Global Precious Metals Market Set for Steady 4.70% CAGR Growth Through 2034

According to a new report by Expert Market Research titled "Global Precious Metals Market Report and Forecast 2025-2034", the global precious metals market reached 456.54 KMT in 2024. It is further estimated to grow at a CAGR of 4.70% in the forecast period of 2025-2034 to reach 722.68 KMT by 2034. Aided by rising demand in industrial applications, growing investment interest, and increasing emphasis on sustainability and recycling, the market is expected to witness significant growth over the coming years.

Precious metals, once reserved primarily for jewellery and monetary investment, have expanded their footprint across sectors like electronics, automotive, healthcare, and renewable energy. Silver, in particular, has seen growing adoption due to its low cost and multi-functional properties-especially in solar installations, electronics, and high-melting-point solders where it is alloyed with zinc and copper for enhanced performance.

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Palladium is also gaining momentum due to its growing usage in dental and medical devices, while platinum remains vital for the glass and chemicals industries due to its thermoelectric and catalytic properties. The use of platinum and rhodium in automotive catalytic converters to reduce vehicle emissions is also a major growth factor for the market.

According to the global precious metals market analysis, rising demand for gold and silver in jewellery, especially in culturally significant occasions, is providing lucrative opportunities to the global jewellery sector. In addition, the continued rise in disposable incomes and global interest in hedging assets is boosting the investment segment, with increasing ownership of gold and silver coins, bullion, and company shares related to precious metal exploration.

Simultaneously, silver is experiencing higher demand in the entertainment and photography sectors, and as the metal continues to play a crucial role in technological applications, its market share is expected to expand rapidly. The growing emphasis on environmental sustainability is also encouraging recycling and recovery of precious metals, which are then reused in medical implants like pacemakers and cochlear devices-further strengthening the market outlook.

Precious Metals Industry Definition and Major Segments

Precious metals are rare, naturally occurring metals known for their high economic value, luster, corrosion resistance, and low reactivity. Common examples include gold, silver, platinum, palladium, and rhodium. These metals are widely used in industrial applications, investment, and luxury goods and are considered safe assets during economic uncertainty.

Market Segmentation

Market Breakup by Type

Gold

Jewellery
Electronics
Coins and Medals
Investment
Others

Silver

Jewellery
Electric and Electronics
Coins and Medals
Investment
Photography
Silverware
Others

Palladium

Electric and Electronics
Automotive
Medical Applications
Jewellery
Others

Platinum

Chemical Processing
Jewellery
Electric and Electronics
Automotive
Medical Applications
Others

Rhodium

Automotive
Glass Production
Electric and Electronics
Others

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Precious Metals Market Trends

One of the major trends driving the global precious metals market is the expanding use of platinum, palladium, and rhodium in automotive catalytic converters, which help in controlling emissions. Another key trend is the steady demand for gold, driven by cultural traditions and growing interest in gold-based investment options like coins and bullion.

With increased income levels, there is rising investor interest in precious metals as a safe-haven asset class. Moreover, the market is witnessing a push toward sustainability, with various companies actively investing in recycling initiatives to recover valuable metals for use in advanced medical technologies and green energy systems.

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Competitive Landscape

The EMR report evaluates the capacities, investments, plant turnarounds, expansions, and mergers and acquisitions of the key companies in the global precious metals market. Some of the major players profiled in the report include:

Anglo American Plc
Southern Copper Corporation
Newmont Corporation
Northam Platinum Holdings Limited
Newcrest Mining Limited
Kinross Gold Corporation
Others

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