Global Precious Metals Market to Grow at a CAGR of 4.7% between 2024-2032

Global precious metals market is propelled by the growing demand for renewable energy. They are in demand by various industries like jewellery, chemical industry, and automobile industry, among others. Precious metals are metals that are naturally occurring and are less reactive than most metals. They have high economic value on account of but not limited to their rarity. Usually, they are ductile and have high lustre. Regional markets for global precious metals are North America, Europe, Asia Pacific, South America, and the Middle East and Africa. These regions are headed by many companies such as Southern Copper Corporation (NYSE: SCCO) and Newmont Goldcorp Corporation (NYSE: NEM).

The market for gold, which is one of the types, is less volatile, and therefore investors are looking to invest in it. Gold demand is boosted by Central Banks' purchases and lowering the value of the dollar. The demand for silver is predicted to rise further due to the rise in solar installations across many markets. In 2020, the market for palladium market is going to increase moderately as the demand from the automotive sector is anticipated to grow. The industrial demand for platinum is forecasted to increase this year as a result of the increase in demand in petroleum and chemical sectors. In emerging economies like India, platinum use in the automotive industry is estimated to grow. Rhodium demand is expected to increase by 2% due to an increase in the market for autocatalyst and industrial sector.

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Market Analysis by Types, Applications, and Regions:

• By type, the global precious metals market is divided into gold, silver, palladium, platinum, rhodium, among others.
• Gold is used in jewellery, electronics, coins and medals, and investment, among others.
• Silver finds its use in electric and electronics, coins and medals, photography, jewellery, and investment, among others.
• Palladium is driven by the use in the electric and electronics, automotive, medical applications, and jewellery, among others.
• Platinum is applicable in chemical processing, jewellery, electric and electronics, automotive, and medical applications, among others.
• Rhodium finds its use in jewellery, furnace windings, thermocouple elements, and nuclear reactors, among others. 
• Region-wise, the global precious metals market can be divided into North America, Europe, Asia Pacific, South America, Middle East and Africa.

Key Findings of the Report:

• The global precious metals market is driven by the robust growing demand for renewable energy.
• The rising demand for the automotive industry, especially in electric vehicles, is providing further impetus to various precious metal industries such as silver, platinum, and palladium.
• Jewellery sector is a significant driver of precious metals industry.
• Metals used as autocatalysts, such as palladium and rhodium are propelling the industry forward.
• The increase in platinum demand from the chemical sector for products such as specialty silicones is driving the industry forward.
• Demand for platinum from various Chinese industries like glass, petroleum, and chemicals is further aiding market growth.

Key Offerings of the Report:

• The EMR report provides market information for the applications, types, and regions of precious metals in the global and regional markets for the periods (2018-2023) and (2024-2032).
• The report provides an in-depth insight into the region-wise historical (2018-2023) and forecast (2024-2032) price trends for the global precious metals market. 
• It also gives an overview of the global precious metals market looking into its historical (2018-2023) and future (2024-2032) markets.

Anglo American Plc, Southern Copper Corporation, Newmont Corporation, Northam Platinum Holdings Limited, Newcrest Mining Limited, Kinross Gold Corporation, Others are the key players in the global precious metals market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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