United States Precious Metal Market 2031 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Precious Metal Market reached US$ 209.4 billion in 2023 and is expected to reach US$ 300.3 million by 2031, growing with a CAGR of 5.2% during the forecast period 2024-2031.

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Key Development:

United States: Recent Industry Developments

✅ In December 2025, Streamex acquired a strategic 9.9% stake in Empress Royalty Corp., strengthening its position in gold and silver streaming and expanding its footprint in the precious metals commodities space.

✅ In November 2025, Coeur Mining announced the acquisition of New Gold in a deal creating a new, all‐North American senior precious metals producer and enhancing scale across gold and silver assets.

✅ In October 2025, Royal Gold completed its acquisitions of Sandstorm Gold and Horizon Copper, significantly diversifying its precious metal streaming and royalty portfolio and positioning itself as a leading growth‐oriented company in the sector.

✅ In March 2025, A‐Mark Precious Metals expanded aggressively into the collectible coin and rare metal markets through multiple strategic acquisitions including Spectrum Group International, AMS Holding, and Pinehurst Coin Exchange.

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Japan: Recent Industry Developments

✅ In November 2025, major Japanese metals firms including JX Advanced Metals and Mitsui Kinzoku executed a Memorandum of Understanding to integrate businesses focused on copper concentrates and related products a move expected to influence precious metal by‐products and supply chains.

✅ In November 2025, the launch of a new precious metal market report by a Japanese research agency highlighted emerging trends in recycling and sustainable resource management, reflecting industry commitment to circular economy approaches in precious metal usage.

✅ In November 2025, Japan's precious metal refining and industrial ecosystem received attention through expanded industry reporting and strategic planning signals for materials such as gold, silver, platinum and palladium.

✅ In November 2025, Japan's jewelry and high‐end luxury segment saw renewed demand for gold and platinum products amid evolving consumer trends, indicating broader industry momentum for precious metals in domestic markets.

Key Players:

=> Newmont Corporation, Barrick Gold Corporation, Anglo American Platinum Limited, Impala Platinum Holdings Limited, Norilsk Nickel, Wheaton Precious Metals, Polyus Gold International Limited, Kinross Gold Corporation, Sibanye-Stillwater and Royal Gold, Inc.

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Key Segments:

By Type

Gold leads with 35% share, driven by high demand in jewelry, investment, and electronics sectors due to its stability, conductivity, and cultural significance. Silver accounts for 25%, supported by jewelry, electronics, and industrial applications including solar panels and electrical contacts. Platinum holds 15%, fueled by automotive catalytic converters, jewelry, and chemical processing applications. Palladium represents 10%, reflecting growth in automotive emission control, electronics, and chemical industries. Ruthenium, Rhodium, Iridium, Osmium, and other precious metals collectively make up 15%, supported by niche industrial, catalytic, and high-tech applications.

By Application

Jewelry dominates with 40% share, driven by cultural demand, wedding and luxury markets, and investment trends. Electronics account for 20%, supported by increasing use of gold, silver, and other metals in connectors, semiconductors, and printed circuit boards. Automotive applications hold 15%, fueled by catalytic converters, sensors, and high-performance components. Chemicals represent 10%, reflecting the use of precious metals in catalysis, chemical reactions, and specialty processes. Catalysts account for 10%, used in refining, chemical processing, and emission control. Other applications make up 5%, including aerospace, medical devices, and high-tech industries.

By Region

Asia Pacific - 40% Share
Asia Pacific leads with 40%, driven by jewelry consumption, electronics manufacturing, and automotive production in China, India, Japan, and Southeast Asia.

Europe - 25% Share
Europe holds 25%, supported by automotive, jewelry, and electronics demand in Germany, France, U.K., Italy, Spain, and neighboring countries.

North America - 20% Share
North America accounts for 20%, fueled by automotive catalytic converter demand, electronics, and investment-grade jewelry in the U.S. and Canada.

Latin America - 7% Share
Latin America holds 7%, driven by jewelry and industrial applications in Brazil, Mexico, and surrounding countries.

Middle East & Africa - 8% Share
The Middle East & Africa represent 8%, supported by jewelry consumption, industrial uses, and investment demand in GCC countries, South Africa, and other emerging markets.

FAQ

What is the current size of the Precious Metal Market?

A: In 2023, the Precious Metal Market was valued at US$ 209.4 billion , reflecting its strong industry presence.

Q2: How large is the Precious Metal Market expected to be by 2031?

A: By 2031, industry forecasts suggest the Precious Metal Market will grow to around US$ 300.3 million, demonstrating significant expansion.

Q3: What is the growth rate of the Precious Metal Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2024 to 2031.

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