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Global Precious Metals Market Size, Report, Share, Growth: By Type: Gold, Silver, Palladium, Platinum, Rhodium; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
Global Precious Metals Market Outlook
In 2023, the global precious metals market attained a production volume of almost 44.70 KMT. The market is expected to witness a stable growth in the forecast period of 2024-2032, growing at a CAGR of 4.2%. The precious metal market is projected to reach nearly 65.02 KMT in 2032.
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Silver is the leading precious metal, with the most significant production. Mexico accounts for the largest output of the metal, representing almost a fifth of its global production. In 2020, the silver supply is projected to witness a slight increase with mine supply forecasted to grow marginally. The increased supply of the precious metal is propelled by mine expansions and hike in recycling. While several major economies are expected to witness a slower economic growth in the coming year, the silver demand is still anticipated to see a growth in major end-use sectors. The silver application in the photovoltaic sector, especially, is forecasted to see a rise in demand. The rapidly growing demand for renewable energy will act as a catalyst for the global precious metals market as silver demand will be supported by the increase in solar installations across the globe. Silver application in the electronic and electrical sector will also accelerate in the coming years as the precious metal finds uses in wires and switches. The increasing proliferation of electrical vehicles is also aiding the global precious metals market.
Regionally, Mexico, China, and Peru are the major producing countries for precious metals by volume. China, Russia, and Australia, on the other hand, are the leading markets, by value. China is a significant producer of gold, accounting for over 10% of its global production. The gold market is being driven by the increased purchases from central banks in 2018, especially Russian and Chinese central banks. Palladium, on the other hand, is majorly produced in Russia. South Africa is a leading producer of platinum and rhodium accounting for over three-fifths of their global production. The global platinum supply is projected to expand in 2020 by 1% due to increased output from shafts in South Africa and the United States. The production of the precious metal is estimated to witness a hike of 12% in North America and 1% in South Africa. Rhodium output in South Africa is also expected to increase in 2020.
Market Segmentation
Precious metals are naturally occurring and rare metallic elements, which tend to have lower reactivity and high lustre. They also usually have higher economic value. Their various types are gold, silver, palladium, platinum, and rhodium, among others. The various end-use sectors of these precious metals are:
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- Gold
- Jewellery
- Electronics
- Coins and Medals
- Investment
- Others
- Silver
- Jewellery
- Electric and Electronics
- Coins and Medals
- Investment
- Photography
- Silverware
- Others
- Palladium
- Electric and Electronics
- Automotive
- Medical Applications
- Jewellery
- Others
- Platinum
- Chemical Processing
- Jewellery
- Electric and Electronics
- Automotive
- Medical Applications
- Others
- Rhodium
- Automotive
- Glass Production
- Electric and Electronics
- Others
The report looks into the various regional markets like North America, Latin America, Middle East and Africa, Europe, and the Asia Pacific.
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Market Analysis
The global precious metals market being driven by the growth of their end-use sectors like automobile and jewellery. The rise in automotive industry is expected to propel the growth of multiple precious metal industries like silver, platinum, and palladium. Platinum use in the automotive industry is estimated to grow in emerging economies like India. The demand for palladium comes primarily from the automotive industry and will be driven by the increasing sales of vehicles in countries like China and Europe, among other countries. The expansion of recycled autocatalysts due to the incentivisation of the collection and processing of the old autocatalysts will propel the rise of palladium supply. The supply of the precious metal is also expected to see a growth in North America, South Africa, and Russia. Rhodium also finds extensive use as an autocatalyst, with the end-use sector accounting for almost 80% of the metal’s global consumption. Thus, global precious metals markets like rhodium market is aided by the rising demand for light-vehicles from emerging economies. Rhodium demand is anticipated to grow by nearly 2% in 2020 due to a hike in demand from autocatalyst and industrial sectors.
Global precious metals markets like the silver industry is expected to be aided by the rising demand from its applications sectors like the chemical industry. The platinum industry has also been driven by the rise in demand from the chemical sector. The industry for platinum is being propelled forward by the increasing use of the metal in the specialty silicones, which is the largest chemical end-use sector for the metal. The nitric acid industry is also a growing application sector for platinum within the chemical industry. The market for platinum is finding impetus from its strengthening sales to various Chinese industries like glass, petroleum, and chemicals. The expected miners’ strike in South Africa in the coming year due to wage negotiations might detrimentally affect several precious metals industries.
Competitive Landscape
The report provides a detailed analysis of the key players in the global precious metals market, looking into their market share, capacity, and latest developments like plant turnarounds, capacity expansions, and mergers and acquisitions:
- Anglo American Plc
- Southern Copper Corporation
- Newmont Corporation
- Northam Platinum Holdings Limited
- Newcrest Mining Limited
- Kinross Gold Corporation
- Others
The comprehensive report assesses the global precious metals market based on Porter’s Five Forces model. A SWOT analysis of has also been provided.
