In 2024, China's mines produced an estimated *** metric tons of gold. Accordingly, China is the largest gold producer in the world. The leading gold mining countries China, Russia, Australia, and Canada were respectively the largest producers of gold in the world as of 2024. Global production of gold reached approximately ***** metric tons that year. While production in China reached an estimated *** metric tons in 2024, large-scale gold production is minimal, with China's largest producing gold mine, the Shaxi Copper Mine in Anhui province producing ******* ounces in 2022. Leading gold mining companies In 2023, the Colorado, U.S.-based company Newmont produced *** million ounces of gold, making it the world's leading gold mining company based on production volume. Barrick Gold, a Canadian gold mining company, was the second-largest gold miner in the world during that period of time, with production amounting to **** million metric tons. Of the ** leading gold producing companies in the world as of 2023, three were headquartered in Canada and another three were headquartered in South Africa.

In 2024, worldwide gold production stood at ***** metric tons. Gold is a transition metal known for its bright, lustrous yellow coloring. For industrial purposes, its malleability, ductility, and resistance to corrosion and many chemical reactions makes it ideal for applications such as electrical connectors, infrared shielding, and gold leafing. Key facts about the gold mining industry The global mine production of gold has steadily increased following the 2008 economic crisis. In 2010, gold mine production worldwide totaled ***** metric tons, and it has surpassed ***** metric tons in each year since 2015. China is currently leading the global gold mining countries, with an estimated *** metric tons produced in 2024, while Russia came in a close second, producing about *** metric tons in the same year. As of 2023, the world's most productive gold mine was the Muruntau mine complex, located in Uzbekistan. Gold can be mined through several processes, including placer mining, panning, sluicing, and dredging. Panning is a manual technique that uses a shallow pan filled with sand and gravel, that may also contain gold, to sort through the material. The precious metal can also be produced as a byproduct, often with copper mining. Gold's end uses Gold is also highly valued as a precious metal for use in coins, investments, and jewelry. In 2024, gold's primary use worldwide was jewelry production.

Australia and Russia have the largest gold mine reserves worldwide, with each one having reserves of an estimated 12,000 metric tons in 2024. Australia, Russia and South Africa hold the largest reserves of gold Australia, Russia and South Africa hold a large share of the world’s gold mine reserves, accounting for 12,000, 12,000 and 5,000 metric tons, respectively in 2024. Global gold reserves amounted to a total of 64,000 metric tons that year. Meanwhile, the global mine production volume of gold reached an estimated 3,300 metric tons in 2024. Despite having the largest gold reserves, Australia was the third-largest gold mining country in the world in 2024, after China and Russia. Gold's versatile uses Gold is known for its bright lustrous yellow color and was often used as a monetary standard in the past. The precious metal is mostly used in jewelry, for investments, and in coinage. The United States held about 70 percent of its total monetary holdings as gold reserves in 2023; Switzerland held about 7.6 percent of its holdings as gold. This transition metal is also valued for its ductile, malleable, and non-reactive characteristics. Thus, it is also used industrially, often as electrical connectors, infrared shielding and colored-glass protection. The price of gold can vary, it reached a recent low in the early 2000s at 279 U.S. dollars per troy ounce in 2000 and increased to a high of 1,943 U.S. dollars per troy ounce in 2023.

Key information about Ghana Gold Production

• Ghana Gold Production was reported at 130,000.000 kg in Dec 2024.
• This records an increase from the previous figure of 126,000.000 kg for Dec 2023.
• Ghana Gold Production data is updated yearly, averaging 72,541.000 kg from Dec 1990 to 2024, with 35 observations.
• The data reached an all-time high of 148,336.000 kg in 2018 and a record low of 16,800.000 kg in 1990.
• Ghana Gold Production data remains active status in CEIC and is reported by U.S. Geological Survey. The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.GOLD: Precious Metals: Gold: Production by Country or Locality.

Gold production worldwide has increased in the last decade, from 84 million ounces in 2008, to around 116 million ounces in 2021. The production of this precious metal is expected to reach over 124million ounces by 2024.

The global gold mining market size was worth more than USD 218.6 billion in 2024 and is poised to witness a CAGR of around 3.8%, crossing USD 354.99 billion revenue by 2037. Placer Mining segment is forecast to dominate 56.7% share by 2037, driven by effectiveness of placer mining in gold extraction from alluvial deposits and advancements in technology.

The global gold mining market, valued at $221.22 billion in 2020, is projected to experience steady growth, exhibiting a Compound Annual Growth Rate (CAGR) of 2.6% from 2025 to 2033. This growth is fueled by several key factors. Increasing global demand for gold as a safe-haven asset, driven by economic uncertainty and geopolitical instability, is a significant driver. Furthermore, technological advancements in exploration and extraction techniques are enhancing efficiency and lowering production costs, thereby boosting profitability and attracting further investment. Growth in jewelry and investment demand, particularly from emerging markets in Asia and the Middle East, further contributes to the market's expansion. While fluctuating gold prices present a challenge, the long-term outlook for gold remains positive, given its enduring appeal as a hedge against inflation and its industrial applications. Competition among established mining companies like Newmont Mining, Barrick Gold, and Goldcorp, alongside emerging players, ensures a dynamic and innovative market landscape. The market's segmentation, though not explicitly detailed, likely includes distinctions based on mining type (open-pit vs. underground), geographical location, and gold grade. Regional variations in growth rates are expected, reflecting differences in regulatory frameworks, resource availability, and infrastructure development. While environmental concerns and stringent regulations around mining practices pose potential restraints, the industry is actively implementing sustainable mining practices to mitigate environmental impact and ensure long-term viability. The forecast period (2025-2033) anticipates continued market expansion, albeit at a moderate pace, driven by the factors mentioned above and a gradual shift toward responsible and sustainable mining operations. The market's maturity and the established presence of major players suggest a relatively stable, albeit competitive, environment in the coming years. Comprehensive Gold Mining Market Report: 2024 Outlook This in-depth report provides a comprehensive analysis of the global gold mining industry, projecting a market value exceeding $180 billion by 2028. We delve into key trends, market dynamics, and growth opportunities, focusing on major players and emerging regions. This report is essential for investors, industry professionals, and researchers seeking a detailed understanding of this dynamic sector.

Key information about Sudan Gold Production

• Sudan Gold Production was reported at 41,800.000 kg in Dec 2022.
• This records a decrease from the previous figure of 49,700.000 kg for Dec 2021.
• Sudan Gold Production data is updated yearly, averaging 5,774.000 kg from Dec 1990 to 2022, with 33 observations.
• The data reached an all-time high of 107,300.000 kg in 2017 and a record low of 50.000 kg in 1991.
• Sudan Gold Production data remains active status in CEIC and is reported by U.S. Geological Survey. The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.GOLD: Precious Metals: Gold: Production by Country or Locality.

The jewelry industry accounted for a 43.68 percent share of global gold demand in 2024, which amounted to about 2,012 metric tons. Jewelry was the largest gold demanding industry worldwide in most recent years, although in 2020 it was the second after investment demand. What is gold used for? Gold is a transition metal that has characteristically bright yellow coloring. Besides its most famous use, in jewelry, it has many useful applications. Because it is a very efficient conductor that can carry tiny electrical charges, gold is found in cell phones and televisions. In 2024, gold used for technology accounted for around seven percent of global gold demand. It is also used in dentistry, as it is the best material for fillings and crowns since it is easy to insert. Gold used for investing was the second-largest demand sector in 2024, accounting for over one-quarter of global gold demand. Gold mining worldwide The world production of gold mines has increased steadily over the years since 2005. In 2005, about 2,470 metric tons of gold was produced. In 2024, about 3,300 metric tons were produced. That was a slight decrease in production compared to the previous three years. The countries that produced the most gold in 2024 were China, Russia, and Australia. China produced an estimated 380 metric tons, while Russia produced an estimated 310 metric tons and Australia's production trailed at an estimated 290 metric tons.

The Gold and Silver Ore Mining industry explores and develops land to extract precious metals for sale in concentrate, dore and bullion form. Revenue is largely a function of mine output and the world prices of gold and silver. Thanks to an increase in revenue in 2020 amid the COVID-19 pandemic heightening demand for precious metals and a surge in prices in 2024, overall industry revenue has been on the rise, in spite of reduced mine output. Industry revenue is projected to have risen at a CAGR of 2.1% to $12.7 billion over the five years to 2024, with a 11.5% increase in 2024 alone. The industry is capital-intensive with fluctuating production volumes and unstable metal prices causing high entry barriers. Small mines have struggled to survive while larger companies have dominated the market by operating major gold mining facilities. This situation has led to the rise of non-organic growth, as evidenced by the recent partnership between industry giants Barrick and Newmont. Average industry profit, measured as earnings before interest and taxes, has fallen as the industry has faced increased costs. Over the five years to 2029, Gold and Silver Ore Mining revenue is expected to expand at a CAGR of 0.5% to $13.0 billion. Revenue is set to rise during this period due to rising falling gold and silver prices, while profit is set to remain relatively level. With consumer confidence predicted to grow, more people are likely to buy gold and silver as luxury items, but less are expected to invest in precious metals due to economic uncertainties and as an inflation hedge.

