Silver Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Silver Market Analysis
The global silver market is expected to register a CAGR of over 5% during the forecast period.
The COVID-19 epidemic had a negative impact on the silver market. Some applications suffered considerable harm as a result of the lockdown and temporary halts in production plants, reducing silver usage. Yet, after 2020, the market continued to increase modestly due to continued efforts in the primary applications and is expected to follow the trajectory.
- The increasing demand for silver in industrial and electrical applications such as supercapacitors, catalysts, and high-capacity batteries is the primary driver of the market. Furthermore, the rising demand for silver in jewelry and silverware is projected to drive the market.
- However, stringent regulations on the production and consumption of silver due to health-related issues are likely to hinder the market's growth.
- The growing usage of silver in solar panels and electric vehicles is likely to produce enormous opportunities for the market in the forecast period.
- The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.
Silver Market Trends
Electrical and Electronics Application to Dominate
- Because of its strong electrical conductivity even when tarnished, silver is particularly significant in electronics for conductors and electrodes. Bulk silver and silver foils were utilized to construct vacuum tubes and are being used to make semiconductor devices, circuits, and their components today. This increased demand for electrical and electronic applications is projected to eventually drive up demand for silver in the market.
- In North America, especially in the United States, the electronics industry is expected to grow at a moderate rate. An increase in the demand for new technological products is expected to help the market expand in the future. According to the USGS report, 27% of the silver produced in the United States was being utilized in electrical and electronic applications.
- Moreover, the value added by producing electrical equipment, appliances, and components in the United States in the fourth quarter of 2022 was roughly USD 76 billion, up almost 8% from the same period the year before, according to the Bureau of Economic Analysis. The country's total value added during the first four quarters of 2022 was close to USD 295 billion.
- Additionally, according to the Consumer Technology Association, the retail revenue from consumer electronics or technology sales in the United States was estimated at USD 505 billion in 2022, compared to USD 461 billion in 2021.
- In Europe, the German electronics industry is the largest in the region. According to the ZVEI, Germany's electro- and digital-industry turnover accounted for EUR 21.1 billion (USD 21.7 billion) in November 2022, witnessing a growth rate of 14.4% compared to November 2021.
- As the electronics industry is continuously making remarkable progress and development, the demand for the market studied is growing rapidly. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices will continue to spark the demand for electronic components, which is further expected to boost the demand for the market studied.
Asia-Pacific to Dominate the Market
- The Asia-Pacific region dominated the market for silver due to rising demand in end-use applications such as electrical and electronics, jewelry and silverware, and pharmaceuticals, among others, in countries such as China, India, and Japan.
- According to ZVEI, the Asian electro market reached EUR 3,106 billion (USD 3,674 billion) in 2021, a 10% rise. The market increased by 13% in 2022, and analysts estimated a 7% growth rate for 2023. China's market is the largest in the world, even larger than the combined markets of all industrialized countries. In 2021, the Chinese market contributed EUR 2,069 billion (USD 2,447 billion), or 41.6% of the world market; additionally, the Chinese electronic industry expanded by 14% in 2022, and the sector is expected to grow by 8% in 2023.
- The overall production value of the electronics sector in Japan was estimated by the Japan Electronics and Information Technology Industries Association (JEITA) to be around JPY 10.1 trillion (USD 84.5 billion) as of November 2022, which is roughly 100.7% of the value from the previous year.
- The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. According to the PLI scheme, the government is likely to offer incentives as manufacturers increase production in India, with USD 5.5 billion available over five years. This is likely to boost the production of electronics in the country, which is expected to create market demand.
- Silver is also incorporated into wound dressings and used as an antibiotic coating on medical devices. Pure silver metal is used as a food coloring material. Traditional dishes in South Asian countries sometimes include decorative silver foil known as vark, and in various other cultures, silver dragée is used to decorate cakes, cookies, and other dessert items.
- Furthermore, according to the Ministry of Finance of the People's Republic of China, total public expenditure on health care and hygiene increased by about 17% in 2022 compared to 2021, amounting to about CNY 2.25 trillion (USD 0.33 trillion).
- According to the Directorate General of Commercial Intelligence and Statistics (DGCI&S), India exported over USD 9.6 billion worth of agricultural and processed foods during the first four months of FY 2022-23. In comparison to the same period in the previous year, exports grew by over 30%.
- Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
Silver Industry Overview
The silver market is partially fragmented in nature with a few players covering the market share. The big players in the silver market include (not in any particular order) Polymetal International plc, Wheaton Precious Metals Corp., Fresnillo plc, Coeur Mining, Inc., and Industrias Peñoles among others.
Silver Market Leaders
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Polymetal International plc
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Fresnillo plc
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Wheaton Precious Metals Corp
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Coeur Mining, Inc.
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Industrias Peñoles
*Disclaimer: Major Players sorted in no particular order
Silver Market News
- April 2023: Impact Silver Corp. announced the completion of the share purchase and sale agreement with Consolidated Zinc Limited of Australia, the purchase of all outstanding shares of its subsidiary, Minera Latin America Zinc S.A.P.I de C.V., which holds a 100% interest in the high-grade, Plomosas zinc-lead-silver mine in the state of Chihuahua, northern Mexico. The agreement consists of a total price of USD 6 million out of which USD 3 million is to be given in cash and the balance in the form of IMPACT shares.
