The global   precious metals market   size was USD 306.44 billion in 2023 and is projected to grow from USD 323.71 billion in 2024 to USD 501.09 billion by 2032 at a CAGR of 5.6% during the forecast period. The rise can be credited to increasing disposable incomes and changing lifestyle choices across various regions.

This information is cited by   Fortune Business Insights™   in its research report, titled   “Precious Metals Market, 2024-2032” .

Segments:

Gold Segment to Register Notable Growth Due to Escalating Disposable Income

Based on type, the market for precious metals is segmented into silver, gold, and platinum group metals. The gold segment is expected to record commendable expansion over the forecast period. The rise can be attributed to the surging disposable income and escalating knowledge regarding investments among consumers. Based on region, the industry is subdivided into Europe, Asia Pacific, North America, South America, and the Middle East & Africa.

Industrial Segment to Record Commendable Surge Impelled by Growing Silver Demand

Based on application, the industry for precious metals is fragmented into jewelry, industrial, investments, and others. Of these, the industrial segment is anticipated to depict considerable growth over the estimated period. The expansion can be credited to the surging silver demand from photovoltaic manufacturers. The segmental growth is further being driven by the rising demand for solar panels.

Report Coverage:

The report provides an in-depth analysis of the major trends that are expected to drive business growth over the forthcoming years. It further gives a comprehensive coverage of the key factors anticipated to impel the industry landscape across various regions. Additional aspects of the report comprise the significant steps taken by leading companies for the consolidation of their market position.

Drivers and Restraints:

Market Value to Surge Driven by Changing Lifestyle Choices & Surging Disposable Income

Precious metals market growth is primarily being impelled by the changing lifestyle choices and surging disposable income. This is further being supplemented by the escalating significance of jewelry in the wedding ceremonies of India, China, and other South Asian countries. Besides, gold is considered as a safe haven for investment.

However, the industry growth is likely to be hindered by a range of factors such as government reserves, geopolitical uncertainties, inflation, currency fluctuations, and others.

List of Key Players Mentioned in the Report:

• Newmont Corporation (U.S.)
• Barrick Gold Corporation (Canada)
• AngloGold Ashanti Limited (South Africa)
• Kinross Gold Corporation (Canada)
• Newcrest Mining Limited (Australia)
• Gold Fields Limited (South Africa)
• Freeport-McMoRan (U.S.)
• PJSC Polyus (Russia)
• Anglo American Platinum Limited (South Africa)
• Impala Platinum Holdings Limited (South Africa)

Regional Insights:

Asia Pacific to Emerge as Major Region Due to Presence of Electronics & Electrical Industry in the Region

Asia Pacific precious metals market share is anticipated to register substantial growth through the forecast period. The surge can be credited to the presence of the largest electronics & electrical industry in the region. Further, India and China are key consumers of gold, which is expected to favor industry expansion to a considerable extent.  

The North America region is set to record commendable expansion over the estimated period. The rise can be attributed to robust manufacturing capabilities in the U.S. and the presence of precious mineral mines in the region.

Get More Information:  https://www.fortunebusinessinsights.com/precious-metals-market-105747

Competitive Landscape:

Market Players Enter Partnership Agreements to Strengthen Industry Presence

Leading companies are striking partnership deals and collaborations to strengthen their market presence. Several industry participants are focusing on a range of strategies including mergers, acquisitions, and the launch of new products to secure a competitive edge. Some of the additional initiatives include surging participation in trade fairs and conferences.

Key Industry Development:

May 2021   – Newmont Corporation acquired GT Gold to strengthen its portfolio. The deal comprised the Tatogga project, which would contribute to the production of gold and copper.

The global   palladium market size   was valued at USD 21.6 billion in 2022 and is expected to be worth USD 19.6 billion in 2023. The market is projected to reach USD 22.6 billion by 2030, recording a CAGR of 2.1% during the forecast period.

Palladium is a chemical element that is a member of the Platinum Group Metals (PGMs), a group of rare and precious metals. Palladium is highly resistant to corrosion and has a high melting point, making it ideal for several industrial processes. Widespread applications in industries ranging from jewelry, chemical, dental, and automotive are expected to foster market growth.

Fortune Business Insights™ displays this information in a report titled, "Palladium Market, 2023-2030."

Segmentation:

Growing Efforts Toward Achieving Circular Economy to Fuel Adoption of Recycled Palladium

Based on source, the market is segmented into mined and recycled. The recycled segment is expected to record a faster CAGR as compared to the mined segment as countries are looking for various ways to create a circular economy, and recycled palladium can help them achieve that goal.

Automotive to Emerge as Major End-Use Industry Due to Growing Need for Reducing Carbon Emissions

Based on end-use industry, the market is segregated into automotive, electronics, chemical & petroleum, and others. The automotive segment will dominate the palladium market share during the forecast period due to the rising need for decreasing carbon emissions from fossil-fueled vehicles.

With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report conducts an in-depth analysis of the market and focuses on critical areas, such as leading product types, end-user industries, and key market players. It also sheds light on the latest market trends and prominent industry developments. Apart from the factors mentioned above, the report covers several other factors that have helped this market grow.