India's primary gold production is expected to amount to around 1,341 kilograms in the financial year 2023-24. This is a notable decrease from the country's primary gold production in financial year 2019-20, which amounted to 1,742 kilograms. Indian jewelry market: a driver of gold consumption Accounting for nearly one-third of the global gold demand, India’s fascination with jewelry can be dated back to almost five thousand years ago, to the time of the Indus Valley Civilization. Indeed, the jewelry market in India contributes to about seven percent of the country's GDP. The availability of highly skilled labor at low costs makes the region a very favorable market. With the highest saving rates worldwide, at about 30 percent, Indians put their faith in the value of gold, investing about ten percent of their savings into it. Gold imports to India: meeting demand through trade Despite India's sizeable demand for gold, the country is not among the world's leading gold mining countries. In fact, India meets much of its gold demand through imports. As of 2021, India's gold imports amounted to 55.8 billion U.S. dollars, and was the second-largest gold importing nation based on value that year.

This statistic presents the gold reserves of largest gold holding countries worldwide in 2024. At that time, the central bank of the United States held approximately ******* metric tons of gold. Gold reserves — additional information The United States has the largest gold reserve, with more than ***** metric tons of gold. This was more than twice the gold reserves of Germany and more than three times the gold reserves of Italy and France. China ranked fifth for the amount of gold it has on reserve, but more gold is being mined in China than any other country in the world. Australia, on the other hand, is home to the largest gold mine reserves in addition to being the second-largest producer of gold, after China. While gold no longer serves as an object of exchange and as a confirmation value, gold remains an investment asset for governments, and it could provide a safeguard against inflation or recession. The average price of gold reached a record in 2024, amounting to ******** U.S. dollars for one troy ounce.

Australia has a large supply of mineral, hydrocarbon and non-mineral reserves, which are often high quality and close to the Earth’s surface, enabling Australia’s Mining division to be globally price competitive. Fluctuations in commodity prices have fuelled revenue volatility over the past few years. Energy supply shocks, driven by the Russia-Ukraine conflict, have sent global energy prices soaring, boosting the value of coal and liquefied natural gas (LNG) exports over the past few years. However, softening energy prices in the two years through 2024-25 will constrain energy export revenue and weaken expansion. Iron ore prices have also fluctuated significantly in recent years. These prices climbed to a peak in 2020-21 because of supply chain disruptions in Brazil. However, a recent property market crisis in China has weakened steel demand, causing iron ore prices to sink and reach a two-year low in September 2024. The price bounced back in October 2024 amid optimism surrounding the Chinese economy and stimulus measures, but is forecast to drop in 2024-25 as recent trade tensions and the United States’ sweeping tariffs exacerbated this trend and pushed prices down. Division revenue is expected to have risen at an annualised 0.6% over the five years through 2024-25, to $437.3 billion. This includes an anticipated fall of 10.5% in 2024-25 as the values of coal, LNG and iron ore exports ease on the back of softening prices. Some miners have pivoted towards future-facing commodities like copper and lithium to align with energy transition trends, but oversupply and softening prices pose ongoing profitability challenges. Soaring operational costs are compounding these issues as labour shortages, rising input costs and sophisticated competition have eroded profit margins. While commodity prices like oil, gas and coal have retracted from recent highs, they remain above 2019-20 levels, offering some relief and counteracting profitability dips. Many mining companies have moved from completing expansion programs to rebalancing their portfolios and implementing cost-reduction initiatives, offsetting profitability slumps. Output across several key commodities like iron ore is set to climb as new mines and expansion projects come online. Despite this, a global supply glut will ease commodity prices, reducing division revenue. Revenue is forecast to decline at an annualised 3.1% over the five years through 2029-30, to $374.3 billion. Growing demand for critical minerals and commodities used in renewable infrastructure represents a growth opportunity for some areas of the Mining division. Consolidation trends will also accelerate over the coming years as larger miners undertake mergers and acquisitions.