Key Highlights of the Report
| 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. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Precious Metals Market Analysis
8.1 Key Industry Highlights
8.2 Global Precious Metals Historical Market (2018-2023)
8.3 Global Precious Metals Market Forecast (2024-2032)
8.4 Global Precious Metals Market by Type
8.4.1 Gold
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.1.3 Gold by End Use
8.4.1.3.1 Jewellery
8.4.1.3.2 Electronics
8.4.1.3.3 Coins and Medals
8.4.1.3.4 Investment
8.4.1.3.5 Others
8.4.2 Silver
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.2.3 Silver by End Use
8.4.2.3.1 Jewellery
8.4.2.3.2 Electric and Electronics
8.4.2.3.3 Coins and Medals
8.4.2.3.4 Investment
8.4.2.3.5 Silverware
8.4.2.3.6 Photography
8.4.2.3.7 Others
8.4.3 Palladium
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.3.3 Palladium by End Use
8.4.3.3.1 Jewellery
8.4.3.3.2 Automotive
8.4.3.3.3 Electric and Electronics
8.4.3.3.4 Medical Applications
8.4.3.3.5 Others
8.4.4 Platinum
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.4.3 Platinum by End Use
8.4.4.3.1 Electric and Electronics
8.4.4.3.2 Automotive
8.4.4.3.3 Medical Applications
8.4.4.3.4 Jewellery
8.4.4.3.5 Chemical Processing
8.4.4.3.6 Others
8.4.5 Rhodium
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.5.3 Rhodium by End Use
8.4.5.3.1 Automotive
8.4.5.3.2 Glass Production
8.4.5.3.3 Electric and Electronics
8.4.5.3.4 Others
8.5 Global Precious Metals Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Precious Metals Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Precious Metals Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Precious Metals Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Precious Metals Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Precious Metals Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code- 7106, 7108, 7110)
15.1 Major Importing Countries
15.1.1 By Volume
15.1.2 By Value
15.2 Major Exporting Countries
15.2.1 By Volume
15.2.2 By Value
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 Anglo American Plc
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 Southern Copper Corporation
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Newmont Corporation
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 Northam Platinum Holdings Limited
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Newcrest Mining Limited
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Kinross Gold Corporation
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Precious Metals Market: Key Industry Highlights, 2018 and 2032
2. Global Precious Metals Historical Market: Breakup by Type (MT), 2018-2023
3. Global Precious Metals Market Forecast: Breakup by Type (MT), 2024-2032
4. Global Precious Metals Historical Market: Breakup by Region (MT), 2018-2023
5. Global Precious Metals Market Forecast: Breakup by Region (MT), 2024-2032
6. North America Precious Metals Historical Market: Breakup by Country (MT), 2018-2023
7. North America Precious Metals Market Forecast: Breakup by Country (MT), 2024-2032
8. Europe Precious Metals Historical Market: Breakup by Country (MT), 2018-2023
9. Europe Precious Metals Market Forecast: Breakup by Country (MT), 2024-2032
10. Asia Pacific Precious Metals Historical Market: Breakup by Country (MT), 2018-2023
11. Asia Pacific Precious Metals Market Forecast: Breakup by Country (MT), 2024-2032
12. Latin America Precious Metals Historical Market: Breakup by Country (MT), 2018-2023
13. Latin America Precious Metals Market Forecast: Breakup by Country (MT), 2024-2032
14. Middle East and Africa Precious Metals Historical Market: Breakup by Country (MT), 2018-2023
15. Middle East and Africa Precious Metals Market Forecast: Breakup by Country (MT), 2024-2032
16. Major Exporting Countries by Value
17. Major Importing Countries by Value
18. Major Exporting Countries by Volume
19. Major Importing Countries by Volume
20. Global Precious Metals Market Structure
Key Questions Answered in the Report
In 2023, the global precious metals market attained a volume of about 44.70 KMT.
The market is projected to grow at a CAGR of 4.2% between 2024 and 2032.
The market is being driven by the expanding mining operations, increasing precious metal recycling activities, and the growing applications of precious metals in solar installations and electronic devices.
The key trends guiding the market include 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 major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major types of precious metals are gold, silver, palladium, platinum, and rhodium.
The key players in the market are Anglo American Plc, Southern Copper Corporation, Newmont Corporation, Northam Platinum Limited, Newcrest Mining Limited, and Kinross Gold Corporation, among others.
Analyst Review
The global precious metals market attained a volume of about 44.70 KMT in 2023, driven by the increasing applications of precious metals in several end-use industries. Aided by rising demand for silver, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 4.2%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of type, the precious metals industry can be categorised into gold, silver, palladium, platinum, and rhodium. The major regional markets for precious metals are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Anglo American Plc, Southern Copper Corporation, Newmont Corporation, Northam Platinum Holdings Limited, Newcrest Mining Limited, Kinross Gold Corporation, Others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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