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Gold Ore Market Report 2024 - Gold Ore Market Demand, Growth, And Analysis
Gold Ore Market
According to The Business Research Company's, The gold ore market size has grown strongly in recent years. It will grow from $17.88 billion in 2023 to $19.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to gold as a store of value, jewelry and ornamental uses, currency and financial markets, industrial applications, investment and speculation.
The gold ore market size is expected to see strong growth in the next few years. It will grow to $27.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to continued investment demand, emerging market growth, government initiatives, environmental and ethical considerations, global economic conditions.. Major trends in the forecast period include integration of digital technologies, strategic partnerships and mergers, government regulations and compliance, investments in infrastructure, global economic trends.
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Market Drivers and Trends:
The increase in demand for gold jewelry propelled the growth of the gold ore market. Gold jewelry refers to ornaments that are made of gold as a primary material. Gold is extracted from the gold ores by using the gold mining process, and the extracted gold is then converted into a form such that it can be used for making gold jewelry. For instance, in January 2022, according to the World Gold Council, a UK-based market development organization for the gold industry, worldwide annual jewelry consumption of gold was 2,123 tons in 2021, a 52% increase from 1,401 tons in 2020. The increase in demand for gold jewelry is driving the gold ore market.
Technological advancements are a key trend gaining popularity in the gold ore market. Companies operating in the gold ore market are adopting new technologies to sustain their position in the market. For instance, in October 2022, RG Gold, a Kazakhstan-based gold mining company, launched a processing plant. In accordance with all international safety and environmental requirements, the plant is designed and constructed. The new gold processing plant deploys CIP (carbon in pulp) technology. Carbon in pulp (CIP) technology is a process used in the extraction of gold from gold ore using activated carbon. Its annual processing capacity amounts to approximately 5 million metrics tons of gold-containing ore.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Barrick Gold Corporation; Newmont Mining Corporation; AngloGold Ashanti Limited; Kinross Gold Corporation; Newcrest Mining Limited; Gold Fields Limited; Polyus Gold International Limited; Agnico Eagle Mines Limited; Harmony Gold Mining Company Limited; Yamana Gold Inc.; Kirkland Lake Gold Inc.; Polymetal International plc; Coeur Mining Inc.; Freeport-McMoRan Inc.; North Bloomfield Mining and Gravel Company; Gold Reserve Inc.; Golden Star Resources Ltd.; Royal Gold Inc.; Goldcorp Inc.; Sibanye-Stillwater Limited; Evolution Mining Limited; Northern Star Resources Limited; Alamos Gold Inc.; B2Gold Corp.; Centerra Gold Inc.; Eldorado Gold Corporation; Endeavour Mining Corporation; Equinox Gold Corp.; Fortuna Silver Mines Inc.; Franco-Nevada Corporation; Hecla Mining Company; Lundin Gold Inc.; Osisko Gold Royalties Ltd; Pan American Silver Corp.; Pretium Resources Inc.; Sandstorm Gold Ltd.; Seabridge Gold Inc.
Gold Ore Market 2024 Key Insights:
• The gold ore market will grow to $27.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Surging Demand For Gold Jewelry Drives Growth In The Gold Ore Market
• Technological Advancements Drive Growth In The Gold Ore Market
• Asia-Pacific was the largest region in the gold ore market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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