Market Size of Silver Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Silver Market Analysis
The global silver market is expected to register a CAGR of over 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.
