NEWARK, Oct. 4, 2023 (Globe Newswire) — Brainy Insights predicts the precious and base metals market to grow to USD 789.13 billion in 2022 and reach USD 269.78 billion by 2032 doing. Rising end-use industries, rising precious metal production, and rising demand for platinum group metals (PGMs) in automotive applications are also driving market growth. Additionally, increasing demand for precious metals from industrial applications and rising prices of numismatic precious metals such as gold are also expected to drive market growth during the forecast period.
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Key insights into the precious and base metals market
Asia Pacific region is expected to account for the largest market size during the forecast period.
Asia Pacific is expected to have the largest market share in the precious and base metals market. The key factors driving the growth of the Asia-Pacific precious and base metals market include rising demand for products in jewelery-based applications and increasing penetration of international players. Additionally, increasing disposable income, significant investments in renovation of buildings and structures, presence of multiple domestic and international players offering a wide range of automobiles are expected to drive market growth in the region.
The platinum group metals (PGM) segment is expected to expand the precious and base metals market during the forecast period.
The platinum group metals (PGM) segment held the largest market share in 2022 and is expected to continue during the forecast period due to widespread adoption of the product in the automotive industry. Also, increasing awareness about environmental pollution and changing regulations regarding carbon emissions from vehicles are expected to drive market growth in this sector. Moreover, the gold segment is likely to dominate the market by 2032 due to heavy investments in consumer electronics.
Lead segment market size will be 257.25 billion in 2022
The lead segment is expected to dominate the market over the forecast period due to increasing application of lead acid batteries to power sump pumps, electric motors, submarines, nuclear submarines, etc. Moreover, the rapid adoption of Internet of Things (IoT)-based technologies is likely to make the copper segment dominate the market by 2032.
Consumer goods sector is expected to dominate the market by 46.12% in 2032
The consumer goods sector is expected to dominate the market in the coming years due to the rising demand for high purity base metals from various industries. Additionally, the increasing demand for catalytic converters in the automotive industry is likely to drive the automotive and transportation sector to dominate the market by 2032.
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Report scope
| base year | 2021 |
| Forecast period | 2022-2030 |
| Report scope | Revenue estimates and forecasts, company profile, competitive environment, growth factors, recent trends |
| regional range | North America, Europe, Asia Pacific, Middle East and Africa, Latin America |
| Market size (units) | 26,977.78 billion USD |
| CAGR of Precious Metals and Base Metals Market | 13.08% |
| Target segment | The main segments are Precious Metals, Base Metals, End Users, and Regions. |
Market trend
Drivers: Increased disposable income and lifestyle changes
Increasing disposable income and changing lifestyles of people are driving the market growth. Additionally, increasing product demand in the medical market for platinum-based anti-cancer drugs and medical devices such as pacemakers is also driving the market growth. Additionally, consumption of precious metals is expected to surge in India, China and other South Asian countries as jewelery is very important at weddings. However, increasing demand for copper across the world and government focus on pro-mining policies are also helping to stimulate market growth.
Self-restraint: Negative impact of the coronavirus pandemic
Several factors have a significant impact on precious metal prices, including government reserves, inflation, currency fluctuations, and geopolitical uncertainty. Due to such price instability, the demand and supply of these metals are seriously affected, which affects industrial production activities. Risks associated with mining base metals, new pricing alternatives, and declining demand from some developed countries are restraining market growth. Furthermore, the emergence of the novel coronavirus disease (COVID-19), increasing costs associated with extraction measures, and increasing unemployment measures are also hampering the market growth during the forecast period.
Opportunity: Increased R&D investment in precious metals
Increasing research and development activities for the application of platinum group metals in the electronics sector, coupled with increasing investments in platinum group metals in African countries, may create opportunity factors for market growth. Furthermore, research and development investments in the precious metals industry to reduce costs and maximize revenue continue to increase and are expected to drive market growth during the forecast period. Additionally, rising demand for light vehicles from emerging economies and increasing demand for precious metal plating chemicals in the aerospace industry are expected to drive market growth.
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The major companies operating in the precious and base metals market are:
• Anglo-American
・Alcoa Co., Ltd.
• Antofagasta Company
•BHP
• First Quantum Minerals Co., Ltd.
• Freeport-McMoRan
• Lunding Mining Co., Ltd.
• Glencore
• TECH RESOURCE LIMITED.
• Rio Tinto
The main segments cover the following markets:
By precious metal:
• Silver
• Money
• Platinum group metals (PGMs)
By base metal:
• Lead
• Copper
• Aluminum
• others
By end user:
• Consumer goods
• Automobiles and transportation
• others
By region
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and other South America)
• Middle East and Africa (UAE, South Africa, rest of MEA)
About the report:
The market is analyzed on the basis of value (USD Billion). All segments are analyzed globally, regionally and by country. The study includes analysis of more than 30 countries in each part. The report analyzes the drivers, opportunities, restraints, and challenges to gain key insights on the market. This research includes Porter’s Five Forces Model, attractiveness analysis, product analysis, supply and demand analysis, competitive position grid analysis, distribution, and marketing channel analysis.
About Brainy Insights:
The Brainy Insights is a market research company that aims to provide actionable insights to improve business acumen for companies through data analysis. We have robust predictive and estimation models to help our clients achieve their goals of achieving high-quality results in a short period of time. We offer both customized (client-specific) and syndicated reports. The repository of syndicated reports is diverse across all categories and subcategories across domains. Our customized solutions are tailored to meet our clients’ requirements, whether they are looking to expand in global markets or planning to launch a new product.
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