Precious Metal Market Size To Reach $984.77 Billion By 2033

Precious Metal Market Growth & Trends

The global precious metal market size is estimated to reach USD 984.77 billion by 2033, registering a CAGR of 6.6% from 2026 to 2033, according to a new report by Grand View Research, Inc. Rising demand for precious metals in industrial applications is likely to positively influence the market growth.

The precious metals including gold, silver, and platinum group metal (PGM) are widely used across various industrial applications. For instance, platinum and palladium are specifically used as an auto catalyst to reduce pollutant emission from vehicles. Similarly, the product is also used as catalyst in the production of chemicals, such as nitric acid and fertilizers. The industrial sector primarily comprises automotive and transportation, chemical, energy, electrical and electronics, glass, and water management. The steady growth in the energy sector owing to rising scrutiny by regulators to promote renewable energy development is likely to augment the product’s growth over the forecast period. For instance, total renewable energy capacity has witnessed steady growth from 2014 to 2018. As per the stats released by the International Renewable Energy Association (IRENA) in 2019, total renewable energy capacity has increased from approximately 1,693.2 gigawatt in 2014 to nearly 2,350.7 gigawatt in 2018.

Another key factor for the market growth is likely to be the jewelry sector. Within the jewelry sector, gold is likely to remain the dominant product segment in future owing to its intense demand from countries, such as India and China. Both countries are among the largest consumers of gold commodity as of 2022 and represents strong marriage rates with high population index. For instance, in 2018, nearly 10.1 million marriages were registered in 2018. Gold, which has remained an intricate part of the marriages in India and China largely due to its historical significance, is thus likely to remain a key product category within the market of precious metals.

The industry comprises multinational vendors,along with few regional vendors. Industry participants are forming joint ventures to target development activities in African countries, wherein majority of precious metal reserves are located.

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Precious Metal Market Report Highlights

• In terms of metal, the gold segment dominated the market with a revenue share of over 71.0% in 2025, due to its long-standing role as a store of value, a safe-haven asset, and a key component of jewelry demand.

• In terms of application, the industrial segment accounts for the largest share of the precious metals market, attributed to the widespread use of precious metals in electronics, automotive catalytic converters, chemical processing, medical devices, and renewable energy technologies.

• Asia Pacific dominated the precious metal market with a revenue share of over 47.0% in 2025, driven by rapid industrialization, increasing disposable income, and cultural affinity for gold jewelry.

• The North America precious metal market is expected to grow at the fastest CAGR of 7.4% over the forecast period, driven by strong investment demand and a mature industrial base.

Precious Metal Market Segmentation

Grand View Research has segmented the global precious metal market by Metal, application, and region:

Precious Metal Metal Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Gold

• Silver

• PGM

Precious Metal Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Jewelry

• Industrial

• Investment

Precious Metal Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Russia

  • Switzerland

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

• Latin America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

  • Qatar

List of Key Players in the Precious Metal Market 

• Anglo American Platinum Limited

• Barrick Gold Corporation

• First Quantum Minerals Ltd.

• Fresnillo plc

• Glencore plc

• Impala Platinum Holdings Limited

• Newmont Corporation

• MMC Norilsk Nickel

• Pan American Silver Corp.

• Sibanye-Stillwater Limited