Press release
Precious Metal Market to Reach US$ 300.3 Billion by 2031, Driven by Jewelry Demand and Green Technologies
Precious Metal Market
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Jewelry accounts for major consumption driven by the wedding markets in India and China, while industrial applications-especially in electronics, renewable energy, and automotive-provide steady demand for silver and platinum. North America and Asia Pacific lead in production and consumption, supported by mining capacity, manufacturing bases, and stable supply chains.
Key Highlights from the Report
➤ Global market projected to reach US$ 300.3 billion by 2031 at a CAGR of 5.2%.
➤ Gold segment retained a 71% revenue share in 2024 due to jewelry and investment demand.
➤ Silver demand in solar manufacturing rose 30% in 2023, supporting renewable energy adoption.
➤ Platinum and palladium demand in autocatalysts grew by 9% following vehicle production recovery.
➤ Asia Pacific held over 47% market share in 2024, led by China's manufacturing and India's jewelry sector.
➤ Urban mining and e-waste recovery emerging as sustainable supply solutions.
Market Segmentation
The market is segmented into gold, silver, and platinum group metals (PGM).
Gold dominates, benefiting from cultural affinity, high trading value, and a steady increase in production from new mines such as Meliadine and Gruyere. Silver is gaining momentum in renewable energy and electronics due to its lower cost and versatile applications, with Mexico and Peru remaining top producers. PGMs are driven by automotive sector demand, although production dips in vehicle manufacturing have restrained short-term growth.
By application, the industrial segment leads with over 45% share in 2024, fueled by electronics sector expansion and silver's conductivity benefits. Jewelry remains a significant segment, especially in Asia, where cultural traditions anchor year-round demand. The investment segment is projected to grow at 9.1% CAGR, supported by investor interest in PGMs from Japan and sustained gold purchases by central banks.
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Regional Insights
North America
Expected to grow at 9.9% CAGR through 2031, North America benefits from silver reserves in Mexico, advanced refining capacity in the U.S., and a strong Canadian mining industry. An integrated value chain from extraction to fabrication supports regional competitiveness.
Asia Pacific
Holding 47% global market share in 2024, Asia Pacific remains the largest regional market. China leads in gold and PGM consumption, backed by manufacturing might, while India's wedding-driven gold demand keeps jewelry sales robust. Investments in manufacturing sectors across energy, chemicals, and automotive further support demand trends.
Europe
Growth in Europe is expected to be slower due to industrial sector slowdown and geopolitical instability. Declining jewelry demand contrasts with stable industrial applications in niche markets.
Central & South America
Peru, Chile, and Brazil sustain strong production, with silver and gold as dominant exports. Government-backed mining modernization and proximity to key global markets enhance regional growth prospects.
Middle East & Africa
Strong cultural demand for gold and expanding industrial applications support this region's market. South Africa and Ghana lead gold production, while Gulf countries fuel luxury goods consumption.
Market Dynamics
Market Drivers
Increasing safe-haven investment demand for gold, rising autocatalyst usage of platinum and palladium, and strong cultural traditions in jewelry consumption are driving growth.
Market Restraints
Price volatility and U.S. dollar strength can suppress precious metal values, while declining industrial silver demand in electronics has impacted short-term growth.
Market Opportunities
Green hydrogen projects, fuel cell technologies, silver use in photovoltaics, and urban mining present long-term opportunities to align with sustainability goals and meet rising industrial demand.
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Reasons to Buy the Report
✔ Detailed market forecasts and growth trends to 2031.
✔ Insight into shifting demand from jewelry to industrial applications.
✔ Regional analysis covering Asia Pacific, North America, and emerging markets.
✔ Competitive profiling of major mining and refining companies.
✔ Identification of sustainability-driven growth opportunities in urban mining and renewables.
Frequently Asked Questions (FAQs)
◆ How big will the global precious metal market be by 2031?
◆ Which metal holds the largest revenue share in the market?
◆ What is the projected market CAGR between 2024-2031?
◆ Which region dominates precious metal consumption globally?
◆ What industrial applications are driving silver and platinum demand?
Company Insights
Freeport-McMoRan
Polyus
Newmont Corporation
Gold Fields Limited
Randgold & Exploration Company Limited
Barrick Gold
AngloGold Ashanti
Kinross Gold Corporation
Newcrest Mining Limited
Recent Developments
July 2023: Barrick Gold extended the mine life of its Tongon gold project in Côte d'Ivoire following positive exploration results.
July 2023: K92 Mining resumed underground operations at Papua New Guinea's Kainantu Gold Mine after safety-led shutdown, maintaining its 2023 production targets.
Conclusion
The global precious metal market is set for sustained growth through 2031, supported by steady jewelry demand in Asia, strong industrial uses in electronics and renewable energy, and expanding safe-haven investment. Gold will remain the dominant commodity, while silver and platinum benefit from sustainability trends and technology applications. Strategic mining expansions, evolving recycling practices, and integration into green energy systems position the industry for continued resilience and diversification.
Contact Us
Mr. Sai Kiran
DataM Intelligence 4market Research LLP Ground floor
DSL Abacus IT Park, Industrial Development Area
Uppal, Hyderabad, Telangana 500039
USA: +1 877-441-4866
Email: Sai.k@datamintelligence.com
Visit Our Website: https://www.datamintelligence.com
About Us
DataM Intelligence 4Market Research is a comprehensive market intelligence platform offering syndicated and customized reports along with expert consulting across multiple industries, including chemicals, healthcare, agriculture, food & beverages, and more. With extensive experience and a strategy-focused approach, DataM provides businesses and individuals with reliable market insights, statistical forecasts, and personalized research solutions to help them make informed decisions and successfully bring innovations to market.
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