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The global precious and base metals market was valued at USD 789.13 billion in 2022, increasing at a CAGR of 13.08% from 2023 to 2032 and anticipated to reach USD 2697.78 billion by 2032. North America is expected to grow the fastest during the forecast period. Furthermore, the increasing cost of precious metals like gold, silver, and other equivalent metals is expected to propel the market growth during the forecast period.
Gold, palladium, silver, and platinum are the primary precious metals. Precious metals are elements that are considered rare & chemically inert. Precious metals are not abundant in nature & they have high economic value. Precious metals are utilized commonly in jewelry, industrial processes, or very usually as investment vehicles. The best-known precious metals are coinage metals, which are silver & gold. Although both have industrial uses, they are better known for their assistance in art, jewelry, and coinage. Other precious metals contain the platinum group metals: osmium, ruthenium, rhodium, iridium, palladium, and platinum, of which platinum is the most widely traded. Base metals are common metals that corrode, tarnish, or oxidize moderately quickly when exposed to moisture or air. Base metals can be contrasted with precious metals and are widely utilized in industrial & commercial applications, such as manufacturing & construction. The primary benefit of base metals is that they are relatively cheap.
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Increasing urbanization: The rising demand for base metals in residential & non-residential construction development is one of the driving factors of the market growth. Moreover, the ever-increasing demand for platinum group metals in producing many active pharmaceutical ingredients (APIs) and overall product utilization in the jewelry industry for electroplating are driving factors of the market growth over the forecast period. Also, the increase in urbanization and the rising industrialization positively impacted the market growth during the forecast period. However, 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.
The stringent regulations associated with mining: The risks associated with deep mining and strict government regulations owing to depleting reserves hamper the market growth. Further, the mining of precious minerals is a tedious task affecting large capital in machinery, long working hours, and uncertainty of output is expected to inhibit the growth. Also, the high costs involved in maintaining platinum group metals, technical issues, and diminishing ore grades of precious and base metals hamper the market growth over the forecast period. Moreover, the fluctuations or volatility in the prices of raw materials, along with the inadequate polishing to preserve the luster & color of precious and base metals, is also restraining the market growth.
The technological advancements: The various technological innovations, like the introduction of handheld X-ray fluorescence (XRF) devices to analyze platinum group metals in catalytic converters, propel the market growth. Additionally, the technological advancements in extraction & deep mining for base metals to meet the rising demand of end-use industries are helping to boost market growth during the forecast period. Further, the rapidly growing demand for renewable energy and the increasing proliferation of electric vehicles is expected to drive market growth during the forecast period. Moreover, the expanding mining operations, hike in recycling, as well as increasing petrochemical demand from industries like construction is propelling the market growth during the forecast period. Apart from this, the increasing demand for palladium in catalytic converters in the automotive market in vehicle exhausts is also pushing the market growth in the upcoming year.
The regions analyzed for the market include Europe, South America, Asia Pacific, North America, the Middle East, and Africa. Asia Pacific emerged as the largest global precious and base metals market, with a 46.38% market revenue share in 2022. Asia Pacific dominates the precious and base metals market due to labor availability and growing precious metals prices. Further, the rise in income levels, along with the increase in the consumption of jewelry owing to the expansion of the fashion industry, drive the market growth in this region over the forecast period. Additionally, China's strong domestic manufacturing sector, along with the rise in investments in infrastructure by the government, is expected to push market growth during the forecast period in this region. North America is expected to grow the fastest during the forecast period due to the rising penetration of international players. Moreover, the presence of the largest electrical & electronics industry, coupled with the strong manufacturing capabilities of the U.S., is expected to drive market growth during the forecast period. Apart from this, the increased use of PGM within automotive, along with the increasingly stringent government regulations regarding carbon emissions, are also helping to stimulate market growth during the forecast period in this region.
Asia Pacific Region Precious and Base Metals Market Share in 2022 - 46.38%
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The precious metal segment is divided into silver, gold, and platinum group metals (PGM). The platinum group metals (PGM) segment dominated, with a market share of around 40.03% in 2022. This growth is attributed to the increasing product demand in the medical industry for platinum-based anticancer medicines & medical devices like pacemakers. Additionally, the platinum group metals are six anatomically, chemically, and physically similar elements clustered together in the periodic table. The platinum group metals (PGM) consist of ruthenium, platinum, rhodium, osmium, palladium, and iridium. Platinum group metals (PGM) are widely utilized in auto catalysts, fuel cells, oxygen sensors, jewelry making, electronic components, flat-panel computers, medical tools, spark plugs, razors, computer hard drives, and glass production. Further, by 2032, the gold segment will likely dominate the market due to the increasing medical applications. Additionally, gold is a chemical component with the symbol Au (from Latin: aurum) and atomic number 79. It has been a highly sought-after precious metal for jewelry, coinage, and other arts since the beginning of documented history. The metal occurs as grains or nuggets in rocks, underground veins, and alluvial deposits. However, silver is also likely to dominate the industry over the projection period owing to its extensive usage across the industrial & jewelry sector, coupled with low cost compared to its counterparts. Silver is also a widespread type of precious metal due to its many uses in industry & manufacturing, making silver extremely valuable worldwide.
