Market Overview
The Global Silver Market is expected to exhibit a strong 9.83% CAGR over the forecast period from 2019 to 2023, according to the latest research report from Market Research Future (MRFR). The silver market is mainly driven by the growing demand for silver as an investment, in jewelry, and in electronics. The report presents a comprehensive overview of the global silver market by profiling the leading drivers and restraints affecting the market and presenting a detailed analysis of the likely impact of these factors on the market over the forecast period. Various economic factors affecting the growth of the silver market are profiled in detail in the report. Leading players operating in the silver market are also profiled in the report in order to give readers a complete overview of the competitive landscape of the market.
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The growing demand for silver in electrical and electronic applications is likely to be the major driver for the global silver market over the forecast period. The growing demand for supercapacitors, high-capacity batteries, and photovoltaic cells around the world is likely to be a major driver for the global silver market. Battery technology is one of the prime research areas in the world at the moment, as the demand to find energy solutions without using fossil fuels is growing. This has led to significant research and development in the field of batteries, specifically increasing the capacity of batteries and enabling rapid charging. This and the growing production of electric batteries has led to a growing demand from the silver market, as silver has the highest electrical conductivity of all metals. The growing demand for electric batteries in industrial and automotive applications is likely to remain a major driver for the silver market over the forecast period.
Silver is also highly valued in silverware and jewelry applications. This is the traditionally most popular end use of silver, as the luster and shine of silver is comparable to other precious metals. However, silver is the cheapest of all precious metals, leading to a growing demand in jewelry applications. The growing demand for silver jewelry as adornment and investment is likely to remain a key driver for the global silver market over the forecast period.
Competitive Analysis:
- Hindustan Zinc
- Asahi Refining
- Fresnillo plc
- KGHM
- Glencore
- Newmont Goldcorp
- Polymetal International plc
- Minas Buenaventura SAA
- Pan American Silver
- Hochschild Mining plc
- Volcan
- Wheaton Precious Metals Corp.
- First Majestic
- Endeavour Silver
- Hecla Mining Company
Segmentation:
The Global Silver Market is segmented based on type, application, and region.
By type, the Global Silver Market is segmented into fine silver, sterling silver, German silver, coin silver, Britannia silver, Mexican silver, Russian silver, oxidized silver, and others. This segmentation is made based on the percentage of silver in the final silver products. The sterling silver segment held the largest share in the silver market in 2018. Sterling silver is mainly used in making silver jewelry and silverware and contains 92.5% silver and 7.5% copper. Zinc and germanium may also be added to silver in order to enhance the resistance of the silver to tarnishing.
By application, the Global Silver Market is segmented into electrical and electronics, silverware, industrial, jewelry, investment, photographic films, pharmaceuticals, food and beverages, clothing and textile, personal care and cosmetics, and water treatment. The electrical and electronics segment holds the largest share in the global silver market, followed by the jewelry, investment, and photographic films segments. The growing demand for silver in electronics is mainly driven by its high electrical conductivity.
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Regional Analysis:
Latin America holds the largest share in the global silver market due to the strong presence of silver mines in the region. Mexico is the leading producer of silver, and contains silver of high grades, leading to growth of the regional market. North America is also a substantial contributor to the global silver market due to the growing lead, gold, and zinc mining activities in the region, of which silver is often a by-product. Asia Pacific is also likely to exhibit growth in the global silver market over the forecast period, due to the growing demand for silver jewelry and silverware.
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