Technavio’s market research analysts estimate the global precious metals market, which is expected to grow at a CAGR of around 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, owing to increase in retail outlets in the nation because of booming jewelry consumption.
The new market research report from Technavio provides a breakdown and analysis of the precious metals segments by technology.
“The market is witnessing increased demand for platinum across various industries. Glass industry uses platinum in the fabrication of vessels that assist in holding, channeling, and forming the molten glass because high melting point, strength, and corrosion resistance allow platinum to withstand the abrasive action of molten glass. Moreover, platinum finds significance in several chemical processes where PGM catalysts are used to improve the efficiency of various reactions,” 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 key vendors in the global precious metals market include Anglo American, Barrick Gold, Impala, Johnson Matthey, Lonmin and Newmont Mining. This 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.
We can customize reports by other regions and specific segments upon request.
Other related reports:
