Precious Metals Market to reach USD 533.12 billion by 2032 - Coherent Market Insights

Precious Metals Market to reach USD 533.12 billion by 2032

The global precious metals market, which is expected to be valued at USD 327.47 billion in 2025, is on a trajectory of rapid expansion. Projections indicate a USD 533.12 billion valuation by 2032, exhibiting a CAGR of 7.2% during the forecast period. Precious metals market is growing due to increasing demand for gold, silver, platinum, and palladium in the electronics, jewelry, and automobile sectors. Additionally, increasing industrial consumption of precious metals, growing interest in investment prospects, and rising concerns over economic instability are driving the market expansion.

Key Market Insights

• In terms of metal type, the gold segment is expected to contribute 40.8% share of the market in 2025. This growth is attributed to gold's established role as a safe-haven asset, particularly in times of economic volatility and inflation concerns.
• In terms of application, the jewelry segment is expected to contribute 35.9% market share in 2025. Growing disposable income combined with growing consumer interest in luxury jewelry, particularly in developing economies, is augmenting this segment forward.
• Asia Pacific is expected to lead the precious metals market in 2025, with an estimated 52.0% share of the market. This expansion is due to the region's high demand for gold, particularly in countries like China and India, where precious metals are highly valued both for jewelry and as an investment.

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Precious Metals Market Report Coverage

 Market Dynamics

Industrial demand for silver, platinum, and palladium has been steadily increasing due to their critical role in advanced technologies. Silver finds extensive application in the electronics sector because of its high conductivity, and it is thus crucial for semiconductors, printed circuit boards, and high-end batteries. The renewable energy market also depends upon silver for solar (photovoltaic) panels, and demand is likely to grow as nations drive towards cleaner energy alternatives.

According to the Silver Institute Press Release (April 2024), silver’s industrial demand reached a record 654.4 million ounces, driven by a 64% surge in photovoltaic applications, totaling 193.5 million ounces. This increase is attributed to higher-than-expected solar panel production, as countries worldwide accelerated their shift toward renewable energy sources.

At the same time, platinum and palladium are integral parts in car catalytic converters that minimize toxic emissions from internal combustion engine (ICE) vehicles. As governments adopt more stringent emissions standards, automakers are turning increasingly to these metals. Platinum is also becoming increasingly significant in the hydrogen economy because it is employed to utilize fuel cells for hydrogen cars. This increasing trend towards sustainable transport, such as electric vehicles (EVs) and hydrogen fuel cells, is likely to provide long-term support for demand on these valuable metals.

The automotive sector continues to be a major consumer of platinum and palladium, primarily for catalytic converters that reduce emissions in internal combustion engine vehicles. Interestingly, increased sales of hybrid vehicles have maintained demand for the metals. As per The Wall Street Journal (2024), sales of plug-in hybrid electric vehicles increased by 44% during the first half of 2024, and China alone experienced a 70% growth. Moreover, the application of platinum in the hydrogen economy has grown, as it is used as a catalyst in the electrolyzers for green hydrogen production and in fuel cells for hydrogen-fueled vehicles.

Market Trends

• Rising Popularity of Sustainable and Ethical Sourcing

Consumers and investors are increasingly concerned with ethical sourcing and environmental impact in the precious metals industry. Sustainable mining techniques, including less water consumption, less land disturbance, and good labor practices, are becoming popular. The increasing focus on sustainable sourcing has spurred the emergence of certified green metals in the marketplace, with corporations embracing traceability systems to ensure buyers of the ethical source of their metals.

On March 12, 2025, Brilliant Earth published its fourth Annual Mission Report, emphasizing its devotion to sustainability. The report established that 99% of the company's gold originated from recycled materials, representing a 3% growth from the past year. The accomplishment highlights Brilliant Earth's commitment to lessening the environmental footprint of gold mining by incorporating recycled gold into their jewelry collections.

• Growth in Precious Metal Exchange-Traded Funds (ETFs)

The growing accessibility of precious metal ETFs has attracted a wide range of investors looking to gain exposure to gold, silver, and other metals without the need to own the physical assets. These funds allow for easier trading and lower investment costs, making precious metals more accessible to both institutional and retail investors. In 2023-2024, the launch of new gold-backed ETFs and silver ETFs has expanded investor participation in the precious metals market.

In February 2025, Rare Capital launched the Rareview 2X Bull Cryptocurrency & Precious Metals ETF (Ticker: BEGS), an actively managed solution that seeks to achieve its investment objective by investing in swaps on exchange-traded products in two complementary asset classes: a modern digital asset class (i.e., Cryptoassets) and a traditional asset class (i.e., precious metals).

Market Opportunities

Growing Significance of Precious Metals in Electronics and Technology

The electronics industry is among the biggest buyers of silver because of its superior conductivity. With an increase in demand for smart devices, semiconductors, and high-end batteries, the significance of silver in such applications remains on the increase. Smartphone, consumer electronics, and electric vehicle batteries are major contributors to this demand.

For example, based on reports from Amplify ETFs (2024), the electronics and electrical industry used around 485.6 million ounces of silver, which was up 20% compared to last year, due to technology advancements such as 5G infrastructure and the Internet of Things (IoT).

Global Economic Uncertainty Driving Safe-Haven Investments

Continued economic volatility and concerns about inflation have made precious metals like gold and silver increasingly attractive as safe-haven assets. In times of geopolitical instability, gold remains a trusted investment choice.

As central banks continue to accumulate gold reserves and investors seek hedges against inflation, the demand for gold ETFs and precious metal-backed investment products is expected to increase significantly. For instance, on March 31, 2025, gold prices surpassed US$ 3,100 per ounce, hitting a record high of US$ 3,128.06, as investors sought safe-haven assets amid U.S. tariff announcements and escalating geopolitical tensions, according to Reuters (March 31, 2025).

Analyst’s View

“The precious metals market is witnessing strong growth, led by a mix of industrial, investment, and macroeconomic drivers," said Vidyesh Swar, a senior analyst. "Industrial growth in sectors such as electronics, automotive, and renewable energy is driving demand for precious metals like gold, silver, platinum, and palladium. Silver, in fact, is gaining from its essential use in electronics, with rising applications in 5G and IoT technologies.” The increase in demand for electric cars is stimulating the demand for platinum and palladium, particularly in catalytic converters and hydrogen applications. As the market continues to grow, challenges like price volatility and environmental issues surrounding mining activities will have to be addressed, but generally speaking, the precious metals market has long-term growth potential.”

Key Developments

In November 2023, - Wheaton Precious Metals Corp. announced that the company and its wholly-owned subsidiary, Wheaton Precious Metals International Ltd., had entered into a definitive agreement with certain entities advised by Orion Resource Partners to acquire existing streams in respect of Ivanhoe Mines' Platreef Project and BMC Minerals' Kudz Ze Kayah Project . In addition, Wheaton International has entered into a new precious metals purchase agreement for a gold stream in respect of Dalradian Gold's Curraghinalt Project.

Market Segmentation

• By Metal Type Insights
  • Gold
  • Silver
  • Platinum
  • Palladium
• By Application Insights
  • Jewelry
  • Industrial
  • Investment
  • Others

Regional Insights

• North America
  • U.S.
  • Canada
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa