22-Apr-2021 | Zion Market Research
Some of key players in precious metals market are Barrick Gold, Goldcorp Freeport McMoRan Copper & Gold Inc., First Quantum Minerals, Gold Fields Limited, Goldcorp Inc., Gabriel Resources Ltd., Lundin Mining, North American Palladium Ltd., Harmony Gold Mining Company Ltd., BASF, Clariant, Johnson Matthey, Umicore Galvanotechnik GmbH, GlencoreXstrata, and Evonik Industries AG, among others. These players are set to bolster the development of global precious metals market.
According to analysts at Zion Market Research, the global precious metals market accounted for USD 142.54 Billion in 2020 and is expected to reach USD 240.08 Billion by 2028, growing at a CAGR of more than 7.6% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Precious Metals Market By Type (Platinum, Gold, Ruthenium, Palladium, Silver, and Others), By End-Use Industry (Automotive, Electronics, Jewelry, Chemicals, Investment, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028.”
The wedding market segment to Spur Growth
Gold and silver, specifically in jewelry market, is estimated to witness a steady growth over the forecast period. Gold and silver have played an important part in marriages, especially in China and India. A significant amount of gold and silver is used in the form of ornaments and jewelry. The wedding market segment of India and China is likely to show numerous growth opportunities for the gold and silver jewelry market over the coming years.
Precious metals like gold are also used for investment purposes. It is usually traded in stock exchange market associated with decreasing share prices attributed to its intensifying high prices.
Presence of Big Players in The Region Support Asia Pacific Dominance
Asia Pacific accounted for a share of around 35% in 2020. China has an extensive influence over the precious metals market. The country is leading in consumption of gold and PGM. Strong manufacturing sector of China is the main factor spurring the demand in the country. India is the second largest consumer for gold in Asia Pacific. India also has a strong jewelry market due to the wedding industry. Similarly, the country is also evolving its capabilities in manufacturing industry by attracting foreign investors in the field of energy, construction, automotive, chemical, and many more.
Browse the full “Precious Metals Market By Type (Platinum, Gold, Ruthenium, Palladium, Silver, And Others), By End-Use Industry (Automotive, Electronics, Jewelry, Chemicals, Investment, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/precious-metals-market
The global precious metals market is segmented as follows:
By End-Use Industry
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