Consumption of Silver in United States of America reached 183,558.84 Thousand Ounces in 2020
Consumption grew by a CAGR of 2.61% between 2017 to 2020, and is expected to grow by ...
GlobalData projects the Consumption to decline at a CAGR of ...
Executive summary
Global silver mine production is expected to have dropped in 2020, to 849.7 primarily due to the impact of the COVID-19 pandemic, although there were mine-specific impacts such as declining grades at several large silver mines. On a country basis, the largest declines are estimated to have been in Peru followed by China, Argentina, Bolivia and Russia.
Global Silver Reserves by Country
According to the US Geological Survey (USGS), global silver reserves were at a significant position as of January 2020. The majority of these are in Peru, this was followed by Poland, Australia, Russia, and China. The remaining is spread across other countries such as Mexico, Chile, the US and Bolivia.
Major Exporters and Importers
Significant trade of silver ores and concentrates occurs between South American countries such as Mexico, Bolivia and Argentina and the Asian markets of China and South Korea.
Peru was the largest exporter globally in 2019, of this about majority of the production was exported to China. Mexico was the world’s second largest followed by Argentina, the Netherlands and Bolivia, among others.
Impact of COVID-19 pandemic on silver demand
According to the Silver Institute, global silver demand is estimated to have declined in 2020 primarily due to the emergence of COVID-19, which heavily disrupted supply chains, especially during the first quarter of 2020, with temporary shutdowns and lockdown restrictions to contain the virus. Although demand has recovered since then, weak consumer confidence and a sharp rise in unemployment affected demand during the rest of the year. The jewelry sector was the largest driver of the lower demand, mostly due to drop in demand from India and the US. This was followed by the industrial sector, with lower demand from both the photovoltaic and automotive sectors.
In contrast, physical investment in silver was estimated to have reached a five-year high in 2020, primarily due to increased prices, with the US as the major contributor to growth. The US will remain the largest retail market for bars and coins, followed by India.
Key silver producer
Industrias Penoles SAB de CV (Penoles) is an integrated mining company which identifies, explores and develops mineral properties. Penoles carries out the exploration of gold, silver, zinc, lead, copper, bismuth and other metals. It operates mines in Mexico such as Francisco I. Madero, Herradura, Cienega, Fresnillo, Saucito, Noche Buena, Sabinas, San Julian, Bismark, Tizapa, the Capela Polymetallic project and Velardena. It also operates mines in Chile and Peru.
Switzