Silver Market Size , Share, Analysis by Production, Consumption, Revenue, and Growth By 2030
Silver Market Size Overview:
During the assessment period ending in 2030, the global silver market will grow at a healthy CAGR of approximately 9.83 percent. Silver (Ag) is a soft, white, lustrous transition metal with the atomic number 47. When compared to other metals, the metal has the highest electrical and thermal conductivity. It also has ductility, malleability, and high reflectivity. It is a hard precious metal that is obtained as an alloy with gold and other metals from minerals or the earth’s crust. In some cases, silver is produced as a byproduct of lead, copper, zinc, and gold refining. It is a valuable metal that is used in photographic films, silverware, and jewelry.
In recent years, the Silver Market Size has experienced a massive increase in growth rate. The market’s expansion is primarily attributed to the rising consumption of silver in ornaments and silverware. In addition, the rising demand for silver in industrial and electronic applications such as photovoltaic cells, high-capacity batteries, catalysts, and supercapacitors is expected to drive market growth in the coming years. Furthermore, factors such as applications in dentistry and increased use as a less expensive alternative to gold are expected to positively impact the silver market’s growth. On the other hand, silver’s volatile prices and high reactivity may stymie market growth over the assessment timeframe.
Market Segmentation:
The global silver market has been divided into three sections: type, application, and region.
BY application: Silverware, industrial, jewelry, investment, photographic films, electrical and electronics, pharmaceuticals, food and beverage, clothing and textile, personal care and cosmetics, and water treatment are the applications that make up the global silver market.
By region: The global silver market has been studied by region for five major regions: Asia-Pacific, North America, Latin America, Europe, and the Middle East and Africa.
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Regional Classification:
The global silver market has been studied in five distinct regions: Latin America, Asia-Pacific, Europe, North America, the Middle East, and Africa. Because of the presence of large silver mines, the Latin American market held the largest market share in 2018 and is expected to maintain this trend in the coming years. Mexico is the world’s leading country due to the presence of the largest silver mines with higher grades. Following a strong performance in the primary and gold sectors, this country’s mine supply increased to 6,116 tons. Peru is another important country in the region, mining approximately 4,508 tons of silver in 2018, despite a 2% decrease in silver production. The North American market had the second-largest market share in 2018 and is expected to have the highest CAGR.
Industry News:
Some of the top players in the global Silver market include Fresnillo plc. (Mexico), Asahi Refining (US), Goldcorp (Canada), Minas Buenaventura SAA (Peru), Newmont Hindustan Zinc (India), KGHM (Poland), Volcan (Peru), Hecla Mining Company (US), Glencore (Switzerland), PAN American Silver (Canada), Polymetal International plc (Russia), Wheaton Precious Metalcorp(Canada).
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