Silver Market Research Report Information by Type (Fine Silver, Sterling Silver, German Silver, Coin Silver, Britannia Silver, Mexican Silver, Russian Silver, Oxidized Silver and others), Application (Silverware, Industrial, Jewelry, Investment, Photographic Films, Electrical and Electronics, Pharmaceuticals, Food and Beverage, Clothing and Textile, Personal Care and Cosmetics and Water Treatment) and Region (Asia-Pacific, North America, Latin America, Europe and Middle East & Africa) - Forecast till 2030

Silver Market Overview

As per the research report by MRFR, the global silver market will record a healthy CAGR of approximately 9.83% during the assessment era ending in 2030. There has been a constant and healthy growth in the silver market since its production day due to the constant use and production of the silver as not only a piece of jewelry but also as vessels and for other consumption.

Many factors drive the growth of the Silver Market. Still, the usage, as well as the production of the heavy amounts of silverware, ornaments, and usage in the chemical departments, have always excited the production of the market. The Silver Market also gets involved with the solar photovoltaic and the electrical appliances, using silver for conduction and insulation in some ways. The rising usage of oxide batteries with silver components has helped drive the Silver Market growth. However, some factors can restrain the market growth. The ever-fluctuating and volatile prices of the element have contributed to a lot of loss in the department. The rising and falling industry prices make it difficult for the industries to cope.The market value of silver has surged to historic highs, driven by growing demand in renewable energy and electronic industries, making it a shining star among commodities.

List of the key companies profiled in the Silver Market are:

• Hindustan Zinc (India)


• Asahi Refining (US)


• Fresnillo plc (Mexico)


• KGHM (Poland)


• Glencore (Switzerland)


• Newmont Goldcorp (Canada)


• 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)


• Hecla Mining Company (US).

Silver Market Share, By Application, 2018 (%)  

Source: MRFR Analysis

Regional Analysis

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

The Latin American market held the largest market share in 2021 and is projected to continue this trend in the coming years owing to the presence of large silver mines. Mexico is the leading country in the world owing to the presence of the largest silver mines possessing higher grades. The mine supply from this country increased to as high as 6,116 tons following a robust performance of the primary and gold sectors. Peru is another prominent country in the region and mined around 4,508 tons of silver in 2018, though it showed silver production drop by 2%. The North American market accounted for the second-largest market share in 2018 and is projected to register the highest CAGR during the forecast period owing to the increase in mining activities in the lead, gold, and zinc mines in the region. The Asia-Pacific market is projected to exhibit a significant CAGR in the coming years owing to rising mining activities and growing demand for silver in jewelry and industrial applications. China is the leading country in the region, followed by India owing to the growing demand for silver in the manufacturing of ornaments and coins. The European market held a substantial market share in 2020 and silver production in the region increased by 1% in 2021, which is the first increase in silver production rate after three consecutive years of downfall. Russia is the major contributor to the regional market growth followed by Poland. The Middle East & African market held a small market share in 2021 on account of the low purity of silver mines.

Silver Market Segmentation Analysis

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

On the basis of type of silver market has been categorized into fine silver, sterling silver, German silver, coin silver, Britannia silver, Mexican silver, Russian silver, oxidized silver, and others.

Based on application, the global silver market has been classified 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.

Recent Development

October 2024: Coeur Mining Has Announced that it has Acquired SilverCrest Metals 

Coeur Mining announced that it has acquired SilverCrest Metals for approximately $1.7 billion due to high silver prices. This strategic move adds more production capability to Coeur’s machinery by incorporating SilverCrest's Las Chispas mine in Sonora, Mexico into its own. The deal presents a 22% premium for SilverCrest shareholders, with the combined company being expected to significantly enhance silver and gold production by the year 2025.

November 2024: Silver’s Price Crashes Making a Decade High among the Other Precious Metals 

The silver precious metal has up surged to more than 34% this years whom also outshined Zeus’s gold metal. Seeing such a high rise investment began pouring in along with a surge on industrial demands for solar panel manufacturing which caused supply constraints owning to lower mine production accompanied by a few striking labor forces. This is something that the Silver Institute is expecting out of the market as the shortage of silver would only rise leading to higher prices.

December 2024: Fortuna Silver Mines Has Annually Reported its Production to be 452,000 Ounces of Gold Equivalents 

Precious metal mining company incorporating five mines across South America, including Peru, Mexico, Argentina, Burkina Faso & Côte d Ivoire, has set a new path with its annual sales forecast as they reported the yearly consumption to be greater than 450K ounces; Aimigo Dominicana reported that the company hopes to increase the gold production output ranging between 457,000 to 497,000 ounces in the year 2024.

January 2025 – Market Analysts Predict Further Increase in the Price of Silver

Expert predictions indicate that due to increasing demand and the supply crunch of the chemical, the price of silver should exceed $50 per ounce. Industrial demand, supply shortfalls, and inflation gambles are some of the reasons for this estimate. Investors must keep an eye on market trends; as mentioned earlier, silver finds its application across various industries.

 

Target Audience

• Silver, gold, and zinc mining companies


• Silver manufacturers


• Distributors and suppliers of Silver


• Potential investors


• Research institutes


• Government bodies

Report Attribute/Metric	Details
Market Size	2030: Significant value
CAGR	9.83% (2022–2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Type, Application and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Asahi Refining (US),Fresnillo plc (Mexico),KGHM (Poland),Glencore (Switzerland), Newmont Goldcorp (Canada), 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),Hecla Mining Company (US).
Key Market Opportunities	Growing demand for silver in industrial and electronic applications such as supercapacitors, catalysts, high capacity batteries,
Key Market Drivers	Increasing consumption of silver in ornaments and silverware is expected to be the major factor driving the global market