Gold Smelting Market Trends and Segments 2016-2024
In response to the increasing demand and possession of gold, the global market for gold smelting is likely to expand.
Smelting, a metallurgical term, refers to the ‘burning off’ of the impurities present in gold, in order to obtain a purer form. Gold, in its original form, contains certain impurities. In order to eliminate these undesirable elements, processing of the raw ore is conducted, wherein the gold is ground to fine particles. These particles then enter a furnace, which is heated above the melting point of gold. The metal is then treated with certain chemicals so as to purify the metal further.
The report provides valuable information about the factors driving the global gold smelting market. It also analyzes opportunities, recent developments, and challenges influencing the market’s trajectory. The report discusses the market attractiveness, competitive landscape, value chain analysis, the present, projected, and past leading segments, and market structure in detail. It also conducts SWOT analysis on the companies profiled.
Gold, as a valuable metal represents wealth, abundance, and luxury. It also breeds a sense of security and stability among people possessing it. The more the purchasing power of people, the more are they inclined to invest in gold. As the disposable incomes of people worldwide increase, the number of gold buyers is expected to rise simultaneously. Thus, the increasing per capita incomes of people, the historical and cultural value of gold, global obsession about the possession of this metal, and government policies as to the refining process of gold have been boosting the demand for gold smelting. Also, as an increasing number of people choose to buy this metal, the possibility of their sending the gold ornaments, gold coins, scrap gold, and other objects to a smelter increases. Therefore, the global market for gold smelting is expected to reach new heights over the next few years.
On the other hand, the high cost of gold and gold smelting equipment might prove to be major deterrent of the market. Nevertheless, technological advancements, coupled with investments in developing more efficient gold smelting furnaces, are expected to neutralize the negative impact of these restraints. Based on geography, the global gold smelting market can be segmented into Asia Pacific, Europe, North America, and the Rest of the World (RoW). The U.S., being among the top five gold producing nations, is slated to contribute significantly to the development of the global gold smelting market.
Asia Pacific is projected to contribute significantly to profits earned by the global gold smelting market. Taiwan, India, China, and Hong Kong are some of the emerging economies exhibiting increased demand for gold smelting over the last few years. Government policies related to efficient gold refining units in countries such as India are expected to aid the expansion of the gold smelting market. Presently, Switzerland and Turkey appear to be among the most prominent refiners of gold. The Netherlands, Japan, Russia, France, and Italy are some other major countries that offer lucrative opportunities on account to the immense gold reserves they possess.
Some of the prominent companies mentioned in the global gold smelting market are Chongjin Gold Corporation, Ronghua Industry Group Co. Ltd., Ohio precious metals LLC, Global Advanced Metals, Chenzhou Mining Group Co. Ltd., Johnson Matthey Ltd., Materion, Ohio precious metals LLC, Gannon and Scott, Aida Chemical Industries Co. Ltd., Yuyuan Tourist Mart Zijin Mining Group Co. Ltd., and OJSC Kolyma Refinery.