This market research report presents a detailed segmentation of the precious metals market by type such as gold, silver, palladium, and platinum. The key vendors analyzed in this market report are Anglo American, Barrick Gold, Impala, Johnson Matthey, Lonmin, and Newmont Mining.
Technavio has released its new market research report, global precious metals market, which is expected to grow at a CAGR of 4% between 2015 and 2019. The rising sales of gold, silver, palladium and platinum globally is driving the growth of this market. Moreover, the demand for platinum from the industrial sectors is also boosting the growth of the precious metals market. India dominates the global market for precious metals. The number of retail outlets in APAC, especially in India and China, is increasing, as there is a boom in jewelry consumption in these countries.
“The precious metals market is witnessing rising consumption of platinum, especially in the industrial sector. Platinum is used in the manufacturing of nitric acid, and in other chemical processes, where platinum metal catalysts are used to improve the efficiency of various reactions. Also, there is an increase in platinum purchasing by the glass industry, after depreciation of the metal in their inventories,” says Chandrakumar BJG, Lead Analyst, Chemicals & Materials, Technavio Research.
Silver accounted for 86% of the market, in terms of volume, during 2014 and is expected to reach a market volume of 2 billion ounces by the end of 2019. The rising demand from photovoltaic devices and the jewelry sector are the key drivers for the growth of the silver market. The US, China, India, Japan, and Russia were the top five consumers of silver during 2014.
The leading vendors in the global precious metals market include Anglo American, Barrick Gold, Impala, Johnson Matthey, Lonmin, and Newmont Mining. The market is fragmented, with the presence of a vast number of global and regional players. The competition in the market is more intense at the regional level than at the global level. The report predicts the market to witness an influx of new vendors during the forecast period.
A more detailed analysis is available in the Technavio report, Global Precious Metals Market 2015-2019.
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