Silver Market Insights
Silver (Ag) is a lustrous and soft metal with an atomic number 47. It is a chemical element that is valued for its electrical conductivity and beautiful decorative pieces. It is an alloy of gold and other metals; which is obtained from the crust of the earth. It is also known as the byproduct of copper-gold, zinc, and lead. It is considered a precious metal and highly used in the making of jewelry, photographic films, silverware, and others.
Silver can easily get oxidized and by oxidation, it forms oxidize layer on jewelry. Based on the MRFR analysis the global silver market is anticipated to reach XX million by the end of 2023 with a healthy CAGR of 9.83%. The major factor that drives the global market is the high demand for silver in the silverware or the uses of silver in the ornaments. The demand for silver in the industrial and electronic appliances sectors can also be considered as a major cause.
Uses of silver
- Â Â Â Â Silver is highly used for the manufacturing of wearies, coins, and ornaments.
- Â Â Â Â It is used as a vapor-deposited coating on electric conductors
- Â Â Â Â Silver is a good conductor of electricity and it is used in fabricating electrical circuits
- Â Â Â Â It is used to convert ethylene into ethylene oxide
- Â Â Â Â Silver is used in photography because of its light sensitivity
- Â Â Â Â Silver is antibacterial and hence it is used to store water, vinegar, etc to lock the freshness.
- Â Â Â Â It can work as a purifying agent as it has the potential to kill bacteria
- Â Â Â Â Silver is highly used in the medical field, it is a nontoxic agent and can be used in water purification, dental hygiene, eye drops, and even bandages
- Â Â Â Â Silver is used to making mirrors
Compounds
Silver chloride(AgCl), silver bromide (AgBr), and silver iodide (AgI) are the compound of silver. These salts are used in photography, silver chloride is a light-sensitive material that is used in printing papers, and with the help of the silver bromide, it helps in plates and films.
On the other hand, iodide is also used cloud seeding for artificial rainmaking, in the manufacturing of films and photographic papers, and in antiseptics. These halides are derived from the most important inorganic silver salt which is called silver nitrate (AgNO3). Silver nitrate is used for the manufacturing of silver cyanide. Silver is the cheapest metal as compares to the other metals.
History of silver
Silver is used in the manufacturing of different empires around the globe. Since ancient times the value and uses of silver were very vast.
- Â Â Â Â A silver tea caddy is kept in the Victoria and Albert Museum, with a hallmark of 1767-68
- Â Â Â Â A copy of a portrait of Alexander the great on a silver tetradrachm of Lysimachus from 297-281BCE is in the British museum
Conclusion
Silver is available in nature widely, the metal is present in 0.05 part per million of earth’s crust. Though the total amount is less as compared to the other metals.
