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Report Overview
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.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The rapid transition from fossil fuels to renewable energy, such as solar power, supports silver use.
- Latin America has abundant reserves for silver as well as plenty of reserves for gold, and with limited local demand, the region has emerged as a natural exporter.
- Investors are inclined towards precious metals such as gold and silver as they are considered safe haven investments.
Precious Metals Market Share
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.
Precious Metals Market Report Snapshots
Precious Metals Market Regional Analysis
*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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Key Questions Answered in the Report
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.
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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