Silver Market Trends- Size, Industry Share, Analysis, Overview, Demand And Forecast To 2023


Silver Market Trends- Size, Industry Share, Analysis, Overview, Demand and Forecast to 2023

According to MRFR analysis, the global silver market is estimated to reach XX million by the end of 2025 at a healthy CAGR of 9.83%.

Segmentation Analysis:

The Global Silver Market has been segmented based on type, application, and region.

By type, the Global Silver Market Trends has been divided into silver, sterling silver, German silver, coin silver, Britannia silver, Mexican silver, Russian silver, oxidized silver, and others.

On the basis of application, the global silver market has been categorized into silverware, industrial, jewelry, investment, photographic films, electrical and electronics, pharmaceuticals, food and beverage, clothing and textile, personal care and cosmetics, and water treatment.

Major Players

  • Hochschild Mining plc
  • Volcan
  • Wheaton Precious Metals Corp
  • Hindustan Zinc
  • Asahi Refining
  • Fresnillo plc
  • KGHM
  • Glencore
  • Newmont Goldcorp
  • Polymetal International plc
  • Minas Buenaventura SAA
  • First Majestic
  • Hecla Mining Company

Regional Analysis

The Global Silver Market has been analyzed for five prominent regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The Latin American market accounted for the largest market share in 2018 and is projected to exhibit a substantial CAGR in the coming years owing to the large presence of silver, copper, and gold mines and increasing mining activities in the region. Mexico is the major contributor in the region and produced 6,116 tons of silver in 2018, the largest in the world, making it the leading market for silver. Peru is the major producer in the region followed by Chile and Argentina on account of mining of better grades of silver and also due to the presence of major silver manufacturers such as Volcan and Minas Buenaventura SAA. Fresnillo plc, the leading producer of silver in the world, has all of its seven mines in Mexico. Peru’s silver production was around 4,508 tons from primary and copper mines. The silver refined is widely used in the manufacturing of jewelry, silverware, textiles, and coins.

The North American market held the second-largest market share in 2018 and registered silver production of 7,758.83 tons and is projected to register a substantial CAGR during the assessment period owing to the growing demand for silver in electrical and electronics and pharmaceutical industries. The US is the major contributor in the region owing to the presence of key silver mining companies in the region.

The Asia-Pacific market held a significant market share owing to the increase in mining activities, government support, and increasing demand for silver over other precious metals. The major producer of silver in India. China is also a prominent country in the region and produced 3,688.89 tons of silver.

The European market held a moderate share in 2018 on account of stringent mining regulations. Russia is the leading country in the region and produced over 1393.57 tons of silver, which finds applications in cosmetics, pharmaceuticals, automotive, semiconductors, and photographic films.

The Middle East & African market is projected to grow at a steady CAGR during the review period owing to lower silver grades in Morocco and poor infrastructure and limited production capacity to produce silver.

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