Market Size of Gold Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR (2024 - 2029) | 7.38 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Gold Market Analysis
The Gold Market size is estimated at 4.42 kilotons in 2024, and is expected to reach 6.32 kilotons by 2029, growing at a CAGR of 7.38% during the forecast period (2024-2029).
The COVID-19 pandemic affected several industries negatively in 2020. The lockdown in most regions caused disruptions in mining and processing activities, and restrictions in freight transportation disturbed the supply chain. However, the conditions started recovering in 2021, restoring the market's growth trajectory.
The major factor driving the market is the demand for gold in the form of jewelry, technology, and long-term savings. This is especially true in developing nations, where gold is frequently utilized as a luxury item and a way of preserving wealth.
However, factors like declining ore grades, technical challenges, and strikes are expected to hinder global gold market expansion.
Nevertheless, the wedding market sector in China and India is projected to give several growth opportunities for the gold market segment in the future.
The Asia-Pacific region dominated the market globally, with the largest consumption coming from countries such as China and India, and this is expected to remain the same in the future.
Gold Industry Segmentation
Gold has the chemical symbol Au (from the Latin word aurum) and the atomic number 79. As a result, it is one of the highest atomic number elements found in nature. In its pure state, it is a brilliant, somewhat orange-yellow, dense, soft, malleable, and ductile metal. Traditionally, gold has been used to make coins, bullion, and jewelry, but recently, it has been used in a variety of applications, including dentistry, electronics, and aerospace.
The gold market is segmented by type, application, and geography. By type, the market is segmented into alloyed gold and layered gold. By application, the market is segmented into jewelry, electronics, awards, status symbols, and other applications (dentistry and aerospace). The report also covers the market size and forecasts for the gold market in 15 countries across the studied regions.
For each segment, the market sizing and forecasts have been done on the basis of volume (tons).
| By Type | |
| Alloyed Gold | |
| Layered Gold |
| Application | |
| Jewellery | |
| Electronics | |
| Awards and Status Symbols | |
| Other Applications (Dentistry, Aerospace, etc.) |
| Geography | |||||||||||||||||||||||||||||||
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Gold Market Size Summary
The gold market is poised for significant growth over the forecast period, driven by increasing demand across various sectors such as jewelry, technology, and as a long-term savings option. The market's recovery post-COVID-19 disruptions has been robust, with developing nations, particularly in Asia-Pacific, leading the charge. The region's dominance is underscored by substantial consumption in China and India, where gold is not only a luxury item but also a crucial component of wealth preservation. Despite challenges like declining ore grades and technical issues, the market is expected to benefit from opportunities in the wedding sectors of these countries, which continue to drive jewelry demand. The market's fragmented nature sees a mix of large and small players, with major companies like Newmont Corporation and Barrick Gold Corporation playing pivotal roles.
Gold's versatility in applications ranging from electronics to medicine, coupled with its unique properties such as conductivity and corrosion resistance, further bolsters its market appeal. The jewelry sector is anticipated to maintain the largest share of the market, with gold's enduring qualities making it a preferred choice for consumers. The Asia-Pacific region not only leads in consumption but also in production, with China and Australia at the forefront. The region's gold recycling efforts, particularly in India, have seen significant increases, contributing to the market's expansion. As a popular investment vehicle, gold continues to attract interest as a hedge against market volatility, reinforcing its status as a key player in the global financial landscape.
Gold Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Demand for Gold in the form of Jewelry and Long-term Savings
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1.1.2 Increasing Consumption in High-End Electronics Applications
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1.1.3 Other Drivers
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1.2 Restraints
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1.2.1 Declining Ore Grades and Other Technical Challenges
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 By Type
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2.1.1 Alloyed Gold
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2.1.2 Layered Gold
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2.2 Application
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2.2.1 Jewellery
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2.2.2 Electronics
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2.2.3 Awards and Status Symbols
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2.2.4 Other Applications (Dentistry, Aerospace, etc.)
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2.3 Geography
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2.3.1 Production Analysis
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2.3.1.1 United States
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2.3.1.2 Australia
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2.3.1.3 Brazil
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2.3.1.4 Burkina Faso
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2.3.1.5 Canada
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2.3.1.6 China
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2.3.1.7 Colombia
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2.3.1.8 Ghana
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2.3.1.9 Indonesia
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2.3.1.10 Kazakhstan
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2.3.1.11 Mali
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2.3.1.12 Mexico
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2.3.1.13 Papua New Guinea
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2.3.1.14 Peru
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2.3.1.15 Russia
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2.3.1.16 South Africa
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2.3.1.17 Sudan
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2.3.1.18 Tanzania
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2.3.1.19 Uzbekistan
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2.3.1.20 Other countries
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2.3.2 Consumption Analysis
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2.3.2.1 Asia-Pacific
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2.3.2.1.1 China
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2.3.2.1.2 India
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2.3.2.1.3 Japan
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2.3.2.1.4 South Korea
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2.3.2.1.5 Rest of Asia-Pacific
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2.3.2.2 North America
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2.3.2.2.1 United States
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2.3.2.2.2 Canada
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2.3.2.2.3 Mexico
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2.3.2.3 Europe
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2.3.2.3.1 Germany
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2.3.2.3.2 United Kingdom
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2.3.2.3.3 Italy
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2.3.2.3.4 France
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2.3.2.3.5 Rest of Europe
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2.3.2.4 South America
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2.3.2.4.1 Brazil
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2.3.2.4.2 Argentina
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2.3.2.4.3 Rest of South America
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2.3.2.5 Middle East and Africa
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2.3.2.5.1 Saudi Arabia
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2.3.2.5.2 South Africa
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2.3.2.5.3 Rest of Middle East and Africa
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Gold Market Size FAQs
How big is the Gold Market?
The Gold Market size is expected to reach 4.42 kilotons in 2024 and grow at a CAGR of 7.38% to reach 6.32 kilotons by 2029.
What is the current Gold Market size?
In 2024, the Gold Market size is expected to reach 4.42 kilotons.
