Precious Metals Market share Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2027
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
2017 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 2017 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 2017 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.
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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.
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