Global Precious Metals Market Segmentation by Type (Gold, Silver, Platinum, Palladium, Osmium, Iridium, Ruthenium, Ruthenium, Rhodium), by Applications (Jewellery, Industrial, Electronics, Automotive industry, Chemical, Medical, and Others), by Region (North AmeriGlobal Precious Metals Market Segmentation by Type (Gold, Silver, Platinum, Palladium, Osmium, Iridium, Ruthenium, Ruthenium, Rhodium), by Applications (Jewellery, Industrial, Electronics, Automotive industry, Chemical, Medical, and Others), by Region (North America APAC, Europe, MEA& Africa, and South Africa).ca APAC, Europe, MEA& Africa, and South Africa).
Precious metals are rare in nature and have significant economic value. The mining and refining processes of these metals are costly and complex. They possess unique characteristics, such as high conductivity, corrosion resistance, and catalytic capabilities, which make them suitable for various industrial applications. Jewellery, industrial, and electronics are the key applications in the precious metals market. Increasing demand for palladium in the catalytic converter, growing applications of gold and silver for investment purposes, and rising consumer preference for long-term investments in coins and bars are likely to have a positive impact on the market growth. Other industrial applications of precious metals include solar and nuclear energy, photography, cutlery, antibiotics, computer parts, oil refining, space travel vehicles, bushings, and decorative.
However, government restriction on mining and rare availability of coal, gold, platinum, and silver is restraining the market growth over the forecast period.
Global Precious Metals Market is segmented by type, by applications, and by region. By type, gold dominated the global market in 2019 and is expected to keep its dominance over the forecast period. Gold has inspired artists and craftspersons throughout the ages to produce jewellery, ornaments, and priceless works of art. People in Europe, North America, and Japan are using gold as jewellery for adornment, whereas in many other countries, such as the Middle East and India, gold is purchased also as an investment.
By geography, APAC held 42.56% of market share in 2019 and is expected to keep its dominance over the forecast period. Asia Pacific is one of the largest consumers of gold and silver. Various factors such as growing demand for the product from India and China, robust growth of various end user industries, and changing consumer lifestyle and stable Indian bullion market, increasing industrial demand in china for sliver especially from solar energy are mainly driving the market growth in this region.
Report covers in depth-analysis of key development, marketing strategies, supply-side and demand-side indicators. Major Key players covered in this market are Barrick Gold, First Quantum Minerals, Goldcorp Freeport McMoRan Copper & Gold Inc., Gold Fields Limited, Goldcorp Inc., Gabriel Resources Limited, Lundin Mining, GlencoreXstrata, North American Palladium Ltd, Harmony Gold Mining Company Limited, Freeport-McMoRan, and First Quantum Minerals among others. These key players are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches, and patents to increase their regional presence and business operations.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Precious Metals Market. The report encompasses the market by different segments and regions, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics and future opportunities that might exist in the Global Precious Metals Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors has been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Precious Metals Market positioning of competitors.
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