The base metal segment is divided into lead, copper, aluminum, and others. In 2022, the lead segment dominated the market with the largest market share of 32.6% and market revenue of 257.25 billion. This growth is attributed to the increasing demand for base metals from the electrical, electronics, construction, and automotive sectors. Additionally, lead is used as a dependable source for batteries, zinc is used to coat galvanized steel, and nickel is used to strengthen & harden metal alloys. Further, by 2032, the copper segment will likely dominate the market due to the increasing customer awareness about the impacts of corrosion on electrical equipment.
The end-user segment is divided into consumer goods, automotive and transportation, and others. In 2022, the consumer goods segment dominated the market, accounting for around 39.21% of global revenue. This growth is attributed to the ever-increasing application of precious and base metals in electronics and personal hygiene accessories. Further, by 2032, the automotive and transportation segment will likely dominate the market due to the increasing demand for vehicles coupled with abundant raw material availability. Additionally, the significant investments in platinum group metals are also helping to boost the segment’s market growth.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Billion) |
| Market size value in 2023 | USD 789.13 Billion |
| Market size value in 2032 | USD 2697.78 Billion |
| CAGR (2023 to 2032) | 13.08% |
| Historical data | 2019-2021 |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Regional Segments | The key regions are North America, South America, Europe, Asia Pacific, and Middle East & Africa. |
| Segments | Key Segments are precious metal, base metal, end-user, and regions |
Asia Pacific region emerged as the largest market for precious and base metals.
The market's growth will be influenced by the growing need for platinum group metals (PGMs) in automotive applications.
The stringent regulations associated with mining could hamper the market growth.
The increasing R&D investments in precious and base metals will provide huge opportunities to the market.
Key players Anglo American, Alcoa Corporation, Antofagasta plc, BHP, First Quantum Minerals Ltd., Freeport-McMoRan, Lundin Mining Corporation, Glencore, Teck Resources Limited, Rio Tinto, and among others.
