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Silver Market Trends

ID: MRFR//6530-HCR | 140 Pages | Author: Priya Nagrale| July 2024

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 (%)  Silver Market_Image


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


Silver market forecasts from 2021 and the upcoming years suggest that most key industrial players focus on exploring new technologies that can be merged with the silver market production. This greatly helps in the purchase of commodities. Several regulatory bodies are implemented for the detection and quality verification of the silver as well that disclose a proper commodity market. Not only consumers but also manufacturers and retailers help with the same. This now provides numerous opportunities for marketers due to the rising demand of the prominent key players of the market like Goldcorp, Gold Fields, and Barrick Gold.


Target Audience



  • Silver, gold, and zinc mining companies

  • Silver manufacturers

  • Distributors and suppliers of Silver

  • Potential investors

  • Research institutes

  • Government bodies

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