Key information about South Africa Gold Production

• South Africa Gold Production was reported at 100,000.000 kg in Dec 2024.
• This records a decrease from the previous figure of 104,000.000 kg for Dec 2023.
• South Africa Gold Production data is updated yearly, averaging 252,598.000 kg from Dec 1990 to 2024, with 35 observations.
• The data reached an all-time high of 619,201.000 kg in 1993 and a record low of 88,883.000 kg in 2022.
• South Africa Gold Production data remains active status in CEIC and is reported by U.S. Geological Survey. The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.GOLD: Precious Metals: Gold: Production by Country or Locality.

In the financial year 2024, the value added by the mining industry in Australia amounted to approximately 312 billion Australian dollars. The country’s mining industry includes the exploration and mining of gold, silver, iron ore, and coal reserves, among many other resources. Mining production boom Australia has one of the largest coal reserves in the world, with coal mined in every state. Coal production has continued to increase over the past years. Similarly, the production volume of iron ore has remained high. The largest iron ore mines in the country are located in Western Australia. Furthermore, spending on gold exploration continues to be significant, although slightly declining in recent quarters. Demand for Australian metals and minerals The export value of Australian coal peaked in 2023, with Australia being one of the leading coal exporting countries globally. The export value of gold was expected to remain relatively stable over the next few years, with a slight decline forecasted. Demand for Australian gold has been dominated by Hong Kong and China, with prices remaining high.

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Platinum Market Size 2025-2029

The platinum market size is forecast to increase by USD 1.88 billion at a CAGR of 4.5% between 2024 and 2029.

The market witnesses significant growth, driven primarily by the increasing demand for platinum in various industries, with the automobile sector being a key contributor. The automobile industry's focus on reducing emissions and improving fuel efficiency has led to a wave in the adoption of platinum in exhaust systems. However, the market's growth is tempered by the energy-intensive processing of platinum, which increases production costs. Furthermore, regulatory hurdles impact adoption, as stringent environmental regulations limit the use of platinum in certain applications. In the automotive sector, the rising usage of platinum in catalytic converters and other automotive parts and components is driving market growth.
Supply chain inconsistencies also pose a challenge, as the majority of the world's platinum supply comes from South Africa, which is prone to political instability and labor disputes. Companies seeking to capitalize on market opportunities must focus on optimizing production processes and exploring alternative sources of platinum to mitigate these challenges and maintain a competitive edge.

What will be the Size of the Platinum Market during the forecast period?

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Platinum, a rare precious metal in the platinum group, plays a crucial role in various industries, including jewelry and electronics. The jewelry segment accounts for approximately 25% of global platinum demand, while element's application in electronic equipment and catalytic converters drives significant growth. Spanish explorers discovered platinum over five centuries ago, but its modern uses are more diverse. Catalytic converters, a major application, consume around 40% of the world's platinum supply. Regulatory authorities' stricter emission regulations have boosted demand for platinum in this sector. The automotive industry's shift towards electric vehicles may impact the demand for platinum in catalytic converters. The market is a significant component of the market, which also includes palladium, rhodium, and other rare precious metals.
Meanwhile, the chemical sector and fuel cells are emerging applications, with millions of ounces of platinum used in catalysts. Joint ventures and recycling facilities are essential in the circular economy, as platinum can be recovered and reused. The market faces production halts due to unforeseen circumstances, affecting product prices. Platinum's price volatility is influenced by supply and demand dynamics, as well as source insights from South Africa, the world's largest producer. Silver and gold, platinum's sister precious metals, also impact the market, with their prices influencing platinum's price trend. The platinum group metals' application insights extend to the exhaust systems of gasoline engines and the chemical sector's catalysts.
In the face of regulatory pressures and evolving market trends, the market continues to adapt, offering opportunities for businesses to explore.

How is this Platinum Industry segmented?

