Silver Market

The silver market is projected to see growth in consumption, with forecasts indicating an upward trend in market volume and value over the next eight years. The top consuming and producing countries are identified, with insights into import and export trends and average prices. The article provides a comprehensive overview of the global silver market dynamics from 2012 to 2022, highlighting key growth rates, fluctuations, and trends in the industry.

Market Forecast

Driven by increasing demand for silver including silver plated with gold or platinum worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.5% for the period from 2022 to 2030, which is projected to bring the market volume to 100K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market value to $71.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Silver Including Silver Plated With Gold Or Platinum

In 2022, consumption of silver including silver plated with gold or platinum increased by 0.7% to 96K tons, rising for the second consecutive year after three years of decline. Over the period under review, consumption recorded a mild increase. As a result, consumption attained the peak volume of 185K tons. From 2015 to 2022, the growth of the global consumption remained at a lower figure.

The global silver market value fell modestly to $58.6B in 2022, shrinking by -3.3% 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). In general, consumption recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $110.4B. From 2015 to 2022, the growth of the global market remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (16K tons), India (10K tons) and the United States (8.6K tons), together comprising 36% of global consumption.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +16.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($11.1B), India ($6.6B) and the United States ($6B) appeared to be the countries with the highest levels of market value in 2022, with a combined 40% share of the global market.

Among the main consuming countries, India, with a CAGR of +13.1%, recorded the highest rates of growth with regard to market size 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 per capita consumption was registered in Hong Kong SAR (644 kg per 1000 persons), followed by Canada (53 kg per 1000 persons), Germany (51 kg per 1000 persons) and Italy (40 kg per 1000 persons), while the world average per capita consumption of silver was estimated at 12 kg per 1000 persons.

In Hong Kong SAR, silver per capita consumption increased at an average annual rate of +1.4% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Canada (+3.7% per year) and Germany (+4.8% per year).

Production

World Production of Silver Including Silver Plated With Gold Or Platinum

In 2022, production of silver including silver plated with gold or platinum increased by 3.4% to 103K tons, rising for the second consecutive year after three years of decline. Over the period under review, production posted modest growth. The pace of growth appeared the most rapid in 2014 with an increase of 132%. As a result, production reached the peak volume of 188K tons. From 2015 to 2022, global production growth failed to regain momentum.

In value terms, silver production reduced to $52.2B in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 128%. As a result, production attained the peak level of $107.2B. From 2015 to 2022, global production growth remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (17K tons), the UK (12K tons) and Japan (7.3K tons), with a combined 35% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the UK (with a CAGR of +40.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Silver Including Silver Plated With Gold Or Platinum

In 2022, after two years of growth, there was decline in overseas purchases of silver including silver plated with gold or platinum, when their volume decreased by -1.6% to 51K tons. The total import volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 with an increase of 27% against the previous year. As a result, imports reached the peak of 51K tons, and then reduced modestly in the following year.

In value terms, silver imports fell to $31.4B in 2022. Overall, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 55%. As a result, imports reached the peak of $34.4B, and then contracted in the following year.

Imports By Country

India (9.6K tons) and the United States (7.4K tons) were the key importers of silver including silver plated with gold or platinum in 2022, accounting for approx. 19% and 15% of total imports, respectively. Hong Kong SAR (3.7K tons) took the next position in the ranking, followed by Canada (3.4K tons), China (3.2K tons), the UK (2.8K tons) and Germany (2.4K tons). All these countries together held approx. 31% share of total imports. Japan (2.1K tons), Turkey (2.1K tons), Switzerland (1.7K tons), Thailand (1.4K tons), Taiwan (Chinese) (1.2K tons) and Italy (1.1K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +24.7%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest silver importing markets worldwide were India ($6.4B), the United States ($5.4B) and Canada ($2.5B), with a combined 45% share of global imports. Hong Kong SAR, the UK, Turkey, Germany, Switzerland, Japan, China, Thailand, Italy and Taiwan (Chinese) lagged somewhat behind, together accounting for a further 43%.

Among the main importing countries, Turkey, with a CAGR of +21.7%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average silver import price amounted to $620,075 per ton, waning by -7.3% against the previous year. Overall, the import price continues to indicate a noticeable contraction. The most prominent rate of growth was recorded in 2020 an increase of 26%. Over the period under review, average import prices attained the peak figure at $776,037 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($806,013 per ton), while China ($351,723 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+5.5%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Silver Including Silver Plated With Gold Or Platinum

In 2022, shipments abroad of silver including silver plated with gold or platinum increased by 3.3% to 57K tons, rising for the third consecutive year after two years of decline. The total export volume increased at an average annual rate of +1.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 22% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to see gradual growth in the immediate term.

In value terms, silver exports contracted to $34.7B in 2022. In general, exports, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2020 when exports increased by 55%. The global exports peaked at $37.4B in 2021, and then dropped in the following year.

Exports By Country

In 2022, the UK (12K tons), distantly followed by Japan (6.5K tons), Hong Kong SAR (5K tons), China (3.9K tons), South Korea (3.3K tons), Mexico (3.1K tons) and Germany (3K tons) represented the key exporters of silver including silver plated with gold or platinum, together constituting 64% of total exports. The following exporters - the United States (2.3K tons), Switzerland (2.3K tons), Poland (1.9K tons), Taiwan (Chinese) (1.7K tons), Canada (1.3K tons) and Italy (1.3K tons) - together made up 19% of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +20.8%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the UK ($8.1B) emerged as the largest silver supplier worldwide, comprising 23% of global exports. The second position in the ranking was held by Hong Kong SAR ($3.5B), with a 10% share of global exports. It was followed by China, with an 8% share.

In the UK, silver exports expanded at an average annual rate of +19.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (-0.1% per year) and China (+11.8% per year).

Export Prices By Country

The average silver export price stood at $604,714 per ton in 2022, reducing by -10.3% against the previous year. In general, the export price continues to indicate a mild curtailment. The most prominent rate of growth was recorded in 2020 an increase of 28% against the previous year. The global export price peaked at $704,437 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($764,272 per ton), while Japan ($246,650 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (+1.3%), while the other global leaders experienced mixed trends in the export price figures.

Source: IndexBox Market Intelligence Platform