Silver Market

Silver market: discover new information empowered by an Ai-driven market research platform. Facts and figures cover trade, companies, consumption, production, exports, market size, market prices, and imports. Here is a split by region, including the U.K., China, EU, Africa, the U.S., the Middle East, Latin America, and Russia. Market trends and outlook to 2030 are also featured in the snapshots.


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Silver - World's Largest Markets

RatingCountry
1China
2United States
3India
4Germany
5Canada

In value terms, the largest silver markets worldwide were China, the United States and India, with a combined 30% share of the global market. Germany, Canada, Indonesia, Japan, Pakistan, Russia, the UK, Italy, Mexico and South Korea lagged somewhat behind, together comprising a further 30%.

In terms of the main consuming countries, Canada (+77.6% per year) recorded the highest growth rate of market size, over the period under review, while silver market for the other global leaders experienced more modest paces of growth.

Silver Prices

Lowest Prices - FOB - Top Exporters

COUNTRY201820192020CAGR,
2018-2020
USD per ton
Japan252964247768228733-4.9%
China509106522514345216-17.7%
Italy25868327012637658220.7%
Switzerland503136528007429754-7.6%
South Korea4503124815674964565.0%
Hong Kong SAR4749584806855561478.2%
Germany44344646430457900914.3%
Kazakhstan5005554445655938218.9%
Canada47607447892860274012.5%
Poland49883352033663958013.2%
United Kingdom49507749491566608016.0%
Mexico53366959906768619513.4%
United States56359457398072537413.4%
Average4537294641435007225.1%

There were significant differences in the average prices amongst the major exporting countries. In 2020, the country with the highest price was the United States ($725,374 per ton), while Japan ($228,733 per ton) was amongst the lowest.

From 2018 to 2020, the most notable rate of growth in terms of prices was attained by Italy, while the other global leaders experienced more modest paces of growth.

Highest Prices - CIF - Top Importers

COUNTRY201820192020CAGR,
2018-2020
USD per ton
Canada53176553544375515219.2%
United States53024053165766212111.7%
Switzerland5568675425686608628.9%
United Kingdom46830950487265701318.4%
Australia5323904629245567522.3%
Hong Kong SAR36629542571654850822.4%
India5048724917005379413.2%
Japan4630524476345294966.9%
Germany4124153961534675386.5%
Taiwan (Chinese)4013612804934508746.0%
Thailand3743353332534185005.7%
China31142332871738707211.5%
Singapore460529459042377045-9.5%
Average44085243707955227711.9%

Prices varied noticeably by the country of destination; the country with the highest price was Canada ($755,152 per ton), while Singapore ($377,045 per ton) was amongst the lowest.

From 2018 to 2020, the most notable rate of growth in terms of prices was attained by Hong Kong SAR, while the other global leaders experienced more modest paces of growth.

Silver - Top Importers

COUNTRY201820192020CAGR,
2018-2020
billion USD
United States3.33.25.933.0%
United Kingdom22.12.716.2%
Canada0.40.62.5145.9%
Switzerland0.30.61.8144.2%
China1.21.11.47.9%

In value terms, the United States ($5.9B) constitutes the largest market for imported silver including silver plated with gold or platinum worldwide, comprising 25% of global imports. The second position in the ranking was occupied by the UK ($2.7B), with a 12% share of global imports. It was followed by Canada, with a 11% share.

From 2018 to 2020, the average annual growth rate of value in the United States amounted to +33.0%. The remaining importing countries recorded the following average annual rates of imports growth: the UK (+16.2% per year) and Canada (+145.9% per year).

Silver - Top Exporters

COUNTRY201820192020CAGR,
2018-2020
billion USD
United Kingdom1.41.23.861.0%
China1.21.42.540.7%
Mexico1.722.213.6%
United States1.311.921.0%
Germany0.91.11.734.0%

In value terms, the UK ($3.8B), China ($2.5B) and Mexico ($2.2B) appeared to be the countries with the highest levels of exports in 2020, together accounting for 35% of global exports.

Among the main exporting countries, the UK (+61.0% per year) recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Silver - Market Forecast

Driven by increasing demand for silver worldwide, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of for the period from 2020 to 2030, which is projected to bring the market volume to by the end of 2030.

Silver - Top Companies

Dalian Sunny Titanium Industry Co., Ltd., Jiangxi Copper Company Limited, SORTAG AG Entsorgungscenter Bigenthal, Sortag Zürich AG, JOHNSON MATTHEY PLC, MITSUBISHI MATERIALS CORPORATION, Zijin Mining Group Co., Ltd., Aurubis AG, Tongling Nonferrous Metals Group Co., Ltd., Shandong Gold Group Co., Ltd., Hangzhou Zhengcai Holding Group Co., Ltd., GMK NORILSKI NIKEL, PAO, COPPER REFINERIES PTY. LTD., Yunnan Copper Co., Ltd., SUMITOMO METAL MINING CO., LTD., Baiyin Nonferrous Group Co., Ltd., LS-Nikko Copper Inc., GOLD CORPORATION, Korea Zinc Company, Ltd., Axpo Kompogas AG

Silver - Product Coverage

  • HS 7106 - Silver (including silver plated with gold or platinum); unwrought or in semi-manufactured forms, or in powder form
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World - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the global silver market.

Australia and Oceania - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Australia and Oceania.

Northern America - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Northern America.

Africa - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Africa.

Eastern Asia - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Eastern Asia.

Central Asia - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Central Asia.

Latin America and the Caribbean - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Latin America and the Caribbean.

South-Eastern Asia - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in South-Eastern Asia.

Southern Asia - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in Southern Asia.

Middle East - Silver Including Silver Plated With Gold or Platinum - Market Analysis, Forecast, Size, Trends and Insights
$499

This report provides an in-depth analysis of the silver market in the Middle East.

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