Precious Metals Market to grow by USD 84.89 billion from 2022 to 2027 | Precious metals proving to be safe-haven during economic uncertainty to drive the growth- Technavio

NEW YORK, Oct. 5, 2023 /PRNewswire/ -- The precious metals market is expected to grow by USD 84.89 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 5.82% during the forecast period. The market is segmented by type (gold, silver, and platinum group metals), application (industrial, jewelry, and investment), and geography (APAC, North America, Europe, Middle East and Africa, and South America). Precious metals proving to be safe haven during economic uncertainty is a key factor driving market growth. A significant contribution to the growth of this market is a growing demand for precious metals, like gold and silver as security assets. Moreover, during times of economic or geopolitical uncertainty, several investors tend to seek assets and hold their value as a buffer against risks. In addition, some metals are intrinsically valuable which makes them attractive in this period of crisis. For example, gold prices rose during the 2008 financial crisis as investors sought protection from market volatility. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View Free PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the precious metals market: Anglo American Platinum Ltd., Barrick Gold Corp., First Majestic Silver Corp., First Quantum Minerals Ltd., Freeport McMoRan Inc., Gabriel Resources Ltd., Glencore Plc, Gold Fields Ltd., Harmony Gold Mining Co. Ltd., Impala Platinum Holdings Ltd., Kinross Gold Corporation, Lundin Mining Corp., Lynas Rare Earths Ltd., Neo Performance Materials Inc., Newcrest Mining Ltd., Newmont Corp., Pan American Silver Corp., Industrias Penoles SAB de CV, Namibia Critical Metals Inc., and Northern Minerals Ltd.
• Precious Metals Market is fragmented in nature.
• Market to observe 5.5% YOY growth in 2023.

Market Dynamics:

Major Trend

• The growing environmental, social, and governance (ESG) focus is a major trend in the market.
• This is due to continuous scrutiny by investors, authorities, and communities, some mining practices are being transformed into those compatible with Sustainable Development Standards.
• Moreover, to deal with environmental concerns resulting from reduced carbon emissions and the implementation of reclamation projects, there is a growing adoption of Responsible Mining Processes.
• Furthermore, Newmont Corporation is an important gold producer with a strong commitment to managing water and protecting biodiversity in its operations.
• Additionally, there is a significant trend among investors to support companies that address ESG concerns and adopt sustainable practices.
• Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenge

• The environmental concerns regarding mining and extraction processes is a significant challenge restricting market growth.
• Sustainability responsible resource management and adverse environmental impacts from mining and extraction activities, which have a negative impact on the market, are becoming more and more of a concern.
• Furthermore, deforestation, water pollution, and habitat destruction are becoming more closely monitored by investors.
• In addition, the use of harmful gases like cyanide for large-scale mining activities poses a serious risk to neighboring ecosystems as well as water sources.
• Furthermore, radioactive waste and soil contamination may occur because of the mining of metals such as Rare Earth Elements.
• Hence, these factors are expected to restrict market growth during the forecast period.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

The gold segment is estimated to witness significant growth during the forecast period. It is increasingly important for this segment because of its continuing appeal as a safe-haven asset and value store. Additionally, gold exchange-traded funds (ETFs) create increasingly accessible liquidity and demand. Hence, these factors are expected to drive market growth during the forecast period.

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Related Reports:

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The Remittance Market size is estimated to grow at a CAGR of 10.55% between 2022 and 2027 and the size of the market is forecast to increase by USD 38.2 billion. 

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio