Future-Proof Your Portfolio with Insights from the Precious Metals Market

Precious Metal Market Growth & Trends

According to a recent report by Grand View Research, Inc., the global precious metal market is projected to attain a valuation of USD 865.3 billion by 2030, expanding at a compound annual growth rate (CAGR) of 9.1% from 2025 to 2030. One of the primary drivers of this growth is the increasing utilization of precious metals across a wide range of industrial applications, which continues to enhance their global demand and market value.

Precious metals—including gold, silver, and platinum group metals (PGMs) such as platinum and palladium—serve critical functions across multiple industries. In the automotive sector, platinum and palladium are key materials used in automotive catalytic converters, which help in reducing harmful emissions from internal combustion engines. Additionally, these metals function as catalysts in the chemical industry, supporting the production of essential chemicals like nitric acid and fertilizers.

The broader industrial segment that benefits from precious metals encompasses automotive and transportation, chemical manufacturing, energy production, electrical and electronics, glass processing, and water treatment industries. Notably, the energy sector is undergoing significant transformation as global regulatory bodies emphasize renewable energy development to reduce carbon emissions. This trend is expected to positively impact the demand for precious metals, especially those used in solar panels, batteries, and energy storage systems. For example, data from the International Renewable Energy Agency (IRENA) in 2019 indicated that global renewable energy capacity grew steadily from 1,693.2 gigawatts in 2014 to approximately 2,350.7 gigawatts in 2018, signaling the growing demand for advanced materials like precious metals.

In addition to industrial demand, the jewelry sector is poised to remain a substantial growth driver. Within this segment, gold continues to be the leading product due to its cultural and economic importance, particularly in countries like India and China. These nations rank among the world’s largest gold consumers and demonstrate high marriage rates coupled with large populations, contributing to sustained demand for gold jewelry. For instance, in 2018, India registered approximately 10.1 million marriages, underscoring gold’s traditional role in matrimonial ceremonies and cultural rituals. The longstanding heritage and symbolism associated with gold in these regions ensure that it will remain a cornerstone of the global precious metals market.

The industry landscape features a combination of large multinational corporations and regional vendors. Many players are strategically forming joint ventures and partnerships, particularly targeting resource-rich regions in Africa, where a significant portion of the world’s untapped precious metal reserves are located. These collaborations aim to streamline extraction processes and improve access to critical raw materials, thereby strengthening global supply chains.

Precious Metal Market Report Highlights

• Gold Segment: The gold segment emerged as the dominant category, accounting for approximately 71% of total market revenue in 2024. This commanding share is primarily driven by gold’s high market value, broad investor interest, and extensive use in jewelry manufacturing, especially in culturally driven markets like India and China.

• Industrial Segment: The industrial application segment held a revenue share exceeding 45% in 2024. This strong performance is largely attributed to the growing demand for silver and other precious metals in the electrical and electronics industry, where they are used for components such as connectors, switches, and circuit boards.

• Investment Segment: The investment segment is anticipated to grow at a CAGR of 9.1% from 2025 to 2030. Investors, particularly in Japan, have shown increased interest in platinum due to its declining prices, which has made it a more attractive investment asset compared to other metals. This trend is expected to continue, bolstering demand in the financial sector.

• Regional Insights: Asia Pacific led the global market in 2024, contributing more than 47% of the overall revenue share. This regional dominance is supported by the presence of emerging economic powerhouses such as India, China, and Japan, where industrial expansion, infrastructure development, and consumer demand for luxury goods like jewelry remain robust.

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Precious Metal Market Segmentation

Grand View Research has segmented the global precious metal market based on metal, application and region:

Product Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

• Gold

• Silver

• PGM

Application Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

• Jewelry

• Industrial

• Investment

Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

• North America

  • US

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Russia

  • Italy

  • Switzerland

• Asia Pacific

  • China

  • India

  • Japan

  • Vietnam

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • Qatar

Key Players in the Precious Metal Market

• Freeport-McMoRan

• Polyus

• Newmont Corporation

• Gold Fields Limited

• Randgold & Exploration Company Limited

• Barrick Gold

• AngloGold Ashanti

• Kinross Gold Corporation

• Newcrest Mining Limited

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