India, Pune, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The silver mining market size is anticipated to grow due to the increasing demand from industrial fabrication. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Silver Mining Market, 2023-2030”. Silver mining is the process of extracting precious metal silver. Silver is rarely discovered in its pure form as nuggets, but it is more commonly found in mixtures with arsenic, antimony, sulfur, or chlorine, as well as in other ores such as argentite.
Industry Developments
It was announced that silver output in Asia has climbed to 5809 tonnes, which is the highest increase in the world.
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COVID-19 Impact -
The COVID-19 pandemic has had a range of effects on commodity markets. Isolated outbreaks and government-mandated shutdowns have harmed company operations, and demand for many commodities is low, with lower near-term demand on the horizon. Furthermore, stringent policies resulted in the shutting of production and manufacturing units during the event of lockdown which led to restricting mining activities. These factors ultimately had a negative impact on the market.
Market Segmentation -
On the basis of type, the market is primarily bifurcated into pure silver and others. Silver mining can be divided into fine silver and other types depending on the type. German silver is well-known for its toughness, hardness, and corrosion resistance, whereas Britannia silver is substantially softer than sterling, and while sterling silver has been allowed for use by silversmiths, Britannia silver has remained an optional standard for hallmarking since then. Geographically, the market is classified into Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
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Report Coverage –
The report covers extensive information on the silver mining industry. It comprises data on the regional growth of the market, restraining and driving factors, growth opportunities and strategies adopted by prominent key players in order to sustain in the market for a longer period. Furthermore, the report also consists of information on the cumulative COVID-19 impact on the market to offer a clear perspective to key players for future reference in order to make better business decisions.
Drivers & Restraints –
Application in Industrial Fabrication to Fuel the Market Growth
Silver may be used in industrial fabrication since it is the best electrical and thermal conductor. Multilayer ceramic capacitors, silvered film, membrane switches, conductive adhesives, electrically heated automotive windshields, and the fabrication of thick-film pastes are just a few of the applications for industrial silver in electronics. However, silver mining has a significant environmental impact since it causes a lot of erosion and contaminates groundwater and soil with chemicals used in the mining process that may impede the silver mining market growth.
Regional Insights –
Latin America to Maintain its Global Mining Share in Coming Years
Latin America is expected to maintain its silver mining market share in the coming years due to the availability of silver mines, but Mexico is the top country in the world due to the presence of the world's largest silver mines with higher grades. Peru is also a major player in the region, having mined roughly 4,508 tonnes of silver in 2018. Furthermore, due to increased mining activities and growing demand for silver in jewelry and industrial applications, the Asia-Pacific market is expected to rise at a considerable CAGR in the coming years. China is the dominant country in the region, because of the increased need for silver in the manufacture of decorations and coinage, followed by India. The Middle East and Africa had a minimal market share because of the low quality of silver mines.
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Competitive Landscape -
Key Players to Adopt Several growth Strategies
Prominent players such as Asahi Refining, Hindustan Zinc, Newmont Goldcorp Fresnillo plc, Glencore, and others are adopting strategies like mergers and acquisitions, collaborations and new inventions to sustain in the market for a longer duration.
List of Key Players in the Market:
- Hindustan Zinc
- Asahi Refining
- Glencore
- Newmont Goldcorp Fresnillo plc
- KGHM, Pan American Silver
- Hochschild Mining plc
- Polymetal International plc
- Minas Buenaventura SAA
- First Majestic
- Volcan
- Endeavour Silver
- Wheaton Precious Metals Corp
- Hecla Mining Company
Major Points from Table of Contents:
Global Silver Mining Market Research Report 2023-2030, by Manufacturers, Regions, Types and Applications
1 Introduction
1.1 Objective of the Study
1.2 Definition of the Market
1.3 Market Scope
1.3.1 Market Segment by Type, Application and Marketing Channel
1.3.2 Major Regions Covered (North America, Europe, Asia Pacific, Mid East and Africa)
1.4 Years Considered for the Study (2014-2030)
1.5 Currency Considered (U.S. Dollar)
1.6 Stakeholders
2 Key Findings of the Study
3 Market Dynamics
3.1 Driving Factors for this Market
3.2 Factors Challenging the Market
3.3 Opportunities of the Global Silver Mining Market (Regions, Growing/Emerging Downstream Market Analysis)
3.4 Technological and Market Developments in the Silver Mining Market
3.5 Industry News by Region
3.6 Regulatory Scenario by Region/Country
3.7 Market Investment Scenario Strategic Recommendations Analysis
4 Value Chain of the Silver Mining Market
4.1 Value Chain Status
4.2 Upstream Raw Material Analysis
4.3 Midstream Major Company Analysis (by Manufacturing Base, by Product Type)
4.4 Distributors/Traders
4.5 Downstream Major Customer Analysis (by Region)
5 Global Silver Mining Market-Segmentation by Type
6 Global Silver Mining Market-Segmentation by Application
7 Global Silver Mining Market-Segmentation by Marketing Channel
7.1 Traditional Marketing Channel (Offline)
7.2 Online Channel
8 Competitive Intelligence Company Profiles
9 Global Silver Mining Market-Segmentation by Geography
9.1 North America
9.2 Europe
9.3 Asia-Pacific
9.4 Latin America
9.5 Middle East and Africa
15 Future Forecast of the Global Silver Mining Market from 2023-2030
15.1 Future Forecast of the Global Silver Mining Market from 2019-2030 Segment by Region
15.2 Global Silver Mining Production and Growth Rate Forecast by Type (2019-2030)
15.3 Global Silver Mining Consumption and Growth Rate Forecast by Application (2019-2030)
16 Appendix
16.1 Methodology
16.2 Research Data Source
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