Overview and Scope
Gold ore is a type of rock that contains gold mineral or particles in sufficient quantities to make it economically viable to mine and extract the gold.
Sizing and Forecast
The gold ore market size has grown strongly in recent years. It will grow from $17.88 billion in 2023 to $19.5 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to gold as a store of value, jewelry and ornamental uses, currency and financial markets, industrial applications, investment and speculation.
The gold ore market size is expected to see strong growth in the next few years. It will grow to $27.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to continued investment demand, emerging market growth, government initiatives, environmental and ethical considerations, global economic conditions. Major trends in the forecast period include integration of digital technologies, strategic partnerships and mergers, government regulations and compliance, investments in infrastructure, global economic trends.
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Segmentation & Regional Insights
The gold ore market covered in this report is segmented –
1) By Mining: Placer Mining, Hardrock Mining, Other Minings
2) By Application: Cupellation Method Refining, Inquartation Method Refining, Miller Chlorination Process Refining, Wohlwill Electrolytic Process Refining, Aqua Regia Process Refining
3) By End-User: Investment, Jewelry, Other End-Users
Asia-Pacific was the largest region in the gold ore market in 2023. The regions covered in the gold ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in demand for gold jewelry propelled the growth of the gold ore market. Gold jewelry refers to ornaments that are made of gold as a primary material. Gold is extracted from the gold ores by using the gold mining process, and the extracted gold is then converted into a form such that it can be used for making gold jewelry. For instance, in January 2022, according to the World Gold Council, a UK-based market development organization for the gold industry, worldwide annual jewelry consumption of gold was 2,123 tons in 2021, a 52% increase from 1,401 tons in 2020. The increase in demand for gold jewelry is driving the gold ore market.
Key Industry Players
Major companies operating in the gold ore market are focused on introducing innovative technological solutions, such as mercury detoxification technologies, to gain a competitive edge in the market. Mercury detoxification technology refers to the methods and processes aimed at removing or reducing mercury from the body or the environment. These technologies are designed to address the potential health and environmental hazards associated with mercury exposure. For instance, in September 2022, GoldTech, a US-based provider of IT operation services, launched innovative mercury detoxification technology for the mining industry. The technology makes it possible to remove gold and mercury from polluted tailings and to recover free gold safely and effectively from oxidized ores, alluvial deposits, and soils. GoldTech also presented successful applications of the technology coordinated by Geos.
The gold ore market report table of contents includes:
1. Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
……….
- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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