Press release
Gold Ore Market Expected to Achieve 9.5% CAGR by 2029: Growth Forecast Insights
Gold Ore
How Large Will the Gold Ore Market Size By 2025?
The market size of gold ore has experienced a robust growth in the last few years. Its value is expected to increase from $13.65 billion in 2024 to $14.75 billion in 2025, with a compound annual growth rate (CAGR) of 8.0%. The notable growth during the historic period can be credited to the role of gold as a store of value, its use in jewelry and ornaments, its significance in currency and financial markets, its industrial applications, and its popularity among investors and speculators.
How Big Is the Gold Ore Market Size Expected to Grow by 2029?
In the upcoming years, the size of the gold ore market is anticipated to experience substantial growth, reaching $21.17 billion in 2029 with a compound annual growth rate (CAGR) of 9.5%. The predicted growth during this period can be credited to factors such as sustained demand for investments, growth in emerging markets, government initiatives, environmental and ethical factors, and the overall state of the global economy. Key trends to watch out for during this forecast period encompass the incorporation of digital technologies, strategic collaborations and mergers, government rules and adherence, investments in infrastructure, and global economic patterns.
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Which Key Market Drivers Powering Gold Ore Market Expansion and Growth?
The surge in gold jewelry consumption has accelerated the expansion of the gold ore market. Gold jewelry signifies adornments principally made of gold. Through the gold mining approach, gold is derived from gold ores and consequently transformed into a state conducive for gold jewelry creation. For instance, a report by the Canadian government in March 2024 stated that in 2022, gold production in Canada, mainly from Ontario and Quebec, contributed to 72% of the output and yielded a value of $13.2 billion. It was recorded that Canadian mines manufactured 204 tonnes of gold in the same period, making Canada the fourth-largest gold producer worldwide. As a result, the growth of the gold ore market is being fuelled by the increasing demand for gold jewelry.
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Which Fast-Growing Trends Are Poised to Disrupt the Gold Ore Market?
Advancements in technology are a current trend that is gaining traction in the gold ore market. Companies in the gold ore industry are adopting these emerging technologies to maintain market dominance. As an example, RG Gold, a gold mining business from Kazakhstan, unveiled a processing plant in October 2022. The plant, which adheres to all global safety and environmental requirements, is utilising the Carbon in Pulp (CIP) technology. This method is commonly used in extracting gold from gold ore with the help of activated carbon. The new gold processing plant can process around 5 million metric tons of ore containing gold every year.
What Are the Emerging Segments in the Gold Ore Market?
The gold ore market covered in this report is segmented -
1) By Mining: Placer Mining; Hardrock Mining; Other Minings
2) By Application: Cupellation Method Refining; Inquartation Method Refining; Miller Chlorination Process Refining; Wohlwill Electrolytic Process Refining; Aqua Regia Process Refining
3) By End-User: Investment; Jewelry; Other End-Users
Subsegments:
1) By Placer Mining: Riverbed Mining; Beach Mining; Hydraulic Mining
2) By Hardrock Mining: Underground Mining; Open-Pit Mining
3) By Other Minings: Byproduct Mining; Artisanal And Small-Scale Mining (ASM)
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Who Are the Global Leaders in the Gold Ore Market?
Major companies operating in the gold ore market include 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., Gold Reserve Inc., Golden Star Resources Ltd., Royal Gold 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.
Which are the Top Profitable Regional Markets for the Gold Ore Industry?
Asia-Pacific was the largest region in the gold ore market in 2024. The regions covered in the gold ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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