New Delhi, Sept. 07, 2022 (GLOBE NEWSWIRE) — The global precious metals market is booming due to growing investor interest in hoarding silver and seeking growth in the value of precious metals, increasing disposable income, and growth. changing lifestyle preferences, as well as the widespread use of jewelry in wedding ceremonies in China, India and other South Asian countries.
A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global precious metals market was worth USD 240.5 billion in 2021. The market is expected to grow at a CAGR of 8.1%, generating revenues of approximately USD 415.3 billion by the end of 2028. Precious metals market is booming due to growing demand from end-use industries. Also, concerns about the environment and its legal implications. Additionally, the industry is growing due to changing lifestyles and increasing consumer disposable incomes. Additionally, governments in many countries are adopting stringent emission rules, which is fueling the expansion of the market as these metals are used to clean automobile exhaust emissions. However, in response to the growing number of coronavirus (COVID-19) cases, governments in several countries have declared total lockdowns as a precautionary measure to fight the pandemic. This disrupted supply networks and caused the shutdown of several production units, causing a chain reaction. On the other hand, to survive the rapidly changing market conditions, investments in precious metals have exploded.
Increase in trading activity in precious metals
The increase in precious metals trading activity is supporting the expected market expansion. The increase in the number of weddings where jewelry is frequently worn and the growing popularity of plated jewelry among young people are driving the industry. For example, young South Koreans have become a key group for sales of luxury goods, which increased sevenfold between 2017 and 2019, according to statistics from Statistics Korea released in March 2021. Because purchasing power decreases and consumers are forced to spend their money more wisely on essentials, COVID-19 has had an impact on economic activity.
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The purchasing power of consumers increases
Changing lifestyles of people and increasing disposable income are driving the growth of the market. Due to growing environmental concerns, leading companies in various industry verticals are investing in the recycling of precious metals that can eventually be used to manufacture artificial heart pacemakers and cochleas. In addition, governments in many countries are setting strict emission regulations, which is driving the expansion of the market as these metals are used to clean car exhausts. During the forecast period, all these factors contribute to the growth of the global precious metals market (2022-2028).
Challenge: Price Turbulence
Along with a few disadvantages of investing in precious metals, there are additional risks that investors should be aware of. Prices are one of the main sources of volatility. Many variables, including changes in the economy, Federal Reserve policy, investor demand, mining supply and inflation, can impact precious metal prices. Because they have no cash, a person will not be able to profit from precious metals. If a person owns the metal in full ownership, the investment also includes a storage cost. Additionally, jewelry and other tangible gold items are always at risk of theft due to their high value and high cost.
Global precious metals market – By request
Based on application, the global precious metals market is segmented into jewelry, investment, power, automotive, chemicals, and others. Among these, the electric segment holds the largest market share. Growth in the electrical and electronics industry, where majority of the money is used for various purposes, is mainly responsible for the boom in the segment. The jewelry sector is the second use of the product. Despite the difficult times, the sector is expected to generate strong prospects for the global precious metals company during the forecast period. China and India’s steady spending habits in the gold jewelry market will most likely remain a strong driver in the years to come. Weddings in both countries provide year-round opportunities for space sellers in the jewelry market, helping to drive demand for expensive commodities such as gold and silver. All these factors are driving the growth of the global precious metals market over the forecast period (2022-2028).
Please see the press release: https://www.blueweaveconsulting.com/press-release/global-precious-metal-market-to-grow-at-a-cagr-of-8-1-during-forecast-period
Impact of COVID-19 on Global Precious Metals Market
Several sectors have been affected by the confinement and economic disaster induced by the COVID-19 pandemic. The global pandemic issue, on the other hand, is expected to lead to a significant drop in demand for commodities. The United States is one of the countries hardest hit by the coronavirus, and the unemployment rate will hit an all-time high by the end of the first quarter of fiscal 2020. The country experienced its highest rate of unemployment since the Great Depression. With more than 20.5 million people losing their jobs in April 2020, the unemployment rate rose to almost 14.7%. As part of this drastic downtrend, the country’s precious metals industry is expected to have halted its growth in the near term.
The major market players in the global precious metals market are Newmont Goldcorp, Barrick Gold, AngloGold Ashanti, Hycroft Mining Corporation, Anglo American, Freeport-McMoRan, Goldcorp Inc., Kinross Gold Corporation, Lonmin Plc, Newmont Mining Corporation, Russian Platinum , Norilsk Nickel, Pan American Silver, Asahi Refining (USA), Sumitomo Metal Mining Co., Ltd. (Japan) and other leading players. The global precious metals market is highly fragmented with the presence of several manufacturing companies in the country. Market leaders maintain their supremacy by investing in research and development, incorporating advanced technologies into their products and offering improved items to customers. Various tactics including strategic alliances, agreements, mergers and partnerships are used.
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The report’s in-depth analysis provides insights into the growth potential, upcoming trends, and statistics of the global precious metals market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the global precious metals market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.
|Years considered||Historical data – 2018-2021|
|Base year – 2021|
|Forecast – 2022 – 2028|
|Facts Covered||Revenue in billions of dollars|
|Product Service/Segmentation||By type, by application, by region|
|Key players||Newmont Goldcorp, Barrick Gold, AngloGold Ashanti, Hycroft Mining Corporation, Anglo American, Freeport-McMoRan, Goldcorp Inc., Kinross Gold Corporation, Lonmin Plc, Newmont Mining Corporation, Russian Platinum, Norilsk Nickel, Pan American Silver, Asahi Refining (U.S. States), Sumitomo Metal Mining Co., Ltd. (Japan) and other leading players.|
- Chemical products
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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