The global precious metals market reached a volume of 436.05 KMT in 2023. The market is further estimated to grow at a CAGR of 4.70% during 2024-2032 to reach a volume of 659.26 KMT by 2032.
Base Year
Historical Year
Forecast Year
Value in KMT
2024-2032
Precious Metals Market Outlook
*this image is indicative*
| Global Precious Metals Market Report Summary | Description | Value |
| Base Year | KMT | 2023 |
| Historical Period | KMT | 2018-2023 |
| Forecast Period | KMT | 2024-2032 |
| Market Size 2023 | KMT | 436.05 |
| Market Size 2032 | KMT | 659.26 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.7% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 6.1% |
| CAGR 2024-2032 - Market by Country | India | 7.0% |
| CAGR 2024-2032 - Market by Country | Canada | 5.8% |
| CAGR 2024-2032 - Market by Type | Palladium | 5.3% |
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Precious metals are a popular investment among private investors, hedge funds, central banks, and governments as they maintain their value over time. The rising disposable incomes among consumers in tier 2 cities of developing countries support the investment in gold in the form of festive jewellery.
The growing middle-class population in emerging economies has increased the purchase of electrical appliances and medical products that use silver, including computers, mobile phones, cameras, batteries, and medical and protective equipment.
Figure: Gross Household Saving Rate (2018- 2022) (EU and EA)
Increasing use of precious metals as investments; technological advancements; rising trend of sustainability; and increasing consumption of jewellery in countries such as India and China are impacting the market growth
Growing wealth in emerging markets is increasing investments in precious metals such as gold in the form of gold bars for saving purposes and as jewellery owing to its cultural significance. Gold, silver, platinum, and palladium are highly valued investments as they offer reliable long-term returns.
The rollout of 5G technology is anticipated to boost the manufacturing of products such as semiconductor chips, cabling, microelectromechanical systems (MEMS), and Internet of things (IoT)-enabled gadgets, all of which require precious metals, like silver, gold, and platinum.
The growing need for sustainability is increasing the demand for renewable energy, consequently boosting the market growth. Gold has the potential to act as a catalyst to convert solar energy into methane and methanol. Silver owing to its high conductivity is a crucial ingredient in producing solar technologies. When used as a paste in solar cells, the metal conducts electrons from sunlight resulting in electrical energy that can be used or stored in batteries.
India and China are significant consumers of gold jewellery owing to its cultural significance, religious connotations, and association with wealth generation. Hence, there is a growing appetite for customised, personalised, and high-end gold jewellery.
Growing wealth among emerging economies is increasing investments in gold bars. Investors view precious metals, such as gold, silver, and platinum, as a valued investment class into which funds should be allocated and diversified owing to their track record of protecting wealth through a crisis.
With the growing environmental and social consciousness among consumers, the demand for jewellery offering transparency is anticipated to increase.
Further, the trend of miniaturisation of electronics is encouraging the utilisation of silver conducting materials for denser packing technologies. With the increasing number of IoT devices, the use of semiconductor silver products in micro-electro-mechanical system (MEMS) packaging and processing is likely to surge. The rollout of 5G technology in both developed and developing countries is anticipated to drive the demand for silver in passive components, cabling, semiconductor chips, power distribution, and multi-layer ceramic capacitors (MLCC), among others.
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“Global Precious Metals Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Type
Market Breakup by Region
Based on type, gold dominates the global market for precious metals
Gold and silver are perceived as popular commodity investments to mitigate portfolio risk and diversify the overall portfolio.
Due to its rareness, exclusivity, strength, natural whiteness, and other unique properties, platinum has become a sought-after material for modern-day jewellery making, symbolising luxury and longevity.
The demand for gold, silver, and platinum jewellery from digital/online channels is significantly surging. Moreover, the emerging trend of fashion jewellery, personalised and customised jewellery, and the internationalisation of jewellery brands are expected to support the market.
As per the precious metals market analysis, vehicle sales are a key factor aiding the palladium and rhodium demand for ICEs. Further, the usage of platinum is anticipated to increase as the precious metal is also used in fuel cell electric vehicles (FCEVs) besides diesel cars, benefitting from the increasing demand for clean mobility.
With increasing environmental concerns, the demand for palladium, platinum, and rhodium in automotive catalytic converters to reduce vehicle carbon emissions is anticipated to rise.
Companies are actively using advanced chemical processes and cutting-edge technology to refine, evaluate, and generate significant volumes of precious metals.
Headquartered in the UK, Anglo American Plc is a leading global mining company that explores and mines precious base and ferrous metals.
Founded in 1952, Southern Copper Corporation is a subsidiary of Grupo México SAB de CV and is a leading minin...
Newmont is primarily engaged in the production of gold with significant operations or assets in the US, Canada...
It specialises in the mining of platinum group metals (platinum, palladium, and rhodium). It operates three wh...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other notable players operating in the global precious metals market are Newcrest Mining Limited, and Kinross Gold Corporation, among others.
| CAGR 2024-2032 - Market by | Country |
| India | 7.0% |
| China | 5.8% |
| Canada | 5.8% |
| USA | 5.0% |
| Australia | 4.1% |
| Japan | 3.6% |
| UK | XX% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
North America is one of the significant markets. Mineral exploration is a significant sector in Canada, with precious metals, in particular gold, being most sought-after. Gold is mined from 9 provinces and territories, led by Quebec and Ontario, with key uses including investment, jewellery, and technology.
Within Asia Pacific, the Chinese government is actively promoting the transition to a clean economy and the use of green hydrogen and fuel-cell electric vehicles to realise its aim to achieve carbon neutrality by 2060. This is anticipated to increase the demand for platinum, palladium, and rhodium, which play a critical role in proton-exchange membrane (PEM) electrolysers and power fuel hydrogen cell vehicles.
In Latin America, Mexico, Brazil, and Chile have significant reserves of precious metals such as gold and silver. Brazil is a sizable exporter of gold, with destination countries including Canada, Switzerland, the United Kingdom, the United Arab Emirates, and India. Gold imports in Brazil are substantially lower, and are primarily sourced from Singapore, South Korea, the United States, and Italy.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The market reached a volume of 436.05 KMT in 2023.
The market is projected to grow at a CAGR of 4.70% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a volume of 659.26 KMT by 2032.
The key types are gold, silver, platinum, palladium, and rhodium.
The key regional markets for precious metals are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The factors driving the growth of the market are the rising demand for precious metals in jewellery, the increasing use of platinum and palladium in the automotive sector, and the emerging demand for lightweight vehicles.
The key trends of the market include the increasing adoption of gold and silver as investments, rising technological advancements, and the expansion of the semiconductor manufacturing sector.
The key players in the market include Anglo American Plc, Southern Copper Corporation, Newmont Corporation, Northam Platinum Holdings Limited, Newcrest Mining Limited, and Kinross Gold Corporation, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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