The global precious metals market size is expected to gain momentum by reaching USD 403.08 billion by 2028 from USD 275.40 billion in 2021 while exhibiting a CAGR of 5.6% between 2021 to 2028. In its report titled, “Precious Metals Market, 2021-2028,” Fortune Business Insights™ mentions that the market stood at USD 261.94 billion in 2020.

The demand for precious type of metals is expected to rise globally owing to increased investment in jewelry. Moreover, gold and silver are some of the prime metals which are extensively used in South Asian countries, and the rising population in this region is adding more to the market. For instance, according to a report by the World Gold Council, in 2019, Indian households have accumulated up to 25,000 tonnes of gold, which makes India hold the tag of the world's largest holders of the metal.

COVID-19 Impact

To curb the spread of the virus, manufacturing and mining activities were at a halt. As per our analysis during the pandemic, the growth rate declined by 2.0% in 2020, and another report by the Silver Institute stated that the demand for silver from industrial applications declined by 5% in 2020. However, as the prices kept fluctuating, investors took it as an opportunity to invest in gold. Thus the market is expected to boom back during the forecast period.

Market Segmentation:

By type, the market for precious metals is divided into silver, gold, and platinum group metals. By application, it is divided into industrial, jewelry, investment, and others.

Based on application, the industrial segment held the largest share in 2020 in the market. This is attributable to the increasing demand for silver from photovoltaics manufacturers, as fossil fuels are depleting, and people are looking for renewable energy sources to meet their energy demands.

Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America. 

What does the Report Provide?

The market report provides a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to contribute to the market growth.

Browse Detailed Summary of Research Report with TOC:

https://www.fortunebusinessinsights.com/precious-metals-market-105747