The global precious metals market size is expected to gain momentum by reaching USD 403.08 billion by 2028 from USD 275.40 billion in 2021 while exhibiting a CAGR of 5.6% between 2021 to 2028. The increasing investments in a commodity such as gold due to its low-risk factor compared to other investments such as equities, bonds, or real estate are fueling the market. Moreover, gold, silver, and platinum are the most preferred metals to produce jewelry due to their luster and malleability. Therefore, the increasing demand for jewelry from consumers is resulting in market growth.

Market Segmentation:

By type, the market for precious metals is divided into silver, gold, and platinum group metals. By application, it is divided into industrial, jewelry, investment, and others.

Based on type, the platinum segment held the largest market share of 26.1% in 2020.  This is attributable to its increased demand in the auto-catalysts application. Moreover, platinum has the ability to capture carbon and other harmful emissions. Therefore, industries are increasingly using platinum group metals to curb pollution.

Finally, based on region, the precious metal market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

COVID-19 Impact

 The pandemic inflicted significant damage to the market, as mining and manufacturing units were shut. Moreover, the unavailability of workers also impacted the market, which led to a decline in demand from industrial and jewelry applications. However, investments in precious metals witnessed significant growth during the pandemic surge. For instance, in a report by the World Gold Council, the global investment in gold increased by 40% in 2020, compared to 2019.

What does the Report Provide?

The precious metal market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the growth of the market.

Driving Factor

High Demand from the Electrical & Electronics Industry to Drive Market Growth

The growing demand for metals from end-users such as automotive and electrical & electronics is increasing the demand for valuable metals. The automotive industry uses platinum and palladium metals in catalytic converters. Additionally, governments worldwide have become more aware of the climate crisis, therefore to meet the substandard of carbon emissions, vehicles have boosted the demand for platinum. Furthermore, the use of silver in the electrical & electronics industry, as stated by Silver Institute, accounted for 10.2% of the total silver demand in 2020 as silver is used in solar panels to conduct electricity with the highest efficiency. These factors are expected to drive the precious metals market growth.

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