Precious Metals Market Report, Industry Growth and Price Trends 2023-2028

The latest report published by IMARC Group, titled "Precious Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global precious metals market size reached US$ 198.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 267.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.49% during 2023-2028.

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What are the growth prospects and trends in the industry?

The precious metals market is primarily driven by the rising investments in these metals, owing to their limited supply and ability to retain value over time. In line with this, the emerging trend among many investors of choosing to purchase physical precious metals, such as coins or bars, or invest in products that track the underlying metal prices, including exchange-traded funds or futures contracts, is further fueling the market growth.

Additionally, central banks hold substantial amounts of gold and other precious metals as part of their foreign exchange reserves, which is acting as another significant growth-inducing factor. Apart from this, the expanding adoption of precious metals in various industrial applications, such as electronics, dentistry, and jewelry manufacturing, is also positively influencing the global market. Moreover, the increasing use of precious metals for minting collectible coins is expected to catalyze the market over the forecasted period.

Competitive Landscape With Key Players:

The competitive landscape of the precious metals market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Anglo American Platinum Limited (Anglo American PLC)
• Barrick Gold Corporation
• First Majestic Silver Corp.
• First Quantum Minerals Ltd.
• Freeport-Mcmoran Inc.
• Fresnillo Plc (Peñoles Group)
• Gabriel Resources Ltd.
• Glencore International AG
• Gold Fields Limited
• Harmony Gold
• Impala Platinum Holdings Limited
• Lundin Mining Corporation
• Pan American Silver Corporation.

Key Market Segmentation:

The report has segmented the global precious metals market based on metal type, application and region.

Breakup by Metal Type:

• Gold:
o Jewelry
o Investment
o Technology
o Others

• Platinum:
o Auto-catalyst
o Jewelry
o Chemical
o Petroleum
o Medical
o Others

• Silver:
o Industrial Application
o Jewelry
o Coins and Bars
o Silverware
o Others

• Palladium:
o Auto-catalyst
o Electrical
o Dental
o Chemical
o Jewelry
o Others

• Others

Breakup by Application:

• Automotive
• Electronics
• Jewelry
• Chemicals
• Others

Breakup by Region:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

Ask Analyst for Customization and Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=2351&flag=C

Industry Definition and Application:

Precious metals are metallic chemical elements that occur naturally and are characterized by their high economic value. They are relatively unreactive compared to most other elements, possess a brilliant luster, and demonstrate exceptional ductility, as well as high electrical and thermal conductivity. Precious metals are malleable, enabling them to be shaped and formed without fracturing. Some of the well-known precious metals are gold, silver, platinum, palladium, and rhodium, which are broadly used in electronics, dentistry, coinage, jewelry, etc. Precious metals possess value owing to their rarity and versatile applications, making them desirable assets during times of economic uncertainty as safe havens. Consequently, precious metals are in extensive demand across the globe.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.