Additionally, the mining of metals including rare earth elements can lead to radioactive waste and soil contamination. Moreover, there is a frequent use of poisonous gases such as cyanide for large-scale mining activities which can pose a significant threat to the surrounding ecosystems and water sources. There is a growing concern regarding sustainability and responsible resource management and adverse environmental effects from mining and extraction operations which are negatively impacting the market. Investors are increasingly scrutinizing practices such as deforestation, water pollution, and habitat destruction. Challenge - Environmental concerns regarding mining and extraction processes Hence, such factors are expected to positively impact the market which in turn will drive the market growth during the forecast period. Additionally, there is a significant trend of investors favoring companies that address ESG concerns and adopt sustainable practices. Moreover, Newmont Corporation is a large gold miner which emphasizes water management and biodiversity protection in its operations. Additionally, there is increasing adoption of responsible mining processes in order to address environmental concerns resulting in lowering carbon emissions and conducting reclamation projects. There is a transformation in several mining practices which align with sustainable standards due to constant scrutiny from investors, authorities, and communities. The global precious metals market is gaining traction due to the emergence of ESG concerns. Trends - Growing environmental, social, and governance (ESG) focus Hence, such factors are positively impacting the market which in turn will drive the growth of the precious metals market size during the forecast period. For instance, there was an increase in gold prices during the 2008 financial crisis as investors sought sanctuary from market volatility.
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Moreover, several precious metals have intrinsic value which makes them attractive during the time of crisis. Additionally, several investors tend to seek assets and hold their value during times of economic or geopolitical uncertainty to provide a buffer against risks. The increasing demand for precious metals such as gold and silver as safe-haven assets is significantly contributing to the growth of the global precious metals market. Driver - Precious metals proving to be safe haven during economic uncertainty Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage. Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market.
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To learn more about this report, Request Free Sample Precious Metals Market Dynamics Precious Metals Market Forecast 2023-2027 What will be the Size of the Precious Metals Market During the Forecast Period? It also includes an in-depth analysis of drivers, trends, and challenges. This precious metals market report extensively covers market segmentation by type (gold, silver, and platinum group metals), application (industrial, jewelry, and investment), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The growth of the market depends on several factors, such as precious metals proving to be safe-haven during economic uncertainty, growing use of precious metals in electronics, renewable energy, and medical sectors, and rising middle-class populations. The market size is forecast to increase by USD 84.89 billion. The Precious Metals Market size is estimated to grow at a CAGR of 5.82% between 2022 and 2027.
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Precious Metals Market Analysis Report 2023-2027: