According to the latest market research study by Technavio, the global precious metals market is expected to grow at a CAGR of around 4% during the forecast period 2017 to 2021.
This report by Technavio provides an in-depth analysis of the global precious metals market regarding revenue and emerging market trends. The report also comprises of an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the product type
The top three revenue contributing product segments are discussed below:
Global silver market: The demand in the silver market is primarily driven by the increasing usage of silver in industrial applications, jewelry making, and for investment purposes. This metal is acquired as a by-product from lead, zinc, copper, and gold mines. It is estimated by market analysts that this segment will dominate the market over the next few years. The growing usage of silver in photovoltaic devices and jewelry in leading countries like the US, China, India, Japan, and Russia will help in the growth of this market segment.
“Silver is a very cost-effective and versatile metal that has various applications in different industrial processes. Silver products are gaining immense popularity in the fashion industry as well. This metal is used in the clothing, hygiene, and glass industries because of its advanced microbial properties. The most common types of silver products used in industries are brazing alloys and solders, catalysts, electrical applications such as switches and circuit breakers, and electronic devices such as photovoltaic,” says Mahitha Mallishetty, a lead analyst at Technavio for research on metals and minerals.
Global gold market: The market growth for gold is mainly attributed to the different socio-economic factors and cultural incentives in regions like East Asia, India, and the Middle East. These market regions constitute almost 70% of the demand for gold in the global market. The various factors that will contribute to the growth of the gold sector include the above-ground supply of gold from central banks’ sale, official gold loans, hedging interests of producers, the construction of new production facilities or processes, mine or plant closures, and industry restructuring.
Global palladium market: The growth and the expansion of the autocatalyst sector will boost the demand for palladium in the global market. Palladium products are used in the electrical industry for manufacturing multilayer ceramic capacitors, which are widely used in cell phones and laptops. Moreover, the use of this metal in the chemical industry for manufacturing paints, fibers, adhesives, and coatings will help in the growth of this market segment during the forecast period.
The top vendors operating in the global precious metals market are:
- Anglo American
- Barrick Gold
- Impala Platinum
- Lonmin
- Newmont Mining
The other prominent vendors in the market include Johnson Matthey, Goldcorp, Norilsk Nickel, Northam Platinum, and North American Palladium.
A more detailed analysis is available in the Technavio report titled, ‘Global Precious Metals Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
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