VANCOUVER, BC, Feb. 1, 2023 /PRNewswire/ -- Precious and base metals market size reached USD 722.40 Billion in 2021 and is expected to register a CAGR of 12.5% during the forecast period, according to latest analysis by Emergen Research. Rapid development in the use of electronics in various devices, both for domestic use and electronic gadgets, as well as an increased emphasis on effective electronics recycling, are important factors driving market revenue growth. The ever-increasing amount of electronic waste worldwide, as well as the issue of appropriate disposal of Printed Circuit Board (PCB) waste, which is environmentally toxic and difficult to recycle, are driving up demand for high-performance metals.
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Traditional PCB recycling procedures are inefficient and necessitate difficult processing, such as heat treatment and high pressure. As a result, end users are increasingly looking for composite materials for PCB manufacturing that can be easily recycled into and reused as original components. Moreover, the most valuable PCB components, such as electronic components containing precious metals, can be easily separated and reused from the PCB.
Increasing demand for renewable energy systems in commercial and residential units is a major factor driving the market revenue growth. For instance, copper is used in the wiring of solar panels and certain types of cells. Silicon, which originates from sand and quartz-rich rocks, is derived from sand and quartz-rich rocks and is utilized in the creation of photovoltaic cells, which absorb sunlight. Silver is a good conductor of electricity and is utilized on both the front and back of crystalline solar cells. Another important factor driving market revenue growth is the rapid adoption of improved photovoltaic technology. Zinc oxide is used in certain contemporary photovoltaic systems to boost solar-cell efficiency through increased energy conversion. Market companies are introducing programs and employing advanced mining equipment to increase the efficiency of production process. For instance, on 11 January 2023, Luminex Resources Corp., which is a Vancouver-based precious and base metals exploration company announced the commencement of its maiden drill program at the Pegasus project. The initial drill program at the Medusa target will consist of five holes totaling 3,200 meters.
Significant environmental impacts of metal mining are major factors restraining market revenue growth. Physical disruptions caused by mining activities, such as open pits and waste rock disposal areas, are the main sources of visual and aesthetic impacts at a mine site. The removal of mining infrastructure, such as offices and mills, may reduce the disturbed area, but the large open pits and waste rock piles remain as the primary visual impacts. These piles can cover vast areas and reach significant heights, with the size and extent of the piles varying depending on the type of mining and processing. For instance, open pit mines produce more waste rock compared to underground mines, and tailings impoundments, slag piles, and heap leach piles can cover hundreds of acres and reach hundreds of feet in height. The landscape will be affected until the damaged areas are stabilized and reclaimed for other uses, such as wildlife habitat or recreation areas after mining is completed.
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Precious and base metals market is expected to register a CAGR of 12.5% over the forecast period and revenue is projected to increase from USD 722.40 Billion in 2021 to USD 2,098.52 Billion in 2030. Significant investments in reducing cut-off grades and increasing recovery for gold, silver, and Platinum Group Metals (PGM) are expected to support market revenue growth throughout the forecast period.
Current Trends and Innovations:
A growing trend in the precious and base metals market is the increasing use of analytical solutions to monitor geological, mineralogical, and metallurgical parameters to improve the efficiency and profitability of gold, silver, and platinum group metal (PGM) mining operations. The challenge in the precious metal mining industry is to produce high-quality concentrates with maximum recovery rates. To achieve this, market players are working to create custom designs by collaborating with various professionals, such as exploration geologists and plant managers. Another trend is the rising demand for Near Infrared (NIR) spectroscopy, which provides mineralogical information and can also track geochemical conditions. Companies are investing in research and developing portable technologies, such as X-ray fluorescence spectrometers, that can quickly detect gold content in loose powders with accuracy down to less than 1.5 ppm.
Major companies included in the market report are Alcoa Corporation, Anglo American, BHP, Antofagasta plc, Freeport-McMoRan, First Quantum Minerals Ltd., Glencore, Lundin Mining Corporation, Rio Tinto, and Teck Resources Limited.
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Scope of Research
Market size in 2021
USD 722.40 Billion
Revenue forecast to 2030
USD 2,098.52 Billion
Base year for estimation
Revenue in USD Billion and CAGR in % from 2022 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Base metal, precious metal, end-use, and region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled
Alcoa Corporation, Anglo American, BHP, Antofagasta plc, Freeport-McMoRan, First Quantum Minerals Ltd., Glencore, Lundin Mining Corporation, Rio Tinto, Teck Resources Limited
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Emergen Research has segmented global precious and base metals market on the basis of base metal, precious metal, end-use, and region:
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