches to Gain a Competitive Edge
The market for precious metals is consolidated by major companies striving to maintain their position by focusing on new launches. For instance, in May 2018, the AngloGold Ashanti, along with Barrick Gold, sold its 80% stake in Morila Gold Mine in Mali to Mali Lithium. This mine is projected to produce 765 kilograms of gold in 2019, and the sale of the mine was estimated to be at USD 22 million.
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