Growing Demand for Gold and Silver in making jewelry is projected to drive the growth of the Precious Metals Market during the forecast period

Precious Metals, also called as noble metals are rare and possess significant economic value. They are inert in nature and exhibits high ductility, excellent electrical conductivity, luster, and superior chemical resistance. Owing to its relatively inert nature, they find widespread applications in jewelry and electronics industries.

The Global Precious Metals Market has been segmented on the basis of Type, Application, and End-Use Industry.

Based on Type, the Global Precious Metals Market has been divided into gold, silver, and platinum group metals. The gold segment was the largest in 2020 and is expected to continue its dominance during the forecast period due to the surging demand for gold in jewelry, awards, bullion and coins as investment, dentistry, and in microelectronics. The market for silver is projected to grow at the highest CAGR in the following years owing to its low cost and surging demand in diverse applications such as electronics, photography, cutlery, medical, and investments.

By Application, the Global Precious Metals Market has been categorized into jewelry, investments, electronic components, dentistry, computer parts, cutlery, photography, and others. The jewelry segment dominated the Precious Metals Market in 2020 owing to the product’s inert nature, aesthetic appeal, and ductility. Increasing purchasing power and surging demand for the personal adornment are the key factors anticipated to drive the market growth during the forecast period. The investments segment is projected to grow at the highest CAGR during the assessment period owing to the growing demand for gold and silver in coins, bars, and bullion. These precious metals are a good investment during financial crisis and inflation.

On the basis of End-Use Industry, the Global Precious Metals Market has been segmented into electronics, medical, automotive, aerospace, oil & gas, and others. The electronics industry segment was the largest in 2020 owing to the rising consumption of gold and silver in photovoltaic cells, batteries, computer parts, and smart phones. The medical industry is estimated to register the highest CAGR in the coming years due to the rising applications in dental crowns and fixtures, cancer treatment, and antibiotics.

Competitive Analysis

Some of the market players involved in the Global Precious Metals Market are Newmont Mining Corporation. (US), Hycroft Mining Corporation (US), Freeport-McMoRan (US), Norilsk Nickel (Russia), Anglo American (UK), Sumitomo Metal Mining Co., Ltd. (Japan), Asahi Refining (US), Russian Platinum (Russia), Barrick Gold Corporation (Canada), GOLDCORP INC. (Canada), Kinross Gold Corporation (Canada), Lonmin Plc (South Africa), and PAN AMERICAN SILVER. (Canada).

Market Segmentation

The Global Precious Metals Market has been categorized on the basis of Type, Application, End-Use Industry and Region.

By Type, the Global Precious Metals Market has been classified into gold, silver, and platinum group metals. The platinum group metals segment has been further segmented into platinum, palladium, ruthenium, rhodium, osmium, and iridium.

On the basis of Application, the Global Precious Metals Market has been divided into jewelry, investments, electronic components, dentistry, computer parts, cutlery, photography, and others.

Based on End-Use Industry, the Global Precious Metals Market has been categorized into electronics, medical, automotive, aerospace, oil & gas, and others.

The Global Precious Metals Market has been analyzed across five key regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Regional Analysis

The Global Precious Metals Market has been studied for five major regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The Asia-Pacific is the leading market due to the growing demand for Precious Metals such as gold and silver in jewelry making. China is the leading market in the region owing to the rising investments of gold and silver, growing retail outlets of jewelry, increasing disposable income, and healthy growth of the electronics industry. The North American market is projected to register the highest CAGR during the forecast period due to large mining activities and recovery of economy.

Get Full Information About This Report: Precious Metals Market Trends