Drivers and Restraints:

Growing Use of Platinum Group Metals in Vehicles to Fuel Market Expansion

The use of Platinum Group Metals (PGMs) is steadily increasing across the automotive industry, despite a decrease in the production and sales of vehicles. The use of catalytic converters in vehicles has increased considerably due to the introduction of stringent regulations with regards to carbon emissions. This scenario has compelled vehicle manufacturing companies to use more PGMs per catalytic converter and develop innovative exhaust treatment systems, which will further strengthen the market growth.

However, the ongoing conflict between Russia and Ukraine can impede the palladium market growth.

Regional Insights:

Asia Pacific to Dominate Market Due to Rapid Expansion of Key Industries

Asia Pacific dominated the global market in 2022 as several industries across the region, such as chemical, automotive, and electronics are growing at a robust pace. The region is considered a hub of these sectors, which is why it has created several lucrative opportunities for the key market players to grow.

Europe is predicted to showcase moderate growth during the forecast timeline due to the declining demand for diesel cars and growing production of hybrid and gasoline vehicles.

Get More Information:   https://www.fortunebusinessinsights.com/palladium-market-108959

Competitive Landscape:

Market Players to Increase Focus On Capacity Expansions to Cement Their Positions

Sibanye-Stillwater, Anglo American Platinum Limited, Ivanhoe Mines Ltd., Impala Platinum Holdings Limited, and Nornickel are the top market players. These companies are focusing on increasing their production capacities and boosting the network of their recycling plants to fulfill the rising need for eco-friendly products in green hydrogen and automotive applications.

Notable Industry Development:

May 2023 –   Heraeus Precious Metals announced that it had invested around USD 37 million to increase its recycling capabilities for precious metals in Germany. This will enable the firm to fulfill the rising need for recycled metals and improve its market position in Europe.

LIST OF KEY COMPANIES PROFILED IN THE REPORT:

• Anglo American Platinum Limited (South Africa)
• Heraeus (Germany)
• Impala Platinum Holdings Limited (South Africa)
• Ivanhoe Mines Ltd. (Canada)
• Nornickel (Russia)
• New Age Metals Inc. (Canada)
• Northam Platinum Holdings Limited (South Africa)
• Platinum Group Metals Ltd. (Canada)
• Sibanye-Stillwater (South Africa)
• Southern Palladium Limited (Australia)

The global   Iron Ore Market   size was valued at USD 279.35 billion in 2023 and is projected to grow from USD 290.25 billion in 2024 to USD 397.98 billion by 2032, exhibiting a CAGR of 4.0% during the forecast period.

Iron ore is an essential natural mineral, primarily consisting of magnetite and hematite, essential for the manufacturing of iron and steel. Steel serves as a cornerstone material for infrastructure, providing the necessary framework and components. As infrastructure projects advance, the consumption of steel rises, effectively propelling market growth.

Fortune Business Insights™   provides this information in its research report, titled   “Iron Ore Market, 2024-2032”.

Iron Ore Market Segmentation:

Hematite   Segment is Slated to Hold the Major Share owing to   Abundance and Economic Importance   of the Product

By type, the market is divided into hematite, magnetite, and others. The hematite segment is touted to hold the largest share. Hematite is considered as the most economically and quantitatively significant industrial ore. It is more plentiful than other varieties, cementing its market prominence despite a marginally lower iron content.

Steel production Segment Captured the Key Share Owing to   Innovations in Steelmaking Techniques

By application, the market is divided into steel production and others .   The steel production segment held the major market share. Ongoing innovations in steelmaking technology improve the efficiency of iron ore utilization in the steel production process. These advancements lead to a more economical use of resources, further bolstering the steel production segment.

In terms of region, the market is categorized into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.

Report Coverage:

The report conducts a comprehensive analysis of the key factors propelling industry growth in the near future, concentrating on product categories and leading enterprises. It also offers insights into the major trends that are fueling the global business environment and addresses the influence of the COVID-19 pandemic on market expansion.

Drivers and Restraints:

Rising Industrialization and Urbanization to Propel Market Growth

With countries undergoing urbanization and industrialization, there is a rising demand for steel. The expansion of urban areas entails the construction of buildings, bridges, and critical infrastructure, all of which heavily rely on steel, thus driving the demand for these products. Moreover, the growth of manufacturing in urban areas increases the demand for machinery and equipment dependent on steel. This heightened manufacturing activity leads to greater demand for steel and, in turn, driving the iron ore market growth.

However, the implementation of carbon capture and utilization technologies involves capturing and repurposing carbon emissions into useful products during the steelmaking process, thus reducing product demand.

Regional Insights:

Asia Pacific Region Captured the Key Share Owing to Rapid Steel Production Growth

Asia Pacific secured the largest global iron ore market share in 2022. The rapid expansion of steel production in the region is a significant driver of market growth. Moreover, the existence of top steel producers in China and India is boosting the consumption of these products.

