World - Silver Ores And Concentrates - Market Analysis, Forecast, Size, Trends And Insights
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The global silver ore market is projected to show positive growth in terms of consumption, production, imports, and exports. China stands out as the largest consumer and importer of silver ores and concentrates. The market is expected to expand with a CAGR of +4.2% in volume and +6.3% in value from 2022 to 2030. Consumption has shown strong growth from 2012 to 2022, with fluctuations in market value. Production decreased slightly in 2022 after a three-year rising trend. Imports and exports both saw growth in 2022, with China dominating the import structure and Mexico and Peru leading in exports. Average prices for imports and exports declined in 2022, with some fluctuation over the years. Overall, the global silver ore market is dynamic and shows potential for continued growth.
Market Forecast
Driven by increasing demand for silver ores and concentrates worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +4.2% for the period from 2022 to 2030, which is projected to bring the market volume to 2.6M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +6.3% for the period from 2022 to 2030, which is projected to bring the market value to $99.4B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Silver Ores And Concentrates
In 2022, consumption of silver ores and concentrates increased by 21% to 1.9M tons, rising for the fourth year in a row after three years of decline. Over the period under review, the total consumption indicated strong growth from 2012 to 2022: its volume increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +73.1% against 2018 indices. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.
The global silver ore market value fell notably to $60.8B in 2022, declining by -37.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, the global market attained the peak level at $97.5B in 2021, and then declined remarkably in the following year.
Consumption By Country
China (1.4M tons) remains the largest silver ore consuming country worldwide, comprising approx. 77% of total volume. Moreover, silver ore consumption in China exceeded the figures recorded by the second-largest consumer, South Africa (116K tons), more than tenfold. The third position in this ranking was held by Namibia (71K tons), with a 3.8% share.
From 2012 to 2022, the average annual growth rate of volume in China totaled +18.5%. The remaining consuming countries recorded the following average annual rates of consumption growth: South Africa (+0.4% per year) and Namibia (+78.1% per year).
In value terms, the largest silver ore markets worldwide were China ($2.8B), Namibia ($1.7B) and South Africa ($887M), with a combined 8.9% share of the global market.
Namibia, with a CAGR of +76.1%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
In 2022, the highest levels of silver ore per capita consumption was registered in Namibia (27 kg per person), followed by South Africa (1.9 kg per person), Malaysia (1.1 kg per person) and China (1 kg per person), while the world average per capita consumption of silver ore was estimated at 0.2 kg per person.
In Namibia, silver ore per capita consumption expanded at an average annual rate of +74.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: South Africa (-1.0% per year) and Malaysia (-0.5% per year).
Production
World Production of Silver Ores And Concentrates
In 2022, production of silver ores and concentrates decreased by -0.4% to 956K tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 7.2%. Global production peaked at 960K tons in 2021, and then shrank in the following year.
In value terms, silver ore production amounted to $2.5B in 2022 estimated in export price. In general, production continues to indicate a mild slump. The most prominent rate of growth was recorded in 2013 when the production volume increased by 157%. As a result, production reached the peak level of $7.2B. From 2014 to 2022, global production growth remained at a lower figure.
Production By Country
The countries with the highest volumes of production in 2022 were Mexico (330K tons), Peru (207K tons) and South Africa (128K tons), together accounting for 70% of global production. Russia, Argentina, Malaysia and Sweden lagged somewhat behind, together accounting for a further 20%.
From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of +1.7%), while production for the other global leaders experienced more modest paces of growth.
Imports
World Imports of Silver Ores And Concentrates
For the fourth year in a row, the global market recorded growth in overseas purchases of silver ores and concentrates, which increased by 27% to 1.6M tons in 2022. Overall, imports recorded a resilient increase. The growth pace was the most rapid in 2017 with an increase of 34% against the previous year. Over the period under review, global imports hit record highs in 2022 and are likely to see gradual growth in years to come.
In value terms, silver ore imports amounted to $4.1B in 2022. In general, imports saw a strong increase. The pace of growth was the most pronounced in 2021 with an increase of 51% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.
Imports By Country
China dominates imports structure, accounting for 1.4M tons, which was near 92% of total imports in 2022. It was distantly followed by Namibia (71K tons), creating a 4.6% share of total imports. Japan (25K tons) took a minor share of total imports.
From 2012 to 2022, average annual rates of growth with regard to silver ore imports into China stood at +18.5%. At the same time, Namibia (+389.5%) and Japan (+14.8%) displayed positive paces of growth. Moreover, Namibia emerged as the fastest-growing importer imported in the world, with a CAGR of +389.5% from 2012-2022. While the share of China (+4.9 p.p.) and Namibia (+4.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($3.2B) constitutes the largest market for imported silver ores and concentrates worldwide, comprising 79% of global imports. The second position in the ranking was held by Japan ($221M), with a 5.4% share of global imports.
In China, silver ore imports expanded at an average annual rate of +19.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+10.8% per year) and Namibia (+204.9% per year).
Import Prices By Country
In 2022, the average silver ore import price amounted to $2,622 per ton, declining by -20.6% against the previous year. Overall, the import price continues to indicate a abrupt curtailment. The pace of growth appeared the most rapid in 2016 an increase of 44%. Over the period under review, average import prices hit record highs at $6,171 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($8,993 per ton), while Namibia ($444 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+0.9%), while the other global leaders experienced a decline in the import price figures.
Exports
World Exports of Silver Ores And Concentrates
For the fourth consecutive year, the global market recorded growth in overseas shipments of silver ores and concentrates, which increased by 1.9% to 651K tons in 2022. Over the period under review, exports enjoyed a prominent increase. The growth pace was the most rapid in 2017 with an increase of 108% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in the immediate term.
In value terms, silver ore exports reduced sharply to $3.3B in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when exports increased by 24% against the previous year. The global exports peaked at $4.2B in 2021, and then declined remarkably in the following year.
Exports By Country
Mexico (287K tons) and Peru (201K tons) dominates exports structure, together comprising 75% of total exports. It was distantly followed by Sweden (33K tons), achieving a 5% share of total exports. Russia (29K tons), Bulgaria (22K tons), Bolivia (14K tons), the Netherlands (14K tons), Argentina (13K tons) and South Africa (12K tons) held a little share of total exports.
From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +141.4%), while shipments for the other global leaders experienced more modest paces of growth.
In value terms, the largest silver ore supplying countries worldwide were Mexico ($1.2B), Bolivia ($750M) and Peru ($703M), with a combined 79% share of global exports. Russia, Sweden, Argentina, South Africa, the Netherlands and Bulgaria lagged somewhat behind, together comprising a further 13%.
The Netherlands, with a CAGR of +80.5%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.
Export Prices By Country
In 2022, the average silver ore export price amounted to $5,073 per ton, declining by -23% against the previous year. Over the period under review, the export price continues to indicate a abrupt curtailment. The growth pace was the most rapid in 2016 an increase of 48%. The global export price peaked at $14,133 per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.
Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bolivia ($54,022 per ton), while Bulgaria ($83 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+17.8%), while the other global leaders experienced a decline in the export price figures.
This report provides an in-depth analysis of the global silver ore market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 07291410 -
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
This report provides an in-depth analysis of the global silver ore market.
This report provides an in-depth analysis of the global silver ore market.
This report provides an in-depth analysis of the global market for precious metal ore and concentrate.
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