Precious Metals Market Size to Hit USD 533.12 Bn by 2032, Growing at 7.2% CAGR amid Expanding Industrial Applications

/EIN News/ -- Burlingame, CA, May 10, 2025 (GLOBE NEWSWIRE) -- The global precious metals market size is calculated at USD 327.47 billion in 2025 and is forecasted to reach around USD 533.12 billion by 2032, accelerating at a CAGR of 7.2% from 2025 to 2032.The market sizing and forecasts are revenue-based (USD Million/Billion), with 2024 as the base year. Rising disposable incomes and evolving lifestyle preferences are key factors fueling market growth.

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Global Precious Metals Market Key Takeaways

• According to Coherent Market Insights (CMI), the global precious metals market size is forecast to expand from USD 327.47 Bn in 2025 to USD 533.12 Bn by 2032, registering a CAGR of 7.2% throughout the forecast period.

• By metal type, gold segment is anticipated to account for more than two-fifths of the global precious metals market share in 2025.

• Based on application, jewelry segment is expected to generate a market revenue of about USD 117.56 Bn in 2025.

• Asia Pacific is set to dominate the global precious metals industry, accounting for more than half of the market share in 2025. This can be attributed to strong industrial demand and booming jewelry sector.

• As per Coherent Market Insights’ latest precious metals market analysis, North America, spearheaded by the United States, is set to emerge as the fastest-growing market during the assessment period.

Soaring Demand for Jewelry Fueling Precious Metals Market Growth

Coherent Market Insights’ latest precious metals market report highlights key factors driving the industry’s growth. One such factor is the increasing demand for gold and silver jewelry, especially across nations like India and China.

Precious metals like gold, platinum, silver, and palladium remain highly valued in the jewelry sector. They are being increasingly used for making items like rings, bangles, chains, earrings, and necklaces. Rising consumer demand for these jewelry products is expected to boost growth of the precious metals market.

Nations like India are witnessing high consumption of gold jewelry due to robust festival and wedding-related purchases as well as increased investment interest. According to World Gold Council, despite increasing gold prices, India’s gold consumption rose by 5% to 802.8 tonnes in 2024.

Also Read: Precious Metal Catalysts Market Size, Share, and Trends (2025-2032)

Volatility in Precious Metal Prices Limited Growth

The future precious metals market outlook appears optimistic, driven by rising jewerly demand and increasing industrial applications. However, volatility in precious metal market prices, along with environmental and ethical concerns associated with extraction of precious metals, can negatively impact industry growth to some extent.

Precious metal prices are heavily influenced by several factors, including economic uncertainties and geopolitical tensions. This volatility often leads to decreased investor confidence, thereby affecting overall precious metal market demand and growth.

Expanding Industrial Applications Creating Growth Avenues for Companies

Increasing demand for precious metals in industrial applications is expected to create lucrative growth avenues for precious metal companies. These metals play a vital role in industries like automotive, electronics, and renewable energy. This is due to their exceptional properties like high conductivity and corrosion resistance.

For instance, silver is increasingly used in solar panels and electronic conductors due to its excellent conductivity. Similarly, platinum finds usage in automotive catalytic converters. These expanding applications will likely open new revenue-generation streams for manufacturers of precious metals during the assessment period.

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Emerging Precious Metals Market Trends

• There is a growing trend of adopting ESG (Environmental, Social, and Governance) practices in precious mining operations. This is due to rising consumer demand for responsibly sourced metals.

• Introduction of ETFs as well as digital gold platforms are making precious metal investments more accessible. This, in turn, will support expansion of the precious metals market in the coming years.

• Surging popularity of green technologies like electric vehicles and solar energy is expected to boost sales of precious metals, especially platinum and palladium. This is due to their rising usage in hydrogen fuel cells, catalytic converters, and photovoltaic cells.

Also Read: How Expanding Industrial Applications Are Impacting Rare Earth Metals Market: Global Industry Analysis and Forecast (2025-2032)

Analyst’s View

“The global precious metals market is poised to witness rapid growth, owing to increasing consumption of precious metals across industries like jewelry, renewable energy, automotive, and electronics,” said senior analyst Vidyesh Swar.

Current Events and Their Impact on the Precious Metals Market

Event	Description and Impact
Global Economic Uncertainty	Description: Increasing fears of recession and market volatility are prompting investors and consumers to seek safer investments, and precious metals like gold and silver are often viewed as safe-haven assets. Impact: Increasing demand for precious metals as a safe-haven investment will take the industry forward.
Environmental Concerns	Description: Environmental and ethical concerns are putting sustainable and ethically sourced precious metals into the limelight. Impact: Rising demand for responsibly mined precious metals will further boost sales growth.
Strong Industrial Demand	Description: Precious metals are increasingly used in emerging industrial applications like solar panels and electric vehicles. Impact: Expanding usage in diverse industrial applications will likely create growth prospects for precious metal manufacturers.

Competitor Insights

Key companies in precious metals market research report:

• Wheaton Precious Metals Corp.
• Newmont Corporation
• Barrick Gold Corporation
• Fresnillo plc
• AngloGold Ashanti Limited
• Royal Gold, Inc.
• Gold Fields Limited
• Platinum Group Metals Ltd
• Harmony Gold Mining Company Limited
• Pan American Silver Corp.
• Sibanye Stillwater
• Silver Wheaton Corp.
• Johnson Matthey PLC
• South32 Limited
• Agnico Eagle Mines Limited
  

Key Developments

• In February 2025, Asahi Kasei launched a new demonstration project with Furuya Metal, Mastermelt, and Nobian to recycle metals, especially precious metals, from electrodes and cells used in electrolyzers for caustic soda production.
• In January 2024, Heraeus Precious Metals launched a new Business Line Hydrogen Systems to support the hydrogen economy. The new business will provide various precious metal-based products for fuel cells and electrolyzers as well as cutting-edge electrocatalyst solutions for next-gen applications.

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Market Segmentation

By Metal Type Insights (Revenue, USD Bn, 2020 - 2032)

• Gold
• Silver
• Platinum
• Palladium

By Application Insights (Revenue, USD Bn, 2020 - 2032)

• Jewelry
• Industrial
• Investment
• Others

Regional Insights (Revenue, USD Bn, 2020 - 2032)

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

Also Read: Scrap Metal Recycling Market Size, Share & Industry Analysis (2025-2032)

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