Precious metal refining market is anticipated to grow at a CAGR of 7.2% during the forecast period (2023-2030). Precious metal refining involves purifying impure materials to isolate and extract their precious metal content. This process is used to separate precious metals from products or by-products such as electronic, dental, industrial, or jewelry scrap, returning them to their pure states. Jewelers and manufacturers work with precious metals, cutting, drilling, filling, and shaping them to create treasured pieces for their customers. During these processes, small bits and pieces of gold, silver, palladium, and other precious metals are left behind on work surfaces, benches, floors, and other spaces. Often, this leftover precious metal dust and scrap is unintentionally discarded, representing real money that can be reclaimed thrown refining and reusing.

Segmental Outlook 

The global precious metal refining market is segmented on the type, and category. Based on the type, the market is sub-segmented into gold, silver, platinum and other. Based on the category, the market is sub-segmented into, jewelry, precious metal scrap and mine concentrates. Among the category, the precious metal scrap sub-segment is anticipated to hold a considerable share of the market owing to the increase in demand from electronics industry.

The Jewelry Sub-Segment is Anticipated to Hold a Considerable Share of the Global Precious Metal Refining Market

Among the category, the jewelry sub-segment is expected to hold a considerable share of the global market. The growing demand for jewelry is driven by increasing expenditure and disposable income of the population. Additionally, governments are also investing more in this market to support its expansion. For instance, in August 2022, a gold refinery was established at the Diamond House on the premises of the Precious Minerals Marketing Company (PMMC). This venture is a joint partnership between the government and Rosy Royal Limited, an Indian company, with an aim of refining gold produced in Ghana. Such initiatives by governments further boosts the growth and development of the jewelry market segment.

Regional Outlook

The global Precious Metal Refining market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, the Asia-Pacific region is anticipated to hold a prominent share of the market share owing to the rapidly increasing demand for precious metal refining. This surge in demand is driven by its essential applications in various industries, such as electroplating, optical coatings, electrical insulation of printed circuits boards (PCBs), and batteries for electronic equipment and devices. As a result of these applications, the region holds a prominent position in the global precious metal refining market.

Global Precious Metal Refining Market Growth by Region 2023-2030

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Precious Metal Refining Market

Among all regions, the Asia-Pacific regions is anticipated to grow at a considerable CAGR over the forecast period. This growth is driven by the economic advancements and technological improvements in the region. Countries including India and China, being the most populous around the globe, have the largest electronic consumer market. Consequently, there is a high consumption of precious metal refining in the region, particularly due to the increasing demand from the electronic sectors. 

The countries in the Asia-Pacific region are increasingly adopting precious metal refining market solutions to meet the growing demand. For instance, in May 2023, Saudi Arabia’s General Authority of Civil Aviation (GACA) signed a memorandum of understanding (MoU) with a joint venture between Switzerland-based Valcambi Suisse and Riyadh-headquartered Ajlan & Bros. The collaboration aims to establish a collection, distribution, and recycling center in the Integrated Logistics Bonded Zone (ILBZ) in Riyadh, which was launched in October 2022 near King Khalid International Airport. Additionally, Valcambi and Ajlan & Bros Mining are building a state-of-the-art refining facility in Saudi Arabia for precious metals and Platinum Group Metals (platinum, palladium, rhodium and iridium) with an annual capacity of 250 tonnes.

Market Players Outlook

The major companies serving the global precious metal refining market includes Abington Reldan Metals, Mid-States Recycling and Refining, Sims Recycling Solutions, Sino-Platinum Metals, Johnson Matthey, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2022, PX Précinox has successfully expanded its range of gold supply sources. The company ensures the availability of sustainable, 100% mercury-free gold with maximum traceability and funding for social and environmental programs through the PX Impact program and other initiatives dedicated to the supply of artisanal gold. Using these recognized initiatives, PX Précinox meets 80% of its customer needs with recycled and refined gold. From sources that have been validated through a due diligence process, sustainable and responsible gold is transported to and processed in the world-famous, modern facilities of La Chaux-de-Fonds.

In October 2022, SEMPSA JP, the Spanish Good Delivery precious metals refinery, has partnered with Aurus to offer digital tokens backed by gold and silver to its network of precious metal dealers. Five precious metals dealers working with SEMPSA JP are selling tGOLD and tSILVER tokens to the broader retail market via their e-commerce stores. The refinery has tokenized an initial allotment of 3 kgs of gold and 25 kgs of silver precious metals using the Aurus blockchain protocol.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global precious metal refining market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.