Precious Metals Market Growth Trend, Industry Research & Forecast, 2017 – 2024

Precious Metals Market size is expected to witness a surge in demand owning to their rare or high economic value. Higher comparative values of these products are driven by several factors including use in industrial different industrial processes, their rarity and consideration as investment vehicles with the intention of gaining positive returns.

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A precious metal is an unique, naturally occurring metallic chemical metal of high financial value. Chemically, these are less reactive than most of the other elements. They have high luster and are usually ductile in nature. Historically, these products were significant as currency but are now more viewed mostly as investments and industrial commodities.

Some of the best known precious metals are gold, silver and coinage metals. Although gold and silver have various industrial applications, they are better known for their uses in jewelry, arts and coinage. Other types of these kinds of metals are from the platinum group including rhodium, ruthenium, osmium, palladium, platinum and iridium, out of which platinum is the most extensively traded.

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Oldest and the most recognized application segment in industry is jewelry. However, various other applications including technological usages are gaining high precious metals market share. Other applications of gold, platinum, silver and palladium are driving markets including industrial automotive and niche areas, where the products perform metallurgic and chemical roles other than aesthetics. It is generally sold in stock exchange markets linked with falling share prices credited to its rising high prices.

Recent political turmoil in the Middle Eastern countries including Syria, Libya and Egypt has led to a substantial increase in investments in gold bars or bullions. This led to overselling gold, in turn increasing the gold prices in the precious metals market. Global supply of gold is a combination of central bank supply, scrap recovery and mined gold, out of which more than half comes from minded gold.

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Asia Pacific lead as the chief producer as well as consumer of these products with noteworthy consumption in South East Asian countries including India and China. Furthermore, increasing growth of these emerging economies coupled with rising disposable incomes of the masses is the key drivers for the precious metals market growth.

Global precious metals market is highly fragmented, with the presence of large number of global and regional players. The competition is more intense at the regional levels than at the global level.

In 2017, Barrick Gold, Canadian gold mining company formed a joint venture with another Canadian gold producer, Goldcorp to unite for the Cerro Casale Project in Chile as well as to acquire Exeter Resource. This strategy will benefit the company to strengthen its financial and technical divisions in the precious metals market to witness significant increase in net delivery value.

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