According
to the report published by Fortune Business Insights™, the global precious metals industry was estimated
at USD 275.40 billion in 2021 and is expected to hit USD 403.08 billion by
2028, registering a CAGR of 5.6% from 2021-2028. The report provides
an extensive analysis of the market dynamics including drivers &
restraints, major winning strategies, market size & projections,
competitive landscape, and major segments.

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.

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

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.

Driving
Factor

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.

Regional
Insights

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.  

Market
Segmentation:

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. 

Competitive
Landscape

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. 

Browse
Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/precious-metals-market-105747

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