Updated Jan 21, 2023 03:51

Global Market for Precious Metal Ore And Concentrate

Market Overview
For the eleventh year in a row, the global market for precious metal ores and concentrates recorded growth in sales value, which increased by % to $ in . Overall, consumption recorded significant growth. Global consumption peaked in and is likely to see steady growth in the immediate term.

In value terms, precious metal ore and concentrate production shrank to $ in estimated in export price. Over the period under review, production continues to indicate resilient growth. The most prominent rate of growth was recorded in 2010 when the production volume increased by %. Over the period under review, global production hit record highs at $ in 2019; however, from to , production remained at a lower figure.

The countries with the highest volumes of production in were Kyrgyzstan ( tons), Mexico ( tons) and Australia ( tons), together accounting for % of global production. Peru, Russia, the United States, Brazil, India, Indonesia, Bangladesh, Pakistan, Ecuador and Turkey lagged somewhat behind, together comprising a further %.

From 2007 to , the biggest increases were recorded for Ecuador (with a CAGR of +%), while production for the other global leaders experienced more modest paces of growth.


Consumption
For the fourteenth year in a row, the global market recorded growth in consumption of precious metal ores and concentrates, which increased by % to tons in . In general, consumption continues to indicate a buoyant expansion. Over the period under review, global consumption hit record highs in and is likely to see gradual growth in the immediate term.

The size of the market for precious metal ores and concentrates worldwide was estimated at $ in , rising by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption enjoyed significant growth. Over the period under review, the global market reached the maximum level in and is likely to see steady growth in years to come.


Consumption by Country
China ( tons) remains the largest precious metal ore and concentrate consuming country worldwide, comprising approx. % of total volume. Moreover, precious metal ore and concentrate consumption in China exceeded the figures recorded by the second-largest consumer, the United States ( tons), eightfold. Mexico ( tons) ranked third in terms of total consumption with a % share.

In China, precious metal ore and concentrate consumption expanded at an average annual rate of +% over the period from 2007-. The remaining consuming countries recorded the following average annual rates of consumption growth: the United States (+% per year) and Mexico (+% per year).

In value terms, the UK ($) led the market, alone. The second position in the ranking was held by Pakistan ($). It was followed by Brazil.

In the UK, the precious metal ore and concentrate market expanded at an average annual rate of +% over the period from 2007-. In the other countries, the average annual rates were as follows: Pakistan (+% per year) and Brazil (+% per year).

In , the highest levels of precious metal ore and concentrate per capita consumption was registered in Kyrgyzstan ( kg per person), followed by Kazakhstan ( kg per person), Mexico ( kg per person) and the UK ( kg per person), while the world average per capita consumption of precious metal ore and concentrate was estimated at kg per person.

From 2007 to , the average annual growth rate of the precious metal ore and concentrate per capita consumption in Kyrgyzstan amounted to +%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Kazakhstan (+% per year) and Mexico (+% per year).


Market Forecast
Driven by increasing demand for precious metal ore and concentrate worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .

In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .