Silver Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The silver market is segmented by type (fine silver, sterling silver, argentium silver, coin silver, and other types), application (physical investment (bars), electrical and electronics, photographic films, brazing alloys, jewelry and silverware, pharmaceuticals, and other applications), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market sizes and forecasts for the silver market in volume (million ounces) for all the above segments.

Silver Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Silver Market Size

Silver Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 5.00 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Silver Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Silver Market Analysis

The Silver Market is expected to register a CAGR of greater than 5% during the forecast period.

The COVID-19 epidemic had a negative impact on the silver market. Some applications suffered considerable harm as a result of the lockdown and temporary halts in production plants, reducing silver usage. Yet, after 2020, the market continued to increase modestly due to continued efforts in the primary applications and is expected to follow the trajectory.

  • The increasing demand for silver in industrial and electrical applications such as supercapacitors, catalysts, and high-capacity batteries is the primary driver of the market. Furthermore, the rising demand for silver in jewelry and silverware is projected to drive the market.
  • However, stringent regulations on the production and consumption of silver due to health-related issues are likely to hinder the market's growth.
  • The growing usage of silver in solar panels and electric vehicles is likely to produce enormous opportunities for the market in the forecast period.
  • The Asia-Pacific region accounts for the highest market share and is expected to dominate the market during the forecast period.

Silver Industry Overview

The silver market is partially fragmented in nature with a few players covering the market share. The big players in the silver market include (not in any particular order) Polymetal International plc, Wheaton Precious Metals Corp., Fresnillo plc, Coeur Mining, Inc., and Industrias Peñoles among others.

Silver Market Leaders

  1. Polymetal International plc

  2. Fresnillo plc

  3. Wheaton Precious Metals Corp

  4. Coeur Mining, Inc.

  5. Industrias Peñoles

  6. *Disclaimer: Major Players sorted in no particular order
Silver Market Concentration
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Silver Market News

  • April 2023: Impact Silver Corp. announced the completion of the share purchase and sale agreement with Consolidated Zinc Limited of Australia, the purchase of all outstanding shares of its subsidiary, Minera Latin America Zinc S.A.P.I de C.V., which holds a 100% interest in the high-grade, Plomosas zinc-lead-silver mine in the state of Chihuahua, northern Mexico. The agreement consists of a total price of USD 6 million out of which USD 3 million is to be given in cash and the balance in the form of IMPACT shares.
  • March 2023: Pan American Silver Corp announced the USD 4.8 billion acquisition of all the issued and outstanding common shares of Yamana Gold, following the sale by Yamana of its Canadian assets, including certain subsidiaries and partnerships. With this acquisition, the company expects a material increase in the production of silver and gold, while also continuing to provide a preferred way to invest in silver through large silver mineral reserves and growth opportunities.

Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Increasing Demand for Silver in Industrial and Electrical Applications
    • 4.1.2 Rising Demand for Silver in Jewelry and Silverware
  • 4.2 Restraints
    • 4.2.1 Stringent Regulations on the Production and Consumption of Silver due to Health-Related Issues
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition

5. MARKET SEGMENTATION (Market Size in Volume)

  • 5.1 Type
    • 5.1.1 Fine Silver
    • 5.1.2 Sterling Silver
    • 5.1.3 Argentium Silver
    • 5.1.4 Coin Silver
    • 5.1.5 Other Types
  • 5.2 Application
    • 5.2.1 Physical Investment (bars)
    • 5.2.2 Electrical and Electronics
    • 5.2.3 Photographic Films
    • 5.2.4 Brazing Alloys
    • 5.2.5 Jewelry and silverware
    • 5.2.6 Pharmaceuticals
    • 5.2.7 Other Applications
  • 5.3 Geography
    • 5.3.1 Production Analysis
    • 5.3.1.1 United States
    • 5.3.1.2 Argentina
    • 5.3.1.3 Australia
    • 5.3.1.4 Bolivia
    • 5.3.1.5 Chile
    • 5.3.1.6 China
    • 5.3.1.7 India
    • 5.3.1.8 Mexico
    • 5.3.1.9 Peru
    • 5.3.1.10 Poland
    • 5.3.1.11 Russia
    • 5.3.1.12 Rest of the World
    • 5.3.2 Consumption Analysis
    • 5.3.2.1 Asia-Pacific
    • 5.3.2.1.1 India
    • 5.3.2.1.2 China
    • 5.3.2.1.3 Japan
    • 5.3.2.1.4 South Korea
    • 5.3.2.1.5 Rest of Asia-Pacific
    • 5.3.2.2 North America
    • 5.3.2.2.1 United States
    • 5.3.2.2.2 Canada
    • 5.3.2.2.3 Mexico
    • 5.3.2.3 Europe
    • 5.3.2.3.1 Germany
    • 5.3.2.3.2 United Kingdom
    • 5.3.2.3.3 Italy
    • 5.3.2.3.4 France
    • 5.3.2.3.5 Rest of Europe
    • 5.3.2.4 South America
    • 5.3.2.4.1 Brazil
    • 5.3.2.4.2 Argentina
    • 5.3.2.4.3 Rest of South America
    • 5.3.2.5 Middle-East and Africa
    • 5.3.2.5.1 Saudi Arabia
    • 5.3.2.5.2 South Africa
    • 5.3.2.5.3 Rest of Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share(%)**/Ranking Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 Americas Gold and Silver Corporation
    • 6.4.2 Avino Silver & Gold Mines Ltd.
    • 6.4.3 Coeur Mining, Inc.
    • 6.4.4 Compañía de Minas Buenaventura S.A.A.
    • 6.4.5 First Majestic Silver Corp.
    • 6.4.6 Fortuna Silver Mines Inc.
    • 6.4.7 Fresnillo plc
    • 6.4.8 Hecla Mining Company
    • 6.4.9 Hindustan Zinc
    • 6.4.10 Honey Badger Silver Inc
    • 6.4.11 IMPACT Silver Corp.
    • 6.4.12 Industrias Peñoles
    • 6.4.13 MAG Silver Corp
    • 6.4.14 Orla Mining Ltd.
    • 6.4.15 Pan American Silver Corp
    • 6.4.16 Polymetal International plc
    • 6.4.17 Royal Gold Inc.
    • 6.4.18 Silvercorp Metals Inc.
    • 6.4.19 Wheaton Precious Metals Corp.
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Growing Usage of Silver in Solar Panels and Electric Vehicles
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Silver Industry Segmentation

Silver is a soft, white, lustrous transition metal that exhibits the highest electrical conductivity, thermal conductivity, and reflectivity of any metal. Silver is typically found in nature in conjunction with other metals or in minerals containing silver compounds, most commonly in the form of sulfides. The silver market is segmented by type, application, and geography. By type, the market is segmented into fine silver, sterling silver, argentium silver, coin silver, and other types. By application, the market is segmented into physical investment (bars), electrical and electronics, photographic films, brazing alloys, jewelry and silverware, pharmaceuticals, and other applications. The report also covers the market size and forecasts for the silver market in 15 countries across major regions. For each segment, market sizing and forecasts have been done based on volume (million ounces).

Type Fine Silver
Sterling Silver
Argentium Silver
Coin Silver
Other Types
Application Physical Investment (bars)
Electrical and Electronics
Photographic Films
Brazing Alloys
Jewelry and silverware
Pharmaceuticals
Other Applications
Geography Production Analysis United States
Argentina
Australia
Bolivia
Chile
China
India
Mexico
Peru
Poland
Russia
Rest of the World
Consumption Analysis Asia-Pacific India
China
Japan
South Korea
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Rest of Europe
South America Brazil
Argentina
Rest of South America
Middle-East and Africa Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Frequently Asked Questions

What is the current Silver Market size?

The Silver Market is projected to register a CAGR of greater than 5% during the forecast period (2025-2030)

Who are the key players in Silver Market?

Polymetal International plc, Fresnillo plc, Wheaton Precious Metals Corp, Coeur Mining, Inc. and Industrias Peñoles are the major companies operating in the Silver Market.

Which is the fastest growing region in Silver Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Silver Market?

In 2025, the Asia-Pacific accounts for the largest market share in Silver Market.

What years does this Silver Market cover?

The report covers the Silver Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Silver Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Silver Industry Report

Statistics for the 2025 Silver market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Silver analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.