- March 2023: Pan American Silver Corp announced the USD 4.8 billion acquisition of all the issued and outstanding common shares of Yamana Gold, following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships. With this acquisition, the company expects a material increase in the production of silver and gold, while also continuing to provide a preferred way to invest in silver through large silver mineral reserves and growth opportunities.
Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand for Silver in Industrial and Electrical Applications
- 4.1.2 Rising Demand for Silver in Jewelry and Silverware
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4.2 Restraints
- 4.2.1 Stringent Regulations on the Production and Consumption of Silver due to Health-Related Issues
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
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5.1 Type
- 5.1.1 Fine Silver
- 5.1.2 Sterling Silver
- 5.1.3 Argentium Silver
- 5.1.4 Coin Silver
- 5.1.5 Other Types
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5.2 Application
- 5.2.1 Physical Investment (bars)
- 5.2.2 Electrical and Electronics
- 5.2.3 Photographic Films
- 5.2.4 Brazing Alloys
- 5.2.5 Jewelry and silverware
- 5.2.6 Pharmaceuticals
- 5.2.7 Other Applications
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5.3 Geography
- 5.3.1 Production Analysis
- 5.3.1.1 United States
- 5.3.1.2 Argentina
- 5.3.1.3 Australia
- 5.3.1.4 Bolivia
- 5.3.1.5 Chile
- 5.3.1.6 China
- 5.3.1.7 India
- 5.3.1.8 Mexico
- 5.3.1.9 Peru
- 5.3.1.10 Poland
- 5.3.1.11 Russia
- 5.3.1.12 Rest of the World
- 5.3.2 Consumption Analysis
- 5.3.2.1 Asia-Pacific
- 5.3.2.1.1 India
- 5.3.2.1.2 China
- 5.3.2.1.3 Japan
- 5.3.2.1.4 South Korea
- 5.3.2.1.5 Rest of Asia-Pacific
- 5.3.2.2 North America
- 5.3.2.2.1 United States
- 5.3.2.2.2 Canada
- 5.3.2.2.3 Mexico
- 5.3.2.3 Europe
- 5.3.2.3.1 Germany
- 5.3.2.3.2 United Kingdom
- 5.3.2.3.3 Italy
- 5.3.2.3.4 France
- 5.3.2.3.5 Rest of Europe
- 5.3.2.4 South America
- 5.3.2.4.1 Brazil
- 5.3.2.4.2 Argentina
- 5.3.2.4.3 Rest of South America
- 5.3.2.5 Middle-East and Africa
- 5.3.2.5.1 Saudi Arabia
- 5.3.2.5.2 South Africa
- 5.3.2.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Americas Gold and Silver Corporation
- 6.4.2 Avino Silver & Gold Mines Ltd.
- 6.4.3 Coeur Mining, Inc.
- 6.4.4 Compañía de Minas Buenaventura S.A.A.
- 6.4.5 First Majestic Silver Corp.
- 6.4.6 Fortuna Silver Mines Inc.
- 6.4.7 Fresnillo plc
- 6.4.8 Hecla Mining Company
- 6.4.9 Hindustan Zinc
- 6.4.10 Honey Badger Silver Inc
- 6.4.11 IMPACT Silver Corp.
- 6.4.12 Industrias Peñoles
- 6.4.13 MAG Silver Corp
- 6.4.14 Orla Mining Ltd.
- 6.4.15 Pan American Silver Corp
- 6.4.16 Polymetal International plc
- 6.4.17 Royal Gold Inc.
- 6.4.18 Silvercorp Metals Inc.
- 6.4.19 Wheaton Precious Metals Corp.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Usage of Silver in Solar Panels and Electric Vehicles
Silver Industry Segmentation
Silver is a soft, white, lustrous transition metal that exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. Silver is typically found in nature in conjunction with other metals or in minerals containing silver compounds, most commonly in the form of sulfides. The silver market is segmented by type, application, and geography. By type, the market is segmented into fine silver, sterling silver, argentium silver, coin silver, and other types. By application, the market is segmented into physical investment (bars), electrical and electronics, photographic films, brazing alloys, jewelry and silverware, pharmaceuticals, and other applications. The report also covers the market size and forecasts for the silver market in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (million ounces).
Frequently Asked Questions
What is the current Silver Market size?
The Silver Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)
Who are the key players in Silver Market?
Polymetal International plc, Fresnillo plc, Wheaton Precious Metals Corp, Coeur Mining, Inc. and Industrias Peñoles are the major companies operating in the Silver Market.
Which is the fastest growing region in Silver Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Silver Market?
In 2024, the Asia-Pacific accounts for the largest market share in Silver Market.
What years does this Silver Market cover?
The report covers the Silver Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Silver Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Silver Industry Report
Statistics for the 2024 Silver market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Silver analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