The Middle East & Africa region is experiencing heightened demand for steel across diverse sectors, encompassing chemical, pulp and paper, and medical applications, acting as a catalyst for market expansion.

Competitive Landscape:

Prominent Players from North America and Europe are Expanding Globally to Strengthen their Market Position

In North America and Europe, producers are actively focusing on broadening their international footprint to fortify their market stance and facilitate organizational growth. Key industry players have honed their regional presence, established efficient distribution channels, and diversified their product portfolios.

Get More Information:   https://www.fortunebusinessinsights.com/iron-ore-market-108698

Key Industry Development:

August 2023 –   H2 Green Steel and Rio Tinto, an industrial startup focused on large-scale green steel production, entered a multi-year supply agreement. This collaboration entailed the supply of high-grade direct reduction iron ore pellets from Rio Tinto's Iron Ore Company of Canada (IOC) operations. The partnership aligned with Rio Tinto's commitment to decarbonize its iron and steel production and lower its scope 3 emissions.

List of Key Players Mentioned in the Report:

• Vale (Brazil)
• Rio Tinto (U.K.)
• BHP (Australia)
• Fortescue Metals Group Ltd. (Australia)
• ArcelorMittal (Luxembourg)
• METALLOINVEST (Russia)
• Cleveland-Cliffs Inc (U.S.)
• Ternium (Luxembourg)
• Anglo American (U.K.)
• Tata Steel (India)

The global   barite market   size was valued at USD 1.57 billion in 2023 and is projected to grow from USD 1.63 billion in 2024 to USD 2.21 billion by 2032, exhibiting a CAGR of 3.9% during the forecast period.

Barite, also referred to as barium sulfate, is a naturally occurring mineral that consists of thin white flakes or colorless prismatic crystals. The surging incidence of gastrointestinal diseases and the increasing healthcare spending across the globe is poised to surge the product demand in the healthcare industry.

India, the U.S., and China observed a significant influence of the COVID-19 pandemic. In addition, travel restrictions, instability pertaining to the economy, and lockdowns led to supply chain upheavals and delays in major industrial activities.

Fortune Business Insights™   provides this information in its research report, titled   “U.S. Barite Market, 2024-2032”.

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Segmentation:

Utilization of Oil Grade Product in Drilling Mud to Propel Segment Growth

In terms of type, the U.S. market for barite is segregated into oil grade, construction grade, medical grade, and others. The oil grade segment is projected to occupy the largest share of the market during the forecast period. The deployment of the oil grade product as a weighting agent in drilling mud for the prevention of explosive release of oil & gas during drilling activities is boosting the segment expansion.

Product Utilization in Drilling Fluid to Spur Segment Expansion

With respect to application, the market is categorized into barium compounds, plastics and rubber, X ray indicator, paints and coatings, drilling fluid, and others. The drilling fluid segment captured the largest U.S. barite market share in 2023. The usage of products in drilling fluids to surge the density while balancing formation pressure and preventing blowout during drilling into high-pressure zones is escalating segment growth.

List of Key Players Mentioned in the Report:

• Andhra Pradesh Mineral Development Corporation (India)
• CSGLOBAL Group (Turkey)
• Shenzhen Rocky Mountains Industry Development Co. (China)
• Sinobarite Industrials Ltd (China)
• GUIZHOU SABOMAN IMP EXP CO, LTD (China)
• China Zhashui Heqi Barite Mining Co., Ltd. (China)
• Baribright Co. Ltd (China)
• Huber Engineered Materials (U.S.)
• New Riverside Ochre (U.S.)

Report Coverage

The research report offers an in-depth analysis of the major factors affecting the market growth. It further provides detailed insights into the competitive strategies adopted by top companies to gain a competitive edge. Additional aspects of the report include the top trends, COVID-19 pandemic impact, and leading segments.

Drivers and Restraints:

Increasing   Product Demand from Oil & Gas Industry to Fuel Market Growth

The expansion of oil & gas industry has led to the development of supporting industries, such as the barite market, which is deployed massively in drilling operations. In addition, the product is witnessing heightened demand in the oil & gas industry owing to its substantial role in drilling.

Despite an expanding scope for the adoption of the product, the presence of substitutes may hamper the U.S. barite market growth. Hematite, celestite, synthetic ilmenite, calcium carbonate, and iron ore are some of the substitutes of the product.

Get More Information:   https://www.fortunebusinessinsights.com/barite-market-109775

Competitive Landscape:

Key Companies Prioritize Agreements to Boost Their Position

Leading companies have well-established distribution networks, developed production units, and robust brand recognition. The market is observing the implementation of many strategic moves, such as mergers, acquisitions, joint ventures, and partnerships by leading players to stand out from the competition. Several companies are also emphasizing entering agreements to enhance their position.

Key Industry Development:

May 2022 –   The Andhra Pradesh Mineral Development Corporation (APMDC) has signed a MoU to supply 1.6 million metric tons of baryte to the U.S., valued at nearly USD 100 million. The company also plans further investments to expand its business in the U.S., aiming to capture more market share in North America.