Precious and Base Metals Market Size, Outlook: Analysing the 13.08% CAGR and USD 2697.78 Billion Projection by 2032
The increasing applications of base metals for hardening & strengthening alloys, plating, casting, and coating reactive metals are also helping to stimulate the market growth during the forecast period. Asia Pacific emerged as the largest global precious and base metals market, with a 46.38% market revenue share in 2022.
Newark, Oct. 04, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the precious and base metals market will grow the USD 789.13 billion in 2022 and reach USD 2697.78 billion by 2032. In just eight years, the rapid technological advancements in end-use industries, increasing precious metals production, along with the growing need for platinum group metals (PGMs) in automotive applications are also helping to drive market growth. Further, the increasing demand for precious metals from industrial applications, along with the rising prices for coinage precious metals like gold, are also anticipated to drive market growth during the forecast period.
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Key Insight of the Precious and Base Metals Market
Asia Pacific 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. Key factors favoring the growth of the precious and base metals market in the Asia Pacific include the rising demand for the products in jewelry-based applications, along with the rising penetration of international players. Further, the increasing disposable income, significant investments in the renovation of buildings & structures, and the presence of multiple international & domestic players offering a broad range of automobiles are expected to drive market growth in this region.
The platinum group metals (PGM) segment is expected to augment 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 owing to the widespread product adoption in the automotive industry. Also, the increasing awareness about environmental pollution and changing regulations regarding carbon emissions from vehicles are expected to drive the segment’s market growth. Further, by 2032, the gold segment will likely dominate the market due to the significant investments in consumer electronics products.
The lead segment market size was 257.25 billion in 2022
The lead segment is anticipated to dominate the market over the forecast period owing to the increasing lead acid battery applications to provide power for sump pumps, electric motors, submarines, nuclear submarines, and others. Further, by 2032, the copper segment will likely dominate the market due to the rapid adoption of Internet of Things (IoT)-based technologies.
The consumer goods segment is anticipated to dominate the market by 46.12% in 2032
The consumer goods segment is anticipated to dominate the market in the forthcoming years, owing to raised demand for high-purity base metals from various industries. Further, by 2032, the automotive and transportation segment will likely dominate the market due to the increasing demand for catalytic converters in the automotive industry.
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|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)||USD 2697.78 Billion|
|Precious and Base Metals Market CAGR||13.08%|
|Segments Covered||Key Segments are precious metal, base metal, end-user, and regions|
Driver: The increasing disposable income and changing lifestyle
The raised disposable income and people’s changing lifestyles are driving factors of the market growth. Further, the increasing product demand in the medical market for platinum-based anticancer medicines & medical appliances, such as pacemakers, is also helping to boost the market growth. Additionally, the vast importance of jewellery in wedding ceremonies in India, China, and other South Asian countries is anticipated to surge the consumption of precious metals. However, increasing demand for copper worldwide and the government’s rising focus on pro-mining policies are also helping stimulate market growth.
Restraint: The negative impact of the COVID-19 pandemic
Several factors like government reserves, inflation, currency fluctuations, and geopolitical uncertainties heavily influence precious metals prices. Due to such instabilities in pricing, the supply and demand of these metals get severely impacted, thereby affecting industrial production activities. A risk with mining for base metals, pricing for emerging alternatives, and lower demand from some developed nations are restraining market growth. Furthermore, the advent of COVID-19, increasing costs related to extractive measures, and increasing unemployment measures are also hindering market growth over the forecast period.
Opportunity: The increasing R&D investments in the precious metal
The rising R&D activities for applying platinum group metals in the electronics sector, coupled with the growing investments in the African countries in platinum group metals, are likely to create the opportunity factor of market growth. Moreover, the ever-increasing R&D investments in the precious metal industry to reduce costs & maximize returns are anticipated to drive market growth over the forecast period. Additionally, the rising demand for light vehicles from emerging economies, along with the increasing demand for precious metal plating chemicals in the aerospace industry, is expected to propel the market growth.
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Some of the major players operating in the precious and base metals market are:
• Anglo American
• Alcoa Corporation
• Antofagasta plc
• First Quantum Minerals Ltd.
• Lundin Mining Corporation
• Teck Resources Limited
• Rio Tinto
Key Segments cover in the market:
By Precious Metal:
• Platinum Group Metals (PGM)
By Base Metal:
• Consumer Goods
• Automotive and Transportation
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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