Precious Metals Market to Hit USD 403.08 Billion by 2028Guest Post
Precious Metals Market to Hit USD 403.08 Billion by 2028; Increased Adoption in Auto Catalysis to Augment Market Growth, Says Fortune Business Insights™
Top companies covered in precious metals market report are 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), and other players profiled
Pune, India, Aug. 26, 2021 (GLOBE NEWSWIRE) — 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 demand for precious type of metals is expected to rise globally owing to increased investment in jewelry. Moreover, gold and silver are some of the prime metals which are extensively used in South Asian countries, and the rising population in this region is adding more to the market. For instance, according to a report by the World Gold Council, in 2019, Indian households have accumulated up to 25,000 tonnes of gold, which makes India hold the tag of the world's largest holders of the metal.
To curb the spread of the virus, manufacturing and mining activities were at a halt. As per our analysis during the pandemic, the growth rate declined by 2.0% in 2020, and another report by the Silver Institute stated that the demand for silver from industrial applications declined by 5% in 2020. However, as the prices kept fluctuating, investors took it as an opportunity to invest in gold. Thus the market is expected to boom back during the forecast period.
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List of Key Players Profiled in the Precious Metals Market Report
- 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
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 application, the industrial segment held the largest share in 2020 in the market. This is attributable to the increasing demand for silver from photovoltaics manufacturers, as fossil fuels are depleting, and people are looking for renewable energy sources to meet their energy demands.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
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 market growth.
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Increasing Disposable Income to Drive Market Growth
The rising disposable income and incessantly changing lifestyle choices are driving the precious metal market growth. For instance, the high demand for jewelry in wedding ceremonies of China, India, and other South Asian countries is projected to surge the consumption of precious metals. Additionally, gold is considered a safe haven for investment, as compared to equities, bonds, and crypto. As per the study by World Gold Council, ETFs and other investments accounted for 23% of the total gold demand in 2020. This is expected to drive the precious metals market growth in upcoming years.
Asia Pacific to Dominate Backed by Increasing Consumption of Gold in the Region
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period owing to the presence of the largest electrical industry in the region. Countries such as China and India are contributing to the market as these countries are the largest consumers of gold. Furthermore, they are also partnering with foreign investors and international companies to boost the regional market. Asia Pacific stood at USD 135.04 billion in 2020.
Europe is expected to showcase significant precious metals market share in upcoming years, owing to the increased application of metals in the automotive industry. Furthermore, the rise in the fashion industry is supporting the consumption of jewelry in the region.
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Key Players to Focus on Collaborations and Acquisitions to Strengthen Their Positions
The market is consolidated by major companies striving to maintain their position by focusing on acquisitions. For instance, in May 2021, Newmont Corporation acquired an 85.1% share of GT Gold. With the acquisition, the company is aiming to strengthen its portfolio. The acquisition includes the Tatogga project, which will contribute to the production of copper and gold in the future.
Key Industry Development
- April 2021: Barrick Gold Corporation’s Loulo-Gounkoto’s third underground mine to start delivering gold. The mine is estimated to produce an output of 19.8 tons of gold by the end of 2021.
Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global Precious Metals Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Precious Metals Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Platinum Group Metals
- By Application
- By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type
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Article by Globe Newswire