NEWARK, Oct. 04, 2023 (GLOBE NEWSWIRE) — Brainy Insights estimates that the precious metals and base metals market will grow by US$789.13 billion in 2022 and reach US$2,697.78 billion by 2032. In just eight years, rapid technological advances will In end-use industries, increasing production of precious metals, coupled with the growing need for platinum group metals (PGMs) in automotive applications, are also helping to drive market growth. Moreover, rising demand for precious metals from industrial applications, coupled with rising prices of precious metals like gold, is also expected to propel the market growth over the forecast period.
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Insight into the precious metals and base metals market
The Asia Pacific region represents the largest market size during the forecast period.
The Asia Pacific region is expected to have the largest market share in the precious and base metals market. The key factors aiding the growth of the precious metals and base metals market in Asia Pacific include the growing demand for products in jewelery-based applications, coupled with the increasing penetration of international players. Moreover, increasing disposable income, major investments in renovation of buildings and structures, and presence of multiple international and local players offering a wide range of vehicles are expected to propel the market growth in this region.
The Platinum Group Metals (PGM) segment is expected to drive an increase in the precious and base metals market during the forecast period.
The platinum group metals (PGM) segment accounted for the largest market share in 2022 and is expected to continue during the forecast period due to widespread adoption of the products in the automotive industry. Growing awareness about environmental pollution and changing regulations regarding carbon emissions from vehicles are also expected to drive the market growth of this segment. Moreover, by 2032, the gold sector is likely to dominate the market due to significant investments in consumer electronic products.
Lead segment market size will reach 257.25 Billion in 2022
The major segment is expected to dominate the market during the forecast period owing to increasing applications of lead acid batteries for supplying power to sump pumps, electric motors, submarines, nuclear submarines, etc. Moreover, by 2032, the copper segment is likely to dominate the market due to rapid adoption of Internet of Things (IoT)-based technologies.
The consumer goods sector is expected to dominate the market with a share of 46.12% in 2032
The consumer goods sector is expected to dominate the market in the coming years, due to increasing demand for high-purity base metals from various industries. Moreover, by 2032, the automotive and transportation segment is likely to dominate the market due to the growing demand for catalytic converters in the automobile industry.
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Scope of the report
|Report coverage||Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends|
|Regional scope||North America, Europe, Asia Pacific, Middle East, Africa and Latin America|
|Market size (unit)||2697.78 billion US dollars|
|CAGR of the precious metals and base metals market||13.08%|
|Covered sectors||The main sectors are precious metals, base metals, end user and regions|
Driver: Increased disposable income and lifestyle change
High disposable income and changing lifestyles of people are the driving factors for the market growth. Moreover, growing product demand in the medical market for anti-cancer drugs and platinum-based medical devices, such as pacemakers, is also helping to boost the market growth. In addition, the high importance of jewelry at weddings in India, China and other South Asian countries is expected to increase the consumption of precious metals. However, the growing demand for copper across the world and the government’s increasing focus on pro-mining policies are also helping to stimulate market growth.
Self-control: The negative impact of the COVID-19 pandemic
Several factors such as government reserves, inflation, currency fluctuations, and geopolitical uncertainties significantly affect precious metal prices. Due to price instability, the supply and demand for these minerals is severely affected, affecting industrial production activities. Risks associated with mining for base metals, pricing of emerging alternatives, and declining demand from some developed countries are constraining market growth. Moreover, the emergence of Coronavirus (COVID-19), increasing costs related to extractive measures, and increasing unemployment measures are also hampering the market growth over the forecast period.
Opportunity: Increased R&D investments in precious metals
Increasing R&D activities for the application of platinum group metals in the electronics sector, coupled with increasing investments in African countries in platinum group metals, are likely to create an opportunity factor for market growth. Moreover, ever-increasing R&D investments in the precious metals industry to reduce costs and maximize returns are expected to drive market growth over the forecast period. In addition, growing demand for light duty vehicles from emerging economies, coupled with growing demand for precious metal coating chemicals in the aerospace industry, is expected to drive market growth.
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Some of the major players operating in the precious and base metals market are:
• Anglo American
• Alcoa Company
• Antofagasta plc
• First Quantum Metals Limited
• Lundin Mining Company
• Tech Resources Limited
• Rio Tinto
Main sectors covering the market:
By precious metals:
• Platinum Group Metals (PGM)
By base metals:
By end user:
• Consumer goods
• Cars and transportation
• North America (USA, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)
• Asia-Pacific region (China, Japan, India and the rest of Asia-Pacific)
• South America (Brazil and the rest of South America)
• Middle East and Africa (UAE, South Africa and the rest of the Middle East and Africa)
About the report:
The market is analyzed on the basis of value (billion USD). All sectors have been analyzed at global, regional and country levels. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor location network analysis, distribution, and marketing channel analysis.
About Smart Insights:
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