Silver Ore Market Report 2025

The silver ore market size has grown strongly in recent years. It will grow from $7.87 billion in 2024 to $8.56 billion in 2025 at a compound annual growth rate (CAGR) of 8.7%. 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 $11.87 billion in 2029 at a compound annual growth rate (CAGR) of 8.5%. 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.

The silver ore market is expected to experience growth driven by the increasing demand for silver in both jewelry and industrial applications. Silver's popularity in jewelry is attributed to its luster, affordability, and durability, and as the global economy expands, more people can afford to purchase jewelry, contributing to the heightened demand for silver ore. The use of silver in investment bars and coins has also surged, with substantial consumption in the silver jewelry and silverware industries. In 2022, the Silver Institute reported a record high demand for silver at 1.21 billion ounces, marking a 16% increase from the previous year. Additionally, industrial demand is projected to rise to 539 million ounces. Thus, the growing demand for silver in jewelry and industrial applications is a key driver for the silver ore market.

The growing adoption of electric vehicles (EVs) is anticipated to drive the silver ore market in the coming years. Silver is essential in EV manufacturing, playing critical roles in electrical conductivity, batteries, energy storage, electric motors, drivetrains, semiconductors, charging infrastructure, and thermal management systems. The demand for silver in these applications is fueled by rising EV production volumes, government initiatives promoting EV adoption, ongoing research and development efforts, and consumer preferences for sustainable transportation. For instance, in 2024, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that electric car sales in 2023 increased by 3.5 million units compared to 2022, marking a 35% year-on-year growth. Consequently, the increasing adoption of electric vehicles is propelling the growth of the silver ore market.

Investments have become a prominent trend in the silver ore market, with major players strategically investing to strengthen their positions. In March 2023, GIVA, an India-based direct-to-customer silver jewelry start-up, secured $4.8 million in debt funding from Alteria Capital, intending to enhance its offline presence in India and manage inventories more effectively. This investment aims to support Open Mineral in digitizing the market for metal commodities such as copper, silver, and gold.

Major companies in the silver ore market are also undertaking new exploration projects to sustain their market positions. For instance, Silver Mines Ltd., an Australia-based silver exploration company, initiated an extensive project at its Bowdens Silver Project in New South Wales. The project focuses on identifying silver ore deposits through activities such as soil sampling, geological mapping, and rock sampling. A 15,000m diamond drilling program is underway, targeting areas highlighted by a 2022 seismic survey, indicating silver ore potential. The Bowdens project, covering 2,115 square kilometers, demonstrates significant mineralization potential, including a confirmed hydrothermal system at Barabolar.

In August 2022, Guanajuato Silver Company Ltd., a Canada-based silver mining development company, acquired Great Panther Mining Ltd. for $14.7 million. This acquisition allowed GSilver to expand its mining operations, including restarting the San Ignacio mine and processing silver and gold mineralized material at the El Cubo plant. Great Panther Mining Ltd. is a Canada-based silver mining company.

Major companies operating in the silver ore market include 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.

North America was the largest region in the silver ore market in 2024. The regions covered in the silver ore market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the silver ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Silver ore refers to a variety of rock or mineral from which silver metal can be extracted. It is frequently discovered in conjunction with other valuable metals such as gold, zinc, and copper, and is typically extracted from underground veins or open-pit mines.

The primary categories of silver ore include acanthite, proustite, pyrargyrite, among others. Acanthite represents a mineral form of silver sulfide (Ag2S), standing as the most significant ore of silver. The diverse applications of silver ore encompass its use in jewelry, electronics and electrical components, photography, and medicine.

The silver ore market research report is one of a series of new reports that provides silver ore market statistics, including silver ore industry global market size, regional shares, competitors with a silver ore market share, detailed silver ore market segments, market trends and opportunities, and any further data you may need to thrive in the silver ore industry. This silver ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The silver ore market consists of sales of argentite, argentiferous galena, and tetrahedrite. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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