Silver Mining Market Size, Share & Industry Analysis, By Type (Pure Silver, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Silver mining is the extraction of the precious metal element silver. Silver is found in a native form very rarely as nuggets, but more usually combined with sulfur, arsenic, antimony, or chlorine and in various ores such as argentite. As silver is a precious metal often used for coins and bullion, its mining has historically often been lucrative. Furthermore, half of silver’s demand comes from the industrial sector. It is the best electrical and thermal conductor of all metals, making it highly valued for electrical applications. One of the most challenging aspects of silver mining is the extraction of the ore, as silver and its host rock can be very heavy. In addition to being in high industrial demand, silver is also highly valued by investors because it shares many of the same investment characteristics as gold. A safe-haven metal, silver can be a hedge against both inflation and an economic downturn.
It is used in jewelry, electronics, and photography. Many investors use it as a haven in times of economic turmoil and sometimes as a hedge against inflation. Silver mining companies are engaged in the acquisition, exploration, development, and production of mineral properties. Silver mining companies are engaged in the exploration, development, and production of silver.
Based on type, silver mining can be bifurcated into fine silver and others. Among other types of silver, german silver is popularly known for its hardness, toughness, and resistance to corrosion whereas Britannia silver is considerably softer than sterling, and silver has been authorized for use by silversmiths, thereafter Britannia silver has remained an optional standard for hallmarking.
Silver being the best electrical and thermal conductor can be utilized in industrial fabrication. In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, in the manufacturing of membrane switches, in silvered film, in electrically heated automobile windshields, in conductive adhesives, and the preparation of thick-film pastes.
Mining silver can greatly impact the environment by causing lots of erosion as well as contaminates groundwater and soil by using chemicals from the mining process.
Key Market Driver -
Increasing demand from industrial fabrication
Key Market Restraint -
Environmental impact during mining process
Key Players Covered:
The key players operating in the global silver mining market Hindustan Zinc, Asahi Refining, Glencore, Newmont Goldcorp Fresnillo plc, KGHM, Pan American Silver, Hochschild Mining plc, Polymetal International plc, Minas Buenaventura SAA, First Majestic, Volcan, Endeavour Silver, Wheaton Precious Metals Corp, and Hecla Mining Company.
Regional Analysis:
Global silver mining has been categorized into five key regions including North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Through holding the largest market share, Latin America is projected to continue the trend in the coming years due to the presence of silver mines whereas Mexico is the leading country in the world owing to the presence of the largest silver mines possessing higher grades. Furthermore, Peru is another prominent country in the region and mined around 4,508 tons of silver in 2018. The Asia-Pacific market is projected to exhibit a significant CAGR in the coming years owing to rising mining activities and growing demand for silver in jewelry and industrial applications. China is the leading country in the region, followed by India owing to the growing demand for silver in the manufacturing of ornaments and coins. The Middle East & African market held a small market share on account of the low purity of silver mines.
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Segmentation
ATTRIBUTES | DETAILS |
By Type |
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By Geography |
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INDUSTRY DEVELOPMENTS
- In October 2019, it was declared that silver output in Asia is being increased to 5809 tonne and considered as the biggest growth.
- In April 2018, Hindustan Zinc become world’s ninth the largest silver producer as the firm improved its ranking from last year’s 11th spot.
- Ongoing
- 2023
- 2019-2022
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