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Drilling Industry NewsMining & Mineral Exploration Drilling

Global Precious Metals Market to Reach $533 Billion by 2032

The Surge Will Likely Be Driven by Jewelry Demand and Industrial Applications

By The Driller Staff
A picture of precious metals being mined.

 Bambambu from Getty Images

May 12, 2025

The global precious metals market is on a robust growth trajectory, with its valuation expected to rise from USD 327.47 billion in 2025 to USD 533.12 billion by 2032, according to the latest report by Coherent Market Insights.

This translates to a compound annual growth rate (CAGR) of 7.2%, underscoring the sector’s dynamic expansion, driven by rising disposable incomes, evolving consumer preferences, and broadening industrial applications.

Jewelry continues to dominate as a key application area for precious metals, especially gold and silver. In 2025 alone, the jewelry segment is projected to generate approximately USD 117.56 billion in revenue. Nations like India and China are at the forefront of this demand, with gold maintaining cultural and investment significance. India, in particular, experienced a 5% increase in gold consumption in 2024, totaling 802.8 tonnes despite higher prices, according to the World Gold Council.

Gold is anticipated to lead the metal types, accounting for more than two-fifths of the market share in 2025. Consumer demand for traditional and investment jewelry items such as rings, earrings, and necklaces remains strong and is expected to fuel continued growth.

Asia Pacific to Lead, North America Fastest-Growing

The Asia Pacific region is projected to dominate the global precious metals landscape, claiming more than half of the market share in 2025. This dominance is attributed to strong industrial demand and a flourishing jewelry market. Meanwhile, North America, led by the United States, is positioned as the fastest-growing market due to increasing investment interest and industrial utilization.

Beyond jewelry, industrial usage of precious metals is expanding rapidly. Metals like silver and platinum are integral to sectors such as automotive, electronics, and renewable energy. Silver is valued for its high conductivity in solar panels and electronic circuits, while platinum is widely used in catalytic converters for vehicles.

The report notes that new applications—particularly in green energy technologies such as hydrogen fuel cells and photovoltaic cells—are set to unlock additional growth opportunities for manufacturers.

Several transformative trends are shaping the future of the precious metals market:

  • Environmental, Social, and Governance (ESG) Initiatives: Consumers are increasingly favoring responsibly sourced metals, prompting mining companies to adopt more sustainable practices.

  • Digital Investment Channels: The rise of Exchange-Traded Funds (ETFs) and digital gold platforms is democratizing access to precious metal investments.

  • Technological Integration: Use of platinum and palladium in clean energy solutions is gaining momentum with the global shift toward electric vehicles and alternative energy sources.

Despite the strong growth outlook, price volatility and environmental concerns remain key challenges. Precious metal prices are sensitive to macroeconomic fluctuations and geopolitical tensions, which can influence investor confidence and market stability. Additionally, ethical and environmental scrutiny around mining practices is increasing, urging companies to align with sustainable sourcing expectations.

Recent strategic initiatives highlight the sector’s evolution:

  • In February 2025, Asahi Kasei, in collaboration with Furuya Metal and others, launched a project to recycle precious metals from electrolyzer components used in caustic soda production.

  • In January 2024, Heraeus Precious Metals introduced a Hydrogen Systems business line to cater to the hydrogen economy, offering precious metal-based products for fuel cells and electrolyzers.

Key players shaping the global precious metals landscape include Wheaton Precious Metals Corp., Newmont Corporation, Barrick Gold Corporation, Fresnillo plc, and AngloGold Ashanti Limited, among others. These companies are increasingly focusing on innovation, sustainability, and strategic partnerships to maintain competitiveness.

As the market continues to diversify across investment, jewelry, and industrial applications, analysts remain optimistic about the sector’s potential. “The global precious metals market is poised to witness rapid growth, owing to increasing consumption of precious metals across industries like jewelry, renewable energy, automotive, and electronics,” said senior analyst Vidyesh Swar.

With a dynamic blend of cultural, economic, and technological drivers, the precious metals industry is set to play a pivotal role in the global economy over the next decade.

KEYWORDS: natural resource management sustainability

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