The global precious metal refining market is anticipated to grow at a CAGR of 7.2% during the forecast period (2023-2030). Precious metal refining involves the separation of precious metals from noble-metalliferous materials, resulting in purified precious metal content. These refined metals find extensive applications in diverse sectors, including jewelry, watches, catalysts, automotive, electronics, and antimicrobial agents. The market's growth is primarily propelled by the rising demand for automotive and electronics products globally, coupled with an increasing disposable income of households. Furthermore, innovative refining techniques that minimize costs and reduce wastage are driving market expansion.
Browse the full report description of “Precious Metal Refining Market Size, Share & Trends Analysis Report by Type (Gold, Silver, Platinum, and Others), and by Category (Jewelry, Precious Metal Scraps, and Mine Concentrates), Forecast Period (2023-2030)” at https://www.omrglobal.com/industry-reports/precious-metal-refining-market
Advancements in Refining Techniques:
In August 2020, a pioneering development took place in the UK with the establishment of the world's first commercial refinery to extract precious metals from electronic waste using bacteria-based processes, instead of cyanide-based methods. This environmentally friendly initiative gained significance due to the UK's impending exit from the EU, creating an urgent economic need for such a facility. The adoption of such innovative techniques ensures the responsible extraction of precious metals from e-waste, preventing billions of dollars’ worth of gold, platinum, and other precious metals from being discarded annually.
Strategic Initiatives Boosting Market Growth:
Key players in the precious metal refining market are leveraging strategic initiatives such as product launches, partnerships, expansions, and acquisitions to drive growth and enhance their market presence. For instance, in October 2022, UAE-based SAM Precious Metals announced its plans to establish 13 refineries globally as part of its expansion strategy. SAM proudly became the first refinery in the Middle East to receive Chain of Custody (CoC) Certification, highlighting its commitment to responsibly produce, process, and trade precious metals through well-assured supply chains. The organization's efficient operations are overseen by a team of experienced executives boasting a collective professional experience of over 300 years, coming from diverse backgrounds.
With increasing demand for precious metal applications in the automotive and electronics industries, coupled with innovative and eco-friendly refining techniques, the global precious metal refining market is set for robust growth in the coming years. Key players' strategic initiatives and certifications further contribute to the market's expansion, establishing a responsible and sustainable ecosystem for precious metal extraction and utilization.
Market Coverage
• The market number available for – 2022-2030
• Base year- 2022
• Forecast period- 2023-2030
• Segment Covered-
o By Type
o By Category
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes Abington Reldan Metals, Mid-States Recycling and Refining, Sims Recycling Solutions, Sino-Platinum Metals, Johnson Matthey, and others.
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Precious Metal Refining Market Report Segment
By Type
By Category
Global Precious Metal Refining Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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