Precious metals are increasingly making a mark in a wide range of applications ranging from electronics, autocatalysts to photography. According to a new report, Precious Metals: Global Markets, the global precious metals market totaled $217.1 billion in 2013. This should reach $323.2 billion by 2019, with a compound annual growth rate (CAGR) of 6.9% between 2013 and 2019.
The oldest and the most established application segment for this industry is jewelry. However, several other applications, mainly technological applications, are gaining a share of the market.
Several applications for gold, silver, platinum and palladium are propelling markets such as automotive, industrial and other niche areas, where the metal actually performs chemical and metallurgical functions other than aesthetics.
The main impact has been on gold, which went from a $236.9 billion market in 2012 to a $170.4 billion market in 2013, for a drop of 28%. Silver declined 21.7%, from a market size of $32.7 billion in 2012 to $25.6 billion in 2013. Platinum group metals (PGM) was the only segment of the market that retained its market size with the value increasing slightly from $20.4 billion in 2012 to $21.1 billion in 2013, for a growth of 3.5%.
Over the past decade, gold prices rose, until 2012. Prices declined dramatically in 2013 but in 2014 are stabilizing. The recent turmoil in prices has been harsh on the industry, with several miners and processors feeling the financial pressures in the last two years.
Gold market is projected to grow back to $252 billion for a CAGR of 6.7% in the 2013 to 2019 period. The silver market is projected to grow a bit faster, at a projected CAGR of 8.8% to reach $42.5 billion from the current $25.6 billion.
Precious Metals: Global Markets analyzes the current market scenario, the growth in the past few years, potential future gain and the changes taking place in the precious metals marketplace.
Advanced Materials Research, New Releases in Technology & Market Research