WELLESLEY, Mass., Aug. 28, 2018 (GLOBE NEWSWIRE) -- Due to an increase in global demand for silverware and jewelry, along with a rapid increase in disposable income, the global market for silver ore mining is experiencing positive growth, according to a new report from BCC Research.
In 2018, the global market for silver ore mining was worth $7.6 billion. BCC Research estimates that it will reach a value of $8.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 2.0%, according to the report Silver Ore Mining: Global Markets to 2023.
China is the largest market in terms of value in the silver ore mining market. The U.K. and China are forecast to have the fastest growth, growing at a CAGR of 6.6% and 5.2%, respectively.
Research Highlights
- Major companies that are influencing the market include Compania de Minas Buenaventura S.A.A. (Buenaventura), Glencore, Goldcorp Inc., Industrias Peñoles, S.A.B. de C.V. and Volcan Compania Minera S.A.A.
- The Asia-Pacific region is the largest silver ore mining market, accounting for a 48.1% global share. It was followed by North America.
- The Western European market for silver ore mining should grow from $736.2 million in 2018 to reach $978.1 million by 2023 at a CAGR of 5.8% for the period of 2018-2023.
“Silver is extensively used in manufacture of electrical and electronics products such as multi-layer ceramic capacitors and solar panels, thick-film pastes, membrane switches, glass manufacturing and in conductive adhesives,” the report notes. “Other applications include use in photography and medicine. The sales of silver to companies manufacturing silver-based electrical and electronics products are included in this segment.”
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.