Silver Market Trends

Statistics for the 2023 & 2024 Silver market trends, created by Mordor Intelligence™ Industry Reports. Silver trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Silver Industry

Electrical and Electronics Application to Dominate

  • Because of its strong electrical conductivity even when tarnished, silver is particularly significant in electronics for conductors and electrodes. Bulk silver and silver foils were utilized to construct vacuum tubes and are being used to make semiconductor devices, circuits, and their components today. This increased demand for electrical and electronic applications is projected to eventually drive up demand for silver in the market.
  • In North America, especially in the United States, the electronics industry is expected to grow at a moderate rate. An increase in the demand for new technological products is expected to help the market expand in the future. According to the USGS report, 27% of the silver produced in the United States was being utilized in electrical and electronic applications.
  • Moreover, the value added by producing electrical equipment, appliances, and components in the United States in the fourth quarter of 2022 was roughly USD 76 billion, up almost 8% from the same period the year before, according to the Bureau of Economic Analysis. The country's total value added during the first four quarters of 2022 was close to USD 295 billion.
  • Additionally, according to the Consumer Technology Association, the retail revenue from consumer electronics or technology sales in the United States was estimated at USD 505 billion in 2022, compared to USD 461 billion in 2021.
  • In Europe, the German electronics industry is the largest in the region. According to the ZVEI, Germany's electro- and digital-industry turnover accounted for EUR 21.1 billion (USD 21.7 billion) in November 2022, witnessing a growth rate of 14.4% compared to November 2021.
  • As the electronics industry is continuously making remarkable progress and development, the demand for the market studied is growing rapidly. The production of cellular phones, portable computing devices, gaming systems, and other personal electronic devices will continue to spark the demand for electronic components, which is further expected to boost the demand for the market studied.
Silver Market: Retail Revenue from Consumer Electric Sales, In USD Billion, United States, 2018-2022

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region dominated the market for silver due to rising demand in end-use applications such as electrical and electronics, jewelry and silverware, and pharmaceuticals, among others, in countries such as China, India, and Japan.
  • According to ZVEI, the Asian electro market reached EUR 3,106 billion (USD 3,674 billion) in 2021, a 10% rise. The market increased by 13% in 2022, and analysts estimated a 7% growth rate for 2023. China's market is the largest in the world, even larger than the combined markets of all industrialized countries. In 2021, the Chinese market contributed EUR 2,069 billion (USD 2,447 billion), or 41.6% of the world market; additionally, the Chinese electronic industry expanded by 14% in 2022, and the sector is expected to grow by 8% in 2023.
  • The overall production value of the electronics sector in Japan was estimated by the Japan Electronics and Information Technology Industries Association (JEITA) to be around JPY 10.1 trillion (USD 84.5 billion) as of November 2022, which is roughly 100.7% of the value from the previous year.
  • The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. According to the PLI scheme, the government is likely to offer incentives as manufacturers increase production in India, with USD 5.5 billion available over five years. This is likely to boost the production of electronics in the country, which is expected to create market demand.
  • Silver is also incorporated into wound dressings and used as an antibiotic coating on medical devices. Pure silver metal is used as a food coloring material. Traditional dishes in South Asian countries sometimes include decorative silver foil known as vark, and in various other cultures, silver dragée is used to decorate cakes, cookies, and other dessert items.
  • Furthermore, according to the Ministry of Finance of the People's Republic of China, total public expenditure on health care and hygiene increased by about 17% in 2022 compared to 2021, amounting to about CNY 2.25 trillion (USD 0.33 trillion).
  • According to the Directorate General of Commercial Intelligence and Statistics (DGCI&S), India exported over USD 9.6 billion worth of agricultural and processed foods during the first four months of FY 2022-23. In comparison to the same period in the previous year, exports grew by over 30%.
  • Therefore, the aforementioned factors are expected to significantly impact the market in the coming years.
Silver Market - Growth Rate by Region

Silver Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)