Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

South Korea Precious Metals Market Size

The South Korea precious metals market is projected to grow at a CAGR of 6.3% between 2024 and 2032. The market is being aided by the growing use of precious metals in renewable energy production.

South Korea Precious Metals Market Outlook

  • The demand for gold coins and bars witnessed a y-o-y surge of 27% in South Korea, reaching 5 tons in Q1 (FY2024-2025).
  • The increasing demand for nascent mobility and stationary power applications is expected to influence the platinum demand in the forecast period.
  • The South Korean government plans to increase the recycling rate for strategic minerals to 20% by 2030.

South Korea Precious Metals Market Growth

Gold is regarded as a critical safe haven asset among South Koreans. The Korea Minting and Security Printing Corporation collaborated with CU (South Korea’s largest retail chain of stores) to manufacture and distribute mini gold bars to South Korean consumers through vending machines and retail stores.

The record increase in gold prices (456,000 won for 3.75 grams), coupled with the 5% depreciation of the Won against the greenback have led consumers to make increasing investments in mini-gold bars, which sell at 77,000 won/0.5 grams. These nail-sized gold bars appeal to consumers through their customised messages for birthdays and congratulatory wishes.

The demand for platinum in South Korea is expected to reach 300 koz p.a. by 2030 due to increasing emphasis on green hydrogen production. Platinum is an integral component of PEM electrolysers because it reduces the energy required for making hydrogen and hydroxide ions during the hydrogen evolution reaction, thereby catalysing the process. Moreover, as the South Korean automotive industry strives to manufacture 30,000 heavy-duty and 1.8 million light-duty fuel cell electric vehicles, the demand for platinum is expected to reach 230 koz, thereby fuelling the market growth.

South Korea Precious Metals Market

South Korea Precious Metals Industry Segmentation

South Korea Precious Metals Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

  • Gold
  • Silver
  • Palladium
  • Platinum
  • Rhodium

South Korea Precious Metals Market Share

Based on end use, the market can be segmented into gold, silver, palladium, platinum, and rhodium. Over the forecast period, gold is expected to account for a major portion of the market revenue. However, the demand for silver is expected to receive a significant boost as the healthcare sector focuses on creating advanced antibacterial and antiviral masks using silver nanoparticles encased in polysaccharides.

Leading Companies in the South Korea Precious Metals Market

The report provides a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers and acquisitions, investments, and capacity expansion.

  • LT METAL LTD.
  • LS MnM Inc.
  • KOREAZINC
  • Others

Major players operating in the market are expanding their digital presence to transform customer engagement and experience.

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:

  • Type
Breakup by Type
  • Gold
  • Silver
  • Palladium
  • Platinum
  • Rhodium
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • LT METAL LTD.
  • LS MnM Inc.
  • KOREAZINC
  • Others

*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 is projected to grow at a CAGR of 6.3% between 2024 and 2032.

Rhodium and palladium are used for manufacturing catalytic automotive converters, and other electronics goods.

The different precious metal types in the market include gold, silver, palladium, platinum, and rhodium.

The demand for palladium and gold is expected to witness significant growth over the forecast period.

The key market players are LT METAL LTD., LS MnM Inc., and KOREAZINC, among others.

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