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The global silver demand is expected to reach 1,155 million ounces in 2025, growing at a CAGR of 2.98%, for the time period of 2021-2025. While the silver supply is likely to be recorded as 1,062 million ounces in 2025, increasing at a CAGR of 1.26%, during 2021-2025. The factors such as rising sales of jewellery & silverware, growing demand for solar photovoltaic, rising use of silver oxide batteries, increasing manufacturing of electrical equipment and expansion of dental services would drive the growth of the market. However, the market growth would be challenged by volatile prices of silver and environmental impact of silver nanoparticles. A few notable trends may include rising use of silver in auto industry, growing consumption of silver nanoparticles and upsurge in the silver consumption in the U.S.
The silver market is emerging gradually over years and securing its position in financial markets in the modern economy. Given its size and liquidity, silver is clearly becoming a monetary asset for investors. Further, the expanding range of application is making silver highly demanded across various end industries. Silver is massively used in industries like jewellery & silverware, electrical & electronics, photovoltaics, brazing alloys and photography.
The fastest growing regional market was North America due to the massive consumption of silver across various end industries. It was followed by Central & South America as of the emerging regions in the silver market due to the increase in exploration activities for the silver production. However, the market growth has been hampered by the outbreak of the COVID-19 pandemic as it has caused severe disruption across various industries, which eventually halted the silver consumption globally.
Scope of the report:
- The report provides a comprehensive analysis of the global silver market.
- The major regional markets (North America, Central & South America, Asia, CIS, Europe, Oceania and Africa) have been analyzed.
- The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players (Glencore, Polymetal International, Fresnillo, Pan American Silver, First Majestic Silver and Asahi Refining) are also presented in detail.
Key Target Audience:
- Silver Manufacturers
- Supply Chain Partners
- End Users (Automotive, Jewellery & Silverware, Solar Energy, E&E, etc.)
- Consulting Firms
- Investment Banks
- Government Bodies & Regulating Authorities