Silver Market is Increasing Application, Huge Growth and Likely to Boost Demand Over 2030

Market Overview

According to MRFR Analysis, the  Silver Market is estimated at a healthy CAGR of 9.83% during the forecast years.

Silver, one of the precious metals, is particularly known for its silvery luster. The pure form of silver exhibits the highest electrical and thermal conductivity as compared with other metals. Moreover, it is relatively harder than gold and platinum and possesses malleability and ductility. It is obtained in native or ore form and is primarily produced as a byproduct of gold, zinc, copper, and lead refining.

On the basis of type, the global silver market has been divided into fine silver, sterling silver, German silver, coin silver, Britannia silver, Mexican silver, Russian silver, oxidized silver, and others. This segmentation is on the basis of the percentage of silver in the composition. Among these, the sterling silver alloy segment held the largest market share in 2018 with 92.5% of silver and 7.5% of copper and is used in making jewelry and silverware. In addition to this, zinc and germanium is added to enhance resistance to tarnish and can also be used in making surgical equipment.

Based on 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. The electrical and electronics was the leading segment in 2021, followed by jewelry owing to increasing demand for silver in semiconductors, smartphones for its unsurpassed electrical and thermal conductivity. The jewelry segment, on the other hand, is projected to register a substantial CAGR on account of the growing demand for silver ornaments.

Market Segmentation

The global silver market has been segmented based on type, application, and region.

Based on type, the global silver market has been classified into fine silver, sterling silver, German silver, coin silver, Britannia silver, Mexican silver, Russian silver, oxidized silver, and others.

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

The global silver market, by region, has been studied for five key regions—Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

Competitive Analysis

Fresnillo plc (Mexico), KGHM (Poland), Glencore (Switzerland), Newmont Goldcorp (Canada), Hindustan Zinc (India), Asahi Refining (US), Polymetal International plc (Russia), Minas Buenaventura SAA (Peru), PAN AMERICAN SILVER (Canada), Hochschild Mining plc (UK), Volcan (Peru), Wheaton Precious Metals Corp (Canada), First Majestic (Canada), ENDEAVOUR SILVER (Canada), and Hecla Mining Company (US) are some of the key players operating in the global silver market

Regional Analysis

Latin America dominated the global silver market in 2021 and is estimated to register a healthy CAGR during the forecast period on account of increasing mining activities and surging demand for silver in coins, bullions, and electrical and electronics. Mexico is the major producer and consumer in the region, as well as across the globe owing to strong R&D facilities and superior grades of silver mines. The North American market held a significant market share in 2021 owing to advanced equipment and mining operations in the region. The US is the major contributor in the region

Key Development

In April 2019 - Hindustan Zinc is planning to double its .silver production in the coming five years. Access Full Report Details - Silver Market Size