1. Introduction
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.4. Currency
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Precious Metal
4.3.2. Market Attractiveness Analysis By Base Metal
4.3.3. Market Attractiveness Analysis By End-User
4.3.4. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2. Drivers
5.2.1. The rising FDIs by foreign players
5.2.2. The rising environmental concerns
5.2.3. The increasing disposable income
5.2.4. The growing need for platinum group metals (PGMs) in automotive applications
5.3. Restraints
5.3.1. The negative impact of covid-19 pandemic
5.3.2. The stringent regulations associated with mining
5.4. Opportunities
5.4.1. The increasing R&D investments in the precious and base metal
5.4.2. The rapid technological advancements in end-use enterprises
6. Global Precious and Base Metals Market Analysis and Forecast, By Precious Metal
6.1. Segment Overview
6.2. Silver
6.3. Gold
6.4. Platinum Group Metals (PGM)
7. Global Precious and Base Metals Market Analysis and Forecast, By Base Metal
7.1. Segment Overview
7.2. Lead
7.3. Copper
7.4. Aluminum
7.5. Others
8. Global Precious and Base Metals Market Analysis and Forecast, By End-User
8.1. Segment Overview
8.2. Consumer Goods
8.3. Automotive and Transportation
8.4. Others
9. Global Precious and Base Metals Market Analysis and Forecast, By Regional Analysis
9.1. Segment Overview
9.2. North America
9.2.1. U.S.
9.2.2. Canada
9.2.3. Mexico
9.3. Europe
9.3.1. Germany
9.3.2. France
9.3.3. U.K.
9.3.4. Italy
9.3.5. Spain
9.4. Asia-Pacific
9.4.1. Japan
9.4.2. China
9.4.3. India
9.5. South America
9.5.1. Brazil
9.6. Middle East and Africa
9.6.1. UAE
9.6.2. South Africa
10. Global Precious and Base Metals Market-Competitive Landscape
10.1. Overview
10.2. Market Share of Key Players in Global Precious and Base Metals Market
10.2.1. Global Company Market Share
10.2.2. North America Company Market Share
10.2.3. Europe Company Market Share
10.2.4. APAC Company Market Share
10.3. Competitive Situations and Trends
10.3.1. Product Launches and Developments
10.3.2. Partnerships, Collaborations, and Agreements
10.3.3. Mergers & Acquisitions
10.3.4. Expansions
11. Company Profiles
11.1. Anglo American
11.1.1. Business Overview
11.1.2. Company Snapshot
11.1.3. Company Market Share Analysis
11.1.4. Company Product Portfolio
11.1.5. Recent Developments
11.1.6. SWOT Analysis
11.2. Alcoa Corporation
11.2.1. Business Overview
11.2.2. Company Snapshot
11.2.3. Company Market Share Analysis
11.2.4. Company Product Portfolio
11.2.5. Recent Developments
11.2.6. SWOT Analysis
11.3. Antofagasta plc
11.3.1. Business Overview
11.3.2. Company Snapshot
11.3.3. Company Market Share Analysis
11.3.4. Company Product Portfolio
11.3.5. Recent Developments
11.3.6. SWOT Analysis
11.4. BHP
11.4.1. Business Overview
11.4.2. Company Snapshot
11.4.3. Company Market Share Analysis
11.4.4. Company Product Portfolio
11.4.5. Recent Developments
11.4.6. SWOT Analysis
11.5. First Quantum Minerals Ltd.
11.5.1. Business Overview
11.5.2. Company Snapshot
11.5.3. Company Market Share Analysis
11.5.4. Company Product Portfolio
11.5.5. Recent Developments
11.5.6. SWOT Analysis
11.6. Freeport-McMoRan
11.6.1. Business Overview
11.6.2. Company Snapshot
11.6.3. Company Market Share Analysis
11.6.4. Company Product Portfolio
11.6.5. Recent Developments
11.6.6. SWOT Analysis
11.7. Lundin Mining Corporation
11.7.1. Business Overview
11.7.2. Company Snapshot
11.7.3. Company Market Share Analysis
11.7.4. Company Product Portfolio
11.7.5. Recent Developments
11.7.6. SWOT Analysis
11.8. Glencore
11.8.1. Business Overview
11.8.2. Company Snapshot
11.8.3. Company Market Share Analysis
11.8.4. Company Product Portfolio
11.8.5. Recent Developments
11.8.6. SWOT Analysis
11.9. Teck Resources Limited
11.9.1. Business Overview
11.9.2. Company Snapshot
11.9.3. Company Market Share Analysis
11.9.4. Company Product Portfolio
11.9.5. Recent Developments
11.9.6. SWOT Analysis
11.10. Rio Tinto
11.10.1. Business Overview
11.10.2. Company Snapshot
11.10.3. Company Market Share Analysis
11.10.4. Company Product Portfolio
11.10.5. Recent Developments
11.10.6. SWOT Analysis
List of Table
1. Global Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
2. Global Silver, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
3. Global Gold, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
4. Global Platinum Group Metals (PGM), Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
5. Global Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
6. Global Lead, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
7. Global Copper, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
8. Global Aluminum, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
9. Global Others, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
10. Global Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
11. Global Consumer Goods, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
12. Global Automotive and Transportation, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
13. Global Others, Precious and Base Metals Market, By Region, 2019-2031 (USD Billion)
14. North America Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
15. North America Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
16. North America Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
17. U.S. Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
18. U.S. Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
19. U.S. Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
20. Canada Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
21. Canada Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
22. Canada Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
23. Mexico Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
24. Mexico Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
25. Mexico Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
26. Europe Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
27. Europe Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
28. Europe Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
29. Germany Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
30. Germany Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
31. Germany Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
32. France Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
33. France Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
34. France Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
35. U.K. Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
36. U.K. Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
37. U.K. Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
38. Italy Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
39. Italy Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
40. Italy Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
41. Spain Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
42. Spain Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
43. Spain Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
44. Asia Pacific Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
45. Asia Pacific Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
46. Asia Pacific Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
47. Japan Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
48. Japan Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
49. Japan Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
50. China Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
51. China Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
52. China Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
53. India Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
54. India Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
55. India Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
56. South America Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
57. South America Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
58. South America Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
59. Brazil Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
60. Brazil Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
61. Brazil Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
62. Middle East and Africa Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
63. Middle East and Africa Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
64. Middle East and Africa Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
65. UAE Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
66. UAE Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
67. UAE Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
68. South Africa Precious and Base Metals Market, By Precious Metal, 2019-2031 (USD Billion)
69. South Africa Precious and Base Metals Market, By Base Metal, 2019-2031 (USD Billion)
70. South Africa Precious and Base Metals Market, By End-User, 2019-2031 (USD Billion)
List of Figures
1. Global Precious and Base Metals Market Segmentation
2. Global Precious and Base Metals Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top- Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Precious and Base Metals Market Attractiveness Analysis By Precious Metal
9. Global Precious and Base Metals Market Attractiveness Analysis By Base Metal
10. Global Precious and Base Metals Market Attractiveness Analysis By End-User
11. Global Precious and Base Metals Market Attractiveness Analysis By Region
12. Global Precious and Base Metals Market: Dynamics
13. Global Precious and Base Metals Market Share By Precious Metal (2023 & 2031)
14. Global Precious and Base Metals Market Share By Base Metal (2023 & 2031)
15. Global Precious and Base Metals Market Share By End-User (2023 & 2031)
16. Global Precious and Base Metals Market Share By Regions (2023 & 2031)
17. Global Precious and Base Metals Market Share By Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the global precious and base metals based on below mentioned segments:
Global Precious and Base Metals Market by Precious Metal:
Global Precious and Base Metals Market by Base Metal:
Global Precious and Base Metals Market by End-User:
Global Precious and Base Metals by Region:
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