The global precious metals market size was USD 306.44 billion in 2023 and is projected to grow from USD 323.71 billion in 2024 to USD 501.09 billion by 2032 at a CAGR of 5.6% during the forecast period. The rise can be credited to increasing disposable incomes and changing lifestyle choices across various regions.
This information is cited by Fortune Business Insights™ in its research report, titled “Precious Metals Market, 2024-2032”.
Segments:
Gold Segment to Register Notable Growth Due to Escalating Disposable Income
Based on type, the market for precious metals is segmented into silver, gold, and platinum group metals. The gold segment is expected to record commendable expansion over the forecast period. The rise can be attributed to the surging disposable income and escalating knowledge regarding investments among consumers. Based on region, the industry is subdivided into Europe, Asia Pacific, North America, South America, and the Middle East & Africa.
Industrial Segment to Record Commendable Surge Impelled by Growing Silver Demand
Based on application, the industry for precious metals is fragmented into jewelry, industrial, investments, and others. Of these, the industrial segment is anticipated to depict considerable growth over the estimated period. The expansion can be credited to the surging silver demand from photovoltaic manufacturers. The segmental growth is further being driven by the rising demand for solar panels.
Report Coverage:
The report provides an in-depth analysis of the major trends that are expected to drive business growth over the forthcoming years. It further gives a comprehensive coverage of the key factors anticipated to impel the industry landscape across various regions. Additional aspects of the report comprise the significant steps taken by leading companies for the consolidation of their market position.
Drivers and Restraints:
Market Value to Surge Driven by Changing Lifestyle Choices & Surging Disposable Income
Precious metals market growth is primarily being impelled by the changing lifestyle choices and surging disposable income. This is further being supplemented by the escalating significance of jewelry in the wedding ceremonies of India, China, and other South Asian countries. Besides, gold is considered as a safe haven for investment.
However, the industry growth is likely to be hindered by a range of factors such as government reserves, geopolitical uncertainties, inflation, currency fluctuations, and others.
List of Key Players Mentioned in the Report: