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As per the research report by MRFR, the silver market will record a healthy CAGR of approximately 9.83% during the assessment era ending in 2030. There has been constant and healthy growth in the silver market since its production day due to the constant use and production of silver as not only a piece of jewelry but also as a vessel and for other consumption.
MARKET SEGMENTATION
Looking at the latest research analysis, the silver industry can be bifurcated based on type and applications. Out of all the segments of this market, the investment segment will witness tremendous growth during the forecast period. Most of the population around the world find various ways to invest their money and silver has been in trend in terms of investment for the past few decades whether it may be in the form of shares in the share market, or form of cryptocurrency, or form of jewelry.
If we look at this industry then based on type, it is categorized into fine silver, German silver, Britannia silver, Russian silver, Mexican silver, oxidized silver, coin silver, sterling silver, and others.
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Based on application, it has water treatment, cosmetics, personal care, clothing and textiles, food and beverage, pharmaceuticals, electrical and electronics, investment, jewelry, industrial, silverware, etc.
REGIONAL ANALYSIS
If we look at silver market share and other details, this industry is remarkably working in five major regions of the world that is Asia Pacific, Europe, North America, Latin America, the Middle East, and Africa. During the forecast period, the Latin American region will dominate this market due to the presence of huge silver mines in its leading country Mexico. The mine supply of silver from countries like Mexico and Peru is approximately 6,116 tons and 4508 tons respectively. Also, the North American region will be the second-largest market because of the rise in mining activities in lead, gold, and zinc mines present in this region.
Based on the data obtained from silver industry analysis, the prominent players in this market are Hecla Mining Company (the US, First Majestic (Canada), Volcan (Peru), PAN AMERICAN SILVER (Canada), Polymetal International plc. (Russia), Glencore (Switzerland), Fresnillo plc. (Mexico), Asahi Refining (US), KGHM (Poland), Newmont Goldcorp (Canada), Minas Buenaventura SAA (Peru), Hochschild Mining plc. (UK), Volcan (Peru), and ENDEAVOUR SILVER (Canada).
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INDUSTRY NEWS
In recent years demand for silver is rising at a very high rate as it is considered to be a cheap alternative to gold and finds its application in almost every industry. Like other precious metals silver also have the properties like luster and rarity due to which it is used in the manufacturing of jewelry. According to the graphs of share markets. Silver is considered to be one of the most valuable things to invest in as silver is the only metal that finds its application even in dentistry tools like silverware, optics, and mirrors. Also instead of using copper, aluminum, or brass alloy, silver is being used in most industrial and electronic products such as catalysts, high-capacity batteries, photovoltaic cells, and supercapacitors.
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