Semi-Manufactured Silver Market

The article discusses the expected decline in the global semi-manufactured silver market over the period 2022-2030, with projections showing a decrease in consumption volume and value. Key insights include the surge in consumption and market value in 2022, the countries with the highest volumes of consumption and production, as well as trends in imports and exports. The analysis also covers average import and export prices, highlighting notable growth rates and trends across different countries in the silver market.

Market Forecast

The semi-manufactured silver market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -2.4% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 31K tons by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of -0.0% for the period from 2022 to 2030, which is projected to bring the market value to $17B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Silver in Semi-Manufactured Forms

In 2022, global semi-manufactured silver consumption surged to 38K tons, growing by 46% against the previous year. In general, consumption posted prominent growth. As a result, consumption reached the peak volume and is likely to continue growth in the immediate term.

The global semi-manufactured silver market value skyrocketed to $17B in 2022, with an increase of 37% 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). Over the period under review, consumption showed a remarkable increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (9.9K tons), Mexico (6.7K tons) and the United States (3.3K tons), with a combined 53% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +25.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, India ($6.2B) led the market, alone. The second position in the ranking was taken by the United States ($1.9B). It was followed by Mexico.

From 2012 to 2022, the average annual growth rate of value in India amounted to +19.6%. In the other countries, the average annual rates were as follows: the United States (+0.5% per year) and Mexico (+25.0% per year).

The countries with the highest levels of semi-manufactured silver per capita consumption in 2022 were Mexico (51 kg per 1000 persons), Germany (26 kg per 1000 persons) and Thailand (11 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of +24.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Silver in Semi-Manufactured Forms

After two years of growth, production of silver in semi-manufactured forms decreased by -3.7% to 22K tons in 2022. In general, production, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 16% against the previous year. Global production peaked at 23K tons in 2021, and then shrank in the following year.

In value terms, semi-manufactured silver production dropped to $8.6B in 2022 estimated in export price. Overall, production showed a mild decline. The most prominent rate of growth was recorded in 2017 when the production volume increased by 26% against the previous year. Over the period under review, global production hit record highs at $9.7B in 2012; however, from 2013 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were Germany (3.2K tons), Japan (2.7K tons) and the United States (1.8K tons), with a combined 35% share of global production. South Korea, Pakistan, Russia, Taiwan (Chinese), the UK, Brazil, India, Indonesia, Turkey and Italy lagged somewhat behind, together comprising a further 39%.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +11.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Silver in Semi-Manufactured Forms

For the third year in a row, the global market recorded growth in overseas purchases of silver in semi-manufactured forms, which increased by 88% to 26K tons in 2022. Overall, imports recorded a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, semi-manufactured silver imports soared to $11.1B in 2022. Over the period under review, imports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2020 with an increase of 86% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

India (9.3K tons) and Mexico (6.8K tons) were the major importers of silver in semi-manufactured forms in 2022, finishing at approx. 35% and 26% of total imports, respectively. It was distantly followed by the United States (2.2K tons), mixing up an 8.2% share of total imports. The following importers - Thailand (821 tons), Canada (782 tons), Spain (502 tons) and China (401 tons) - together made up 9.5% of total imports.

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +47.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, India ($6.2B) constitutes the largest market for imported silver in semi-manufactured forms worldwide, comprising 56% of global imports. The second position in the ranking was taken by the United States ($1.4B), with a 13% share of global imports. It was followed by Canada, with a 5.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +39.5%. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+7.9% per year) and Canada (+3.3% per year).

Import Prices By Country

The average semi-manufactured silver import price stood at $419,175 per ton in 2022, waning by -20.3% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average import price increased by 44% against the previous year. Over the period under review, average import prices attained the maximum at $525,789 per ton in 2021, and then reduced rapidly in the following year.

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 Canada ($809,623 per ton), while Mexico ($13,361 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+11.0%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Silver in Semi-Manufactured Forms

After two years of growth, shipments abroad of silver in semi-manufactured forms decreased by -4% to 11K tons in 2022. Over the period under review, exports showed a pronounced downturn. The pace of growth appeared the most rapid in 2021 when exports increased by 23%. The global exports peaked at 15K tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, semi-manufactured silver exports fell slightly to $4.6B in 2022. Overall, exports recorded a noticeable decrease. The pace of growth appeared the most rapid in 2020 with an increase of 78% against the previous year. Over the period under review, the global exports reached the peak figure at $5.9B in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports By Country

In 2022, Japan (2.3K tons), distantly followed by Germany (1,420 tons), Taiwan (Chinese) (976 tons), Italy (776 tons), South Korea (768 tons), the United States (708 tons), the UK (694 tons) and Spain (635 tons) represented the largest exporters of silver in semi-manufactured forms, together making up 75% of total exports. The following exporters - Canada (431 tons), Russia (330 tons), France (306 tons), Turkey (207 tons) and Hong Kong SAR (188 tons) - together made up 13% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Turkey (with a CAGR of +46.5%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($710M), the United States ($551M) and the UK ($480M) were the countries with the highest levels of exports in 2022, together comprising 38% of global exports. Japan, Spain, Taiwan (Chinese), Canada, Italy, Russia, France, South Korea, Hong Kong SAR and Turkey lagged somewhat behind, together accounting for a further 46%.

Russia, with a CAGR of +58.8%, recorded 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 semi-manufactured silver export price amounted to $418,822 per ton, remaining relatively unchanged against the previous year. In general, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($777,807 per ton), while South Korea ($91,167 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+8.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform