Precious Metals Market Trends, Size, Demand, Growth Drivers and Forecast 2021-26
SHERIDAN, WY, USA – According to IMARC Group’s latest report, titled “Precious Metals Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global precious metals market exhibited moderate growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 5% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
Precious metals are elements that are considered chemically inert and rare. These metals have a high economic value contributed by their utilization in industrial processes and scarce availability. Precious metals are very ductile and have a higher luster than base metals, thus making them less reactive than base metals. These properties allow them to hold a higher place in terms of market prices. The four primary precious metals include silver, palladium, gold, and platinum. Precious metals are corrosion-resistant and are most popularly used in currency, jewelry, and investments.
Market Trends and Drivers:
Precious metals are consistently used in the production of jewelry, which witnessed a significant rise in the worldwide demand. This rise remains one of the major driving factors in the growth of the global precious metals market. Moreover, widespread utilization of palladium and platinum in the manufacturing of electric vehicles (EVs) is acting as another major growth-inducing factor. These materials are efficient in converting toxic vehicle emissions into less harmful substances for the environment by purifying the exhaust gases in vehicles. Other factors, such as rising environmental concerns and increasing investments in precious metals, are expected to drive the market further.
Precious Metals Market 2021-2026 Competitive Landscape and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the precious metals market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Gabriel Resources Ltd.
Fresnillo Plc (Peñoles Group)
Pan American Silver Corporation
Glencore International AG
Gold Fields Limited
Lundin Mining Corporation
Impala Platinum Holdings Limited
Anglo American Platinum Limited (Anglo American PLC)
Key Market Segmentation:
The report has segmented the global precious metals market on the basis of metal type, application and region.
Breakup by Metal Type:
Coins and Bars
Breakup by Application:
Breakup by Region:
Middle East and Africa