Precious Metal Refining Market size was valued at USD 47.10 Billion in 2020 and is projected to reach USD 289.36 Billion by 2028, growing at a CAGR of 25.5% from 2022 to 2030.
The silver segment of the precious metals refining market is expected to witness the fastest growth, particularly during the forecast period. It stands out compared to other types of precious metals on the market due to its wide range of properties and high demand for industrial applications.
Electronic applications in the precious metal refining market is expected to witness the fastest growth, especially during the forecast period, owing to increasing demand for precious metal refining for electronic applications such as batteries, printed circuit boards, semiconductors, and other similar applications.
Asia Pacific dominated the precious metal refining market in 2021, owing to increasing demand for precious metal refining in the electronics and automotive sectors in the region.
Global Precious Metal Refining Market Size, Status, and Forecast 2022-2030. In-depth research accumulated to offer Latest insights about acute features of the global Precious Metal Refining market. This report provides a detailed overview of key factors in the Precious Metal Refining Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. The impact of the COVID-19 outbreak on the industry was fully assessed. Fully risk assessment and industry recommendations were made for Precious Metal Refining in a special period. This report also compares the markets of Pre COVID-19 and Post COVID-19. In addition, research considers the impact of COVID-19 on the regional economy.
Some of the key players profiled in the study are
Texas Instruments, TomTom, Cisco, Intel Corporation, NXP Semiconductors, Vodafone, and Others.
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Segmented by Type:
Embedded, Tethered, Integrated, Others
Segmented by Application:
Infotainment System, Navigation, Telematics, Other
Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa
Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.
Asia Pacific accounted for up to 32% share of the precious metals refining market in 2021. Consumption of precious metal refining is particularly high in the region due to growing demand from the electronics sector. For example, according to a recent study published in the Economic Times (Telecom) in 2021, the current value of electronics manufacturing and production in India is approximately $100 billion. Also, according to a statement from India’s IT Minister, India’s mobile manufacturing is set to surpass INR 90000 crore (US$12 trillion) in 2021. Similarly, according to Samsung’s annual report released in the fourth quarter of 2020, the home appliance division’s total revenue was KRW 13.6 trillion (US$ 11.3 billion) and operating profit was KRW 0.8 trillion (US$ 668 million).
Additionally, according to the Japan Statistical Handbook 2021, production and shipments of electronic equipment reached a peak of $52.6 billion in the fourth quarter of 2020 and is expected to increase next year. Hence, accelerating use of precious metal refining in the electronics industry for applications such as electroplating, optical coatings, electrical insulation of batteries, printed circuit boards and other similar electronic components is expected to drive the market growth over the forecast period.
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Demand for precious metal smelting is growing rapidly as it is primarily used for applications such as electroplating, optical coatings, electrical insulation of printed circuit boards, and batteries in electronic equipment and devices. According to the Semiconductor Industry Association (SIA), US semiconductor industry R&D spending grew at an average annual rate of 7.2% from 2000 to 2020.
According to the latest study published by the German Association of Automotive Industry in the fourth quarter of 2020, the number of new car registrations reached up to 16,763 in Europe, 37,467 in Asia, 3080 in South America and 17,421 in North America . , 12,733 in Western Europe and 5,180 in the rest of the world. Similarly, according to a recent study published by the International Netherlands Group (ING), the demand for the production and development of electric vehicles is increasing since the pandemic.
Prices of precious metals such as gold, silver, platinum, etc., vary from day to day as they are usually traded on stock exchanges. Most of these fluctuations lead to high manufacturing costs. For example, gold prices have exhibited trend-driven fluctuations throughout 2020. Gold price reached US$ 656.78/10 gram in 2020 from US$ 475.57/10 gram in 2019.
Table of Content of Precious Metal Refining Market:
1: Introduction, market driving force product Objective of Study and Research Scope the Global Precious Metal Refining market (2022-2028).
2: Exclusive Summary – the basic information of the Global Precious Metal Refining Market.
3: Changing Impact on Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Global Precious Metal Refining; Post COVID Analysis.
4: Presenting the Global Precious Metal Refining Market Factor Analysis, Post COVID Impact Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
5: Displaying the by Type, End User and Region/Country 2018-2022.
6: Evaluating the leading manufacturers of the Global Precious Metal Refining Market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile.
7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2022-2028).
… To be continued
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