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The Global Precious And Base Metals Market Size is valued at 915.4 billion in 2023 and is predicted to reach 2300.9 billion by the year 2031 at an 12.34% CAGR during the forecast period for 2024-2031.
Base metals, such as copper or zinc, are fundamental metals used in industry or manufacturing. Copper, one of the essential metals, has grown in importance in recent years worldwide and regionally. Whereas Excellent electrical conductors include precious metals. They are utilized in the wiring of electrical equipment as a result. They have high melting points and are resistant to rust and corrosion. They are valued because of their great demand and uncommon traits. The business is driven by an increase in weddings where jewelry is regularly worn and a growth in young people's preference for plated jewelry. The market is expanding due to changing consumer preferences and rising disposable income.
Key Industry Insights & Findings from the report:
The economic effects of COVID-19 and the resulting sharply increased government spending are causing inflation to reappear in the majority of countries throughout the world. This has increased demand for and investment in precious and base metals because of the uncertain economic future that COVID-19 is causing. The market's anticipated expansion is being encouraged by the rise in precious metals trading activity.
Moreover, popular market organizations across a range of industrial verticals are investing in the regeneration of precious metals that can be used to produce heart defibrillators and artificial cochlea because of increasing environmental concerns. Because these metals are used to clean automobile exhaust fumes, governments in many nations enact strict emission rules, assisting market expansion. These variables are anticipated to contribute to growth during the predicted period. Additionally, mining process challenges may also impact the market's production rate. The total expansion of base metals and mining during the foreseeable period may need to be improved by these market difficulties.
The precious and base metals market is segmented based on base metals, precious metals and applications. Based on base metals, the market is segmented as copper, lead, aluminum and other. The market is segmented by precious metals: gold, silver and PGM. Based on applications, the market is segmented as automotive and transportation, consumer goods and others.
The silver category is expected to hold a significant share of the global precious and base metals market in 2021. Due to its widespread use in the manufacturing and jewellery sectors and its low cost in comparison to its competitors, silver is predicted to dominate the market over the projection period. It is anticipated that Mexico and Peru will continue to be the principal silver commodity production centres. The Silver segment is growing as a result of numerous factors. However, the manufacturing and use of large quantities of cutlery, ornaments, and items used in chemical departments have always sparked interest in the market. The silver segment also deals with electronic devices and solar photovoltaic panels, using silver in some of these applications for insulation and conductivity. The rise of the silver market has been aided by the expanding use of oxide batteries that contain silver components.
The copper segment is projected to proliferate in the global precious and base metals market. The market is quickly developing as a result of the demand for copper. Compared to other base metals, copper is in prominent demand. In addition, this metal is expensive compared to others. There will be considerable demand for these natural resources in the coming years. The market will have tremendous growth potential due to the expansion of copper metals., especially in countries such as the US, Germany, the UK, China, and India.
The North American precious and base metals market holds a significant regional revenue share.
The North American precious and base metals market is expected to register the highest market share in revenue shortly. The region's demand for precious and base metals is projected to increase due to the easy access to silver mines in Mexico and the robust manufacturing bases in the United States and Canada. The three economies mentioned above' optimized value chains are also anticipated to significantly impact the market's expansion in the years to come.
In addition, Asia Pacific is projected to grow rapidly in the global precious and base metals market. The region includes the burgeoning superpowers China, Japan, and India. Of these, China has the most significant impact on the market for the precious metals sector. China's robust domestic manufacturing sector mainly drives the consumption of the commodities above. The rise of India as a rival regional superpower is a major element driving the market's expansion. The nation is Asia Pacific's second-largest purchaser of gold commodities. Due to the enormous wedding business, the nation boasts a robust jewelry market.
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Report Attribute |
Specifications |
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Market size value in 2023 |
USD 915.4 billion |
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Revenue forecast in 2031 |
USD 2300.9 billion |
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Growth rate CAGR |
CAGR of 12.34% from 2024 to 2031 |
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Quantitative units |
Representation of revenue in US$ Million, and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments covered |
Base Metal, Precious Metal, Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Competitive Landscape |
Alcoa Corporation, Anglo American, BHP, Antofagasta plc, FreeportMcMoRan Inc., First Quantum Minerals Ltd., Glencore, Lundin Mining Corporation, Rio Tinto, Teck Resources Limited |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Precious and Base Metals Market Snapshot
Chapter 4. Global Precious and Base Metals Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Base Metal Estimates & Trend Analysis
5.1. by Base Metal & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Base Metal:
5.2.1. Copper
5.2.2. Lead
5.2.3. Aluminum
5.2.4. Others
Chapter 6. Market Segmentation 2: by Precious Metal Estimates & Trend Analysis
6.1. by Precious Metal & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Precious Metal:
6.2.1. Gold
6.2.2. Silver
6.2.3. PGM
Chapter 7. Market Segmentation 3: by End-use Estimates & Trend Analysis
7.1. by End-use & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-use:
7.2.1. Automotive and Transportation
7.2.2. Consumer Goods
7.2.3. Others
Chapter 8. Precious and Base Metals Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Base Metal, 2024-2031
8.1.2. North America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Precious Metal, 2024-2031
8.1.3. North America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
8.1.4. North America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.2. Europe
8.2.1. Europe Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Base Metal, 2024-2031
8.2.2. Europe Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Precious Metal, 2024-2031
8.2.3. Europe Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
8.2.4. Europe Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.3. Asia Pacific
8.3.1. Asia Pacific Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Base Metal, 2024-2031
8.3.2. Asia Pacific Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Precious Metal, 2024-2031
8.3.3. Asia-Pacific Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
8.3.4. Asia Pacific Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.4. Latin America
8.4.1. Latin America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Base Metal, 2024-2031
8.4.2. Latin America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Precious Metal, 2024-2031
8.4.3. Latin America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
8.4.4. Latin America Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Base Metal, 2024-2031
8.5.2. Middle East & Africa Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by Precious Metal, 2024-2031
8.5.3. Middle East & Africa Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by End-use, 2024-2031
8.5.4. Middle East & Africa Precious and Base Metals Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Alcoa Corporation
9.2.2. Anglo American
9.2.3. AngloGold Ashanti
9.2.4. Antofagasta plc
9.2.5. Barrick Gold
9.2.6. BHP
9.2.7. CODELCO
9.2.8. First Quantum Minerals Ltd.
9.2.9. Freeport-McMoRan
9.2.10. Glencore
9.2.11. Gold Fields
9.2.12. Goldcorp
9.2.13. Jiangxi Copper Corporation Limited
9.2.14. Kinross Gold
9.2.15. Lundin Mining Corporation
9.2.16. Newcrest Mining
9.2.17. Newmont Goldcorp
9.2.18. Polyus Gold International
9.2.19. Randgold Resources
9.2.20. Rio Tinto
9.2.21. Southern Copper
9.2.22. Teck Resources Limited
9.2.23. United Company Rusal Plc
9.2.24. United States Steel Corporation
9.2.25. Vale
9.2.26. Vedanta Resources Limited
9.2.27. Other Prominent Players
Segmentation of Precious and Base Metals Market-
By Base Metal
By Precious Metal
By End-Use
By Region-
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
