According to the latest report of the IMARC group, entitled “Precious Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“The global precious metals market reached a value of US$192.9 billion in 2021. Looking ahead, IMARC Group expects the market to reach US$254.3 billion by 2027 , with a CAGR of 5.3% in 2022-2027.
Precious metals include various naturally occurring metallic chemical elements that are rare and of high economic value. Since they generally exhibit high luster and tensile properties with good corrosion resistance, they are now considered industrial and investment items. Additionally, they are considered a good portfolio hedge and an inflation diversifier that offers unique opportunities. Continuous improvements in e-commerce infrastructure and the advent of online delivery models are driving the growth of the market.
We regularly monitor the direct effect of COVID-19[feminine] in the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Market Trends and Drivers:
The global precious metals market is primarily driven by changing lifestyle preferences of the masses, supported by inflation in individuals’ disposable income levels. Due to the aesthetic appearances and significant market value of precious metals, they are widely used in art and jewelry making. Additionally, the widespread adoption of gold in the design of frames and furniture items is creating a positive market outlook.
The increasing use of gold in the manufacture of memory chips and embedded microprocessors in smartphones and laptops is acting as another major growth driver. Also, the increasing adoption of platinum in the manufacturing of dental and laboratory equipment is further catalyzing their demand. Additionally, precious metals are widely used in the production of engine control units (ECUs), fuel injectors, sensors and exhaust emission control catalysts fitted in automobiles, which in turn, drives the growth of the market. Other factors, including growing awareness of early stage gold investments, especially among young adults, increased mining activities, and extensive research and development (R&D) activities by key players are influencing also positively the market.
Competitive Landscape and Precious Metals Market Segmentation 2022-2027:
Competitive landscape with key players:
The competitive landscape of the Precious Metals market has been studied in the report along with the detailed profiles of the major players operating in the market.
Some of these key players include:
- Glencore International SA
- Impala Platinum Holdings Limited
- Anglo American Platinum Limited (Anglo American PLC)
- Gabriel Resources Ltd.
- Harmony Gold
- Fresnillo Plc (Peñoles Group)
- Pan American Silver Society
- Gold Fields Limited
- Lundin Mining Corporation
Key Market Segmentation:
The report has segmented the global precious metals market on the basis of metal type, application, and region.
Breakdown by type of metal:
- Industrial application
- Coins and bars
Breakdown by application:
- Chemical products
Breakdown by region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Main highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market trends
- Market drivers and success factors
- Impact of COVID-19
- Value chain analysis
- Complete mapping of the competitive landscape
If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.
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