Press release
Silver Ore Global Market Estimated to Surge at a CAGR of 8.8% to Reach $11.4 Billion By 2028 | Glencore PLC, Fresnillo PLC, SSR Mining Inc., MAG Silver Corp., Yamana Gold Inc.
Silver Ore Global Market
Silver Ore Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $11.4 billion In 2028 At A CAGR Of 8.8%.
The silver ore market size has grown strongly in recent years. It will grow from $7.43 billion in 2023 to $8.13 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to industrial applications, jewelry and silverware manufacturing, investment demand, photovoltaic industry, currency and monetary uses..
The silver ore market size is expected to see strong growth in the next few years. It will grow to $11.4 billion in 2028 at a compound annual growth rate (CAGR) of 8.8%. The growth in the forecast period can be attributed to renewable energy technologies, medical and healthcare devices, consumer electronics, global economic trends, environmental and green technologies.. Major trends in the forecast period include price volatility and market speculation, technological applications in silver refining, silver recycling and circular economy, strategic alliances and mergers, government policies and mining regulations..
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Silver Ore Market Major Segments
The silver ore market covered in this report is segmented -
1) By Type: Acanthite, Proustite, Pyrargyrite, Others
2) By Applications: Jewelry, Electronics And Electrical, Photography, Medicine.
Key Driver - Rising Demand For Silver In Jewelry And Industry Fuels Growth In The Silver Ore Market
Growing demand for silver in jewelry and industrial applications is expected to boost the growth of the silver ore market. Silver is a popular metal for jewelry, due to its luster, affordability, and durability. As the global economy has grown, more people have been able to afford to buy jewelry, which has increased the demand for silver ore. The demand for silver in the form of investment bars and coins has greatly increased, with consumption rising in the silver jewelry and silverware industries. For instance, as per the report published by the Silver Institute, a US-based organization solely focused on silver, in 2022, the demand for silver is reached a record high of 1.21 billion ounces, an increase of 16% from 2021. Industrial demand is also projected to increase to 539 million ounces. Therefore, the growing demand for silver in jewelry and industrial applications is driving the growth of the silver ore market.
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Prominent Trend - Flow Of Significant Investments Transforming The Silver Ore Market
Increasing Investments have emerged as the key trend gaining popularity in the silver ore market. Major players in the market are investing in silver ore to strengthen their position in the market. For instance, in March 2023, the GIVA, an India-based direct-to-customer silver jewelry start-up, secured debt funding of $4.8 million from Alteria Capital. With this investment, GIVA hopes to improve its offline presence in India and control inventories. Also, in September 2021, Open Mineral AG, a Switzerland-based company that operates a cloud-based exchange of minerals, raised fresh funding of $33 million from the UAE sovereign wealth fund Mubadala. With this investment, Open Mineral, which has developed an eBay-like trading platform, aims to digitize the market for metal commodities like copper, silver, and gold.
Silver Ore Market Players
Major companies operating in the silver ore market report are Industrias Penoles SAB de CV, Volcan Compania Minera SAA, Glencore plc, Compania De Minas Buenaventura SAA, Hindustan Zinc Ltd., Polymetal International Plc, First Majestic Silver Corp., Hochschild Mining plc, Newmont Corporation, KGHM Polska Miedz SA, Pan American Silver Corporation, Asahi Refining USA Inc., Endeavour Silver Corporation, Wheaton Precious Metals Corporation, Hecla Mining Company, Fresnillo plc, Coeur Mining Inc., BHP Group Limited, Sumitomo Metal Mining Co. Ltd., Silvercorp Metals Inc., SSR Mining Inc., MAG Silver Corp., Silver Lake Resources Limited, Yamana Gold Inc., Great Panther Mining Limited, Alexco Resource Corp., Fortuna Silver Mines Inc., Hudbay Minerals Inc., Agnico Eagle Mines Limited, Silver Mines Limited .
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Largest And Fastest Growing Region In The Market
North America was the largest region in the silver ore market in 2023. The regions covered in the silver ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Silver Ore Market Report Structure
3. Silver Ore Market Trends And Strategies
4. Silver Ore Market - Macro Economic Scenario
5. Silver Ore Market Size And Growth
…..
27. Silver Ore Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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