PRECIOUS METALS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Takeaways from Analyst

With increasing demand from the jewelry sector especially in developing Asian economies like India and China, gold is likely to remain one of the strongest performing precious metals. Infrastructure development and urbanization will further fuel jewelry sales. Recovery in the automotive industry is also seen boosting the demand for palladium used in catalytic converters.

On the other hand, economic uncertainties arising from geopolitical issues and trade conflicts can dampen consumer and investor sentiments negatively impacting precious metals prices. A rise in bond yields makes gold less lucrative for investors. More substitutes for silver in electronics and photovoltaic cells can pose a threat. Tougher environment regulations may prompt new technologies reducing palladium loadings in autocatalysis.

New areas of growth include gold and silver investments riding on financialization trends. Gold is also seeing rising offtake in other applications like medical devices aided by new technologies. The precious metals market in North America is projected to emerge as the fastest growing region supported by economic diversification programs of the United State nations. Recovery in smaller fab investments could benefit platinum demand over the long term.