The Precious Metal Refining Market size is forecast to reach US$25.3 billion by 2027 after growing at a CAGR of 6.0% during the forecast period.

Precious Metal Refining Services Market Overview:

Precious metals are available in a wide range of product types including gold, iridium, silver, platinum, palladium, ruthenium and more. They are used in a wide range of applications including jewelry, watches, catalysts, automotive, electronics, antimicrobials and other similar applications. According to the latest insights from the Semiconductor Industry Association, China imported about $378 billion worth of semiconductors in 2020, accumulated 35% of the world's electronic devices, and accounted for 30-70% of global PC, TV and mobile phone exports. .The growing demand for precious metals in the automotive and electronics sectors is a major driver for the market. On the other hand, fluctuations in commodity prices are likely to disrupt markets and hinder growth.

Precious Metal Refining Services Market size, estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Precious Metal Refining Services Market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and the Russian-Ukraine war.

Key Market Updates:

• In June 2020, the Nigerian Minister of Mines and Steel Development launched the Dukia Gold and Precious Metals Commodity Purchasing Program for Nigeria's first gold and precious metals refiner, Dukia Gold and Precious Metals Refiner Limited.

Major Market Segments Covered in Precious Metal Refining Services Market Industry Research:

Market Key Players:
Basf, Evonik Industries, Johnson Matthey, Heraeus, Pmrs, Umicore, Mid-states Recycling & Refining, Pease & Curren, And Others.

By Type:

• Platinum
• Palladium
• Rhodium
• Iridium
• Ruthenium
• Other

By Application:

• Automobile
• Pharmaceutical
• Refinery
• Others

By Region:

The Asia Pacific segment now accounts for the largest market share and is likely to continue doing so over the forecast period (2022-2028). India, Japan and China are among the emerging global powerhouses in the region. Among these, China has the most influence in the market space of the precious metals industry. As of 2021, the country is the largest consumer of gold and PGM. The country's strong domestic manufacturing industry is an important component fueling the demand for the aforementioned goods. Also, in terms of volume, North America is projected to grow at the second fastest CAGR. The easy availability of silver resources in Mexico and strong manufacturing base in the US and Canada are expected to drive the expansion of the precious metal market in the region. This influences the Asia-Pacific segment to dominate the market share in the coming years.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Growth Drivers

The market is expanding due to changes in people's lifestyle and increase in disposable budget. In addition, major market companies in various industries are investing in recycling precious metals that can later be used to make pacemakers and artificial cochleae as environmental concerns grow. In addition, governments in many countries have stringent emission rules in place, and these metals are used to clean automobile exhaust, which helps expand the market. All these factors fuel the growth of the global precious metals market over the forecast period (2022-2028).

The use of precious metals in industrial applications has increased the actual demand for materials such as copper, gold, silver, platinum and palladium. Copper has the highest electrical and thermal conductivity among the precious metals, and is the most accessible and inexpensive. As a result, copper is widely used in cookware, plumbing, and power transmission. Because of its excellent conductivity and resistance to corrosion, gold is utilized in electronic, medical, and dental applications. It also serves as a chemical catalyst in pharmaceutical production. However, the jewelry business has a significant impact on gold demand. Silver has traditionally been used in photography. Nevertheless, its applications are expanding into new markets, including solar cells and the production of cell phone and laptop batteries. Platinum and palladium are ductile, malleable metals with excellent chemical resistance. As a result, they are often used in electronics, automotive emission control systems, and as catalysts for chemical reactions. However, these metals are less abundant than copper, gold and silver. All these variables combine to provide a vibrant global market for precious metals.

An increase in precious metals trading activity is a favorable sign for market growth over the forecast period. The market is driven by the increase in the number of marriages where jewelry is commonly used and the growing use of plated jewelry by the younger generation. For example, according to data from the National Statistical Office in March 2021, South Korea's youth emerged as a major category for luxury goods sales, which surged sevenfold between 2017 and 2019. COVID-19 has affected economic activity as consumer purchasing power has declined. , forcing buyers to spend their money more wisely on the important things.

Restraints

Aside from some of the downsides of investing in precious metals, there are other risks investors should consider. It is one of the most volatile in price. Precious metal prices can be affected by many factors such as economic changes, Federal Reserve policy, investor demand, mining supply and inflation. You can't make money on precious metals because you have no cash flow. Also, if a person owns the metal outright, the investment entails storage costs. Additionally, tangible gold assets such as jewelry are always vulnerable to theft because of their high value and cost.

Precious Metal Refining Services Market report scope:

Crucial Points from this Precious Metal Refining Services Market Report

• Estimate Precious Metal Refining Services Market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
• Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
• Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
• Get a quick viewpoint on the Precious Metal Refining Services Market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
• Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
• Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
• Study the sales and distribution channels over key geographies to improve top-line revenues.

Frequently Asked Questions-

What is the CAGR of Precious Metal Refining Services Market?

The Precious Metal Refining Services Market is growing at a CAGR of 6.0% During Forecast Period.

 What are the key types of Precious Metal Refining Services Market?

Platinum, Palladium, Rhodium, Iridium, Ruthenium

What are the key applications of Precious Metal Refining Services Market?

Automobile, Pharmaceutical, Refinery, Others                        

Who are the key players in Precious Metal Refining Services Market?