Silver Market: 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 2027

Silver Market Overview

Silver (Ag) is a white, soft, and lustrous transition metal with atomic number 47. This metal possesses the highest thermal and electrical conductivity as compared to other metals. In addition, it exhibits high reflectivity, malleability, and ductility. It is harder than other precious metals and is obtained either from the earth’s crust as an alloy with gold and other metals, or from minerals, e.g., chlorargyrite. In many cases, silver is produced as a byproduct of gold, zinc, copper, and lead refining. It is one of the precious metals and finds application in jewelry, silverware, and photographic films, among others. Unlike other precious metals, silver is easily oxidized to form an oxide layer on silverware and jewelry.

According to MRFR analysis, the silver market is estimated to reach XX million by the end of 2023, registering a healthy CAGR of 9.83%. The increasing consumption of silver in ornaments and silverware is expected to be the major factor driving the global market growth. Also, the growing demand for silver in industrial and electronic applications such as supercapacitors, catalysts, high capacity batteries, and photovoltaic cells is also expected to boost the market growth. Moreover, silver finds applications in dentistry as silverware, optics, and mirrors which is likely to drive the growth of the market in the following years. Silver is the cheapest among other precious metals and exhibits similar properties of luster and rarity, which make it perfect for use in the manufacturing of jewelries. Silver as an investment is considered to be one of the opportunities for the growth of the silver market over the past decade, and this trend is likely to continue during the review period. Furthermore, silver is considered as an affordable alternative to gold, which further creates immense opportunities for the market players operating in the market.

However, volatile prices of silver are likely to hamper the market growth in the coming years. Moreover, silver is reactive and gets easily tarnished when in contact with hydrogen sulfide, ozone, and air with ozone content which affects its appearance and thus acts as another major restraint to the market growth.

Key Players

• 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 2018 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 2018 and silver production in the region increased by 1% in 2017, 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 2018 on account of the low purity of silver mines.

Segmentation Analysis

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

On the basis of type, the global 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.

Target Audience

• Silver, gold, and zinc mining companies


• Silver manufacturers


• Distributors and suppliers of Silver


• Potential investors


• Research institutes


• Government bodies

Report Scope:

Report Attribute/Metric	Details
Market Size	2027: Significant value
CAGR	9.83%(2018–2023)
Base Year	2019
Forecast Period	2020-2027
Historical Data	2018
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

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