Global Silver Market
Market Overview
The global silver market expanded modestly to $
in , rising by % 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, showed a relatively flat trend pattern. Global consumption peaked at $ in 2012; however, from 2013 to , consumption remained at a lower figure.
In value terms, silver production declined to $ in estimated in export price. The total output value increased at an average annual rate of +% from 2007 to ; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2011 when the production volume increased by % against the previous year. As a result, production attained the peak level of $. From 2012 to , global production growth remained at a lower figure.
The country with the largest volume of silver production was China ( tons), accounting for % of total volume. Moreover, silver production in China exceeded the figures recorded by the second-largest producer, Japan ( tons), threefold. The third position in this ranking was taken by Hong Kong SAR ( tons), with a % share.
From 2007 to, the average annual rate of growth in terms of volume in China amounted to +%. In the other countries, the average annual rates were as follows: Japan (+% per year) and Hong Kong SAR (+% per year).
in , rising by % 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, showed a relatively flat trend pattern. Global consumption peaked at $ in 2012; however, from 2013 to , consumption remained at a lower figure.In value terms, silver production declined to $
in estimated in export price. The total output value increased at an average annual rate of +% from 2007 to ; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2011 when the production volume increased by % against the previous year. As a result, production attained the peak level of $. From 2012 to , global production growth remained at a lower figure.The country with the largest volume of silver production was China (
tons), accounting for % of total volume. Moreover, silver production in China exceeded the figures recorded by the second-largest producer, Japan ( tons), threefold. The third position in this ranking was taken by Hong Kong SAR ( tons), with a % share.From 2007 to
, the average annual rate of growth in terms of volume in China amounted to +%. In the other countries, the average annual rates were as follows: Japan (+% per year) and Hong Kong SAR (+% per year).Consumption
For the third consecutive year, the global market recorded decline in consumption of silver including silver plated with gold or platinum, which decreased by -% to tons in . Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume at tons in 2019; however, from to , consumption stood at a somewhat lower figure.
The global silver market value reduced modestly to $ in , flattening at 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). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at $ in 2012; however, from 2013 to , consumption remained at a lower figure.
% to tons in . Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, global consumption attained the maximum volume at tons in 2019; however, from to , consumption stood at a somewhat lower figure.The global silver market value reduced modestly to $
in , flattening at 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). Over the period under review, consumption, however, continues to indicate a relatively flat trend pattern. Global consumption peaked at $ in 2012; however, from 2013 to , consumption remained at a lower figure.Consumption by Country
The countries with the highest volumes of consumption in were China ( tons), the United States ( tons) and the UK ( tons), together accounting for % of global consumption. These countries were followed by Canada, India, Germany, Pakistan, Russia, Indonesia, Bangladesh, Japan, Nigeria and Ethiopia, which together accounted for a further %.
From 2007 to, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Canada (with a CAGR of +%), while consumption for the other global leaders experienced more modest paces of growth.
In value terms, the largest silver markets worldwide were China ($), the United States ($) and Canada ($), together accounting for % of the global market.
Canada, with a CAGR of +%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.
From 2007 to, the average annual growth rate of the silver per capita consumption in No country was relatively modest.
were China ( tons), the United States ( tons) and the UK ( tons), together accounting for % of global consumption. These countries were followed by Canada, India, Germany, Pakistan, Russia, Indonesia, Bangladesh, Japan, Nigeria and Ethiopia, which together accounted for a further %.From 2007 to
, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Canada (with a CAGR of +%), while consumption for the other global leaders experienced more modest paces of growth.In value terms, the largest silver markets worldwide were China ($
), the United States ($) and Canada ($), together accounting for % of the global market.Canada, with a CAGR of +
%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.From 2007 to
, the average annual growth rate of the silver per capita consumption in No country was relatively modest.Market Forecast
Driven by rising demand for silver worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to tons by the end of .
In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to bring the market volume to tons by the end of .In value terms, the market is forecast to increase with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
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