The platinum industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Automotive
  Jewelry
  Industrial
  Investment


Source

  Primary
  Secondary


Form Factor

  Platinum bars
  Platinum coins


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By End-user Insights

The automotive segment is estimated to witness significant growth during the forecast period. Platinum, a precious metal, plays a pivotal role in various industries, most notably in the automotive sector. In this context, the hydrogen fuel segment is a significant consumer, as platinum is a key component in hydrogen fuel cells. Meanwhile, in the automotive exhaust segment, platinum is employed in catalytic converters to minimize pollutant emissions, including carbon dioxide and harmful nitrogen oxides. The chemical sector utilizes platinum in catalysts for various processes, while the semiconductor industry relies on it for producing oxygen sensors. In the jewelry segment, platinum is valued for its white, lustrous appearance and durability. The construction sector employs platinum in catalysts for improving fuel efficiency and reducing exhaust emissions in diesel engines. The market is driven by strong demand from various sectors, including the automotive industry and the chemical sector. In recent years, the automotive sector has witnessed a rise in demand due to the increasing adoption of electric vehicles, hybrid vehicles,

The estimated global production of silver in 2024 amounted to 25,000 metric tons. The worldwide production of this precious metal has increased compared to 2005. Humans have been mining and processing silver since antiquity. Where in the world does silver come from? The three leading silver producing countries worldwide are Mexico, China, and Peru. In 2024, Mexico produced 6,300 metric tons worth of silver, while production in China and Peru stood at 3,300 and 3,100 metric tons that year, respectively. Who produces the most silver? Fresnillo plc was the leading global silver mining company in 2023. The Mexico-based company produced 56.3 million ounces of silver that year. Their operational headquarters are in Mexico City, while their corporate headquarters are situated in London. That year, the revenue generated by Fresnillo, reached a record high of 2.87 billion U.S. dollars. The second-largest silver mining company in the world was KGHM Polska Miedz S.A., a Polish based mining company.

The Gold and Other Non-Ferrous Metal Processing industry has grown substantially in recent years. Uncertain economic environments have increased the global appetite for gold bullion, benefiting domestic processors like Gold Corporation and Pallion tremendously. High inflation and interest rates cast doubts on the possibility of a soft landing for the United States and the broader global economy. The resulting concerns saw purchases of investment-grade gold surge, driving the commodity's price upwards as investors sought safety in the supposed safe haven asset. As many processors’ business models involve taking ownership of gold before selling it back to their customer with a markup that includes the cost of their services, a higher gold price elevated purchase costs along with revenue despite stable profit margins. The introduction of domestic spodumene refining has proven to be highly lucrative for the industry. Historically, the mineral has been shipped raw to processors overseas before being made into secondary products like lithium hydroxide. Mining companies in Australia have looked to capture this value-adding opportunity by building lithium processing facilities domestically, contributing to anticipated revenue growth of 12.5% over the past five years, which includes expected current-year revenue growth of 8.8% and has brought revenue to $45.7 billion for 2024-25. In the coming years, domestic lithium processing will expand dramatically. Globally, countries are investing tremendous resources into developing renewable energy sources, many of which require battery systems capable of storing excess energy produced in peak periods. Currently, the batteries used in these systems are lithium-ion batteries and should this continue global demand for lithium hydroxide will only expand. Australian processors are well placed to benefit from this transition and it will contribute significantly to the 9.6% annualised growth in revenue projected for the five years through 2029-30, culminating in revenue reaching an estimated $72.2 billion.

Key information about Philippines Gold Production

• Philippines Gold Production was reported at 29,036.000 kg in Dec 2022.
• This records an increase from the previous figure of 25,332.000 kg for Dec 2021.
• Philippines Gold Production data is updated yearly, averaging 29,036.000 kg from Dec 1990 to 2022, with 33 observations.
• The data reached an all-time high of 40,847.000 kg in 2010 and a record low of 14,596.000 kg in 2012.
• Philippines Gold Production data remains active status in CEIC and is reported by U.S. Geological Survey. The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.GOLD: Precious Metals: Gold: Production by Country or Locality.

Key information about India Gold Production

• India Gold Production was reported at 1,200.000 kg in Dec 2022.
• This records a decrease from the previous figure of 1,220.000 kg for Dec 2021.
• India Gold Production data is updated yearly, averaging 2,244.000 kg from Dec 1990 to 2022, with 33 observations.
• The data reached an all-time high of 6,200.000 kg in 2000 and a record low of 1,200.000 kg in 2022.
• India Gold Production data remains active status in CEIC and is reported by U.S. Geological Survey. The data is categorized under World Trend Plus’s Association: Metal and Mining Sector – Table WB.USGS.GOLD: Precious Metals: Gold: Production by Country or Locality.