Precious Metals Market SWOT Analysis, size, Share, Growth Rate, Application, Types, Future Demand, Business Opportunity, Key Indicators, and Forecast 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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