LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global precious metals market is projected to grow to 1,757.4 million ounces by 2021, at a CAGR of more than 4% over the forecast period.
This research report titled ‘Global Precious Metals Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
|Precious metals are naturally occurring rare metallic chemical elements which have high economic value. The extensive use of platinum in the glass and chemical industries due to its high melting point, strength, and corrosion resistance will be a key driving factor impacting the global precious metals market.|
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Based on product type, the report categorizes the global precious metals market into the following segments:
The top three revenue-generating product segments in the global precious metals market are discussed below:
“Silver dominates the precious metals market and holds over 85% of the global shares. This metal is in high demand for various industrial applications, in jewelry making, and for investment purposes,” says Mahitha Mallishetty, a lead analyst in Technavio for metals and minerals research.
The global silver market is mainly driven by the growing usage of silver in photovoltaic devices and jewelry, from countries such as the US, China, India, Japan, and Russia. Apart from the above-mentioned applications, it is also used in the fashion and glass industries.
Gold is the second most popular product of the global precious metals market, projected to reach 210.2 million ounces by 2021. The high demand for this metal from East Asia, India, and the Middle East will be responsible for the growth of the market segment over the forecast period. Other factors that are likely to influence the global gold market include the above-ground supply of gold from central banks’ sale, official gold loans, hedging interests of producers, the construction of new production facilities or processes, unexpected mine or plant closures, and industry restructuring.
“Most of the demand for palladium originates from the autocatalyst sector, which is used in the expanding automotive output from swiftly developing nations such as India and China. The jewelry industry also creates a significant demand for palladium,” says Mahitha.
Region wise, Europe, Japan, and North America create moderate demand for palladium. Other important industries where palladium is used include electrical, dental, chemical, and investment sectors.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Anglo American
- Impala Platinum
- Newmont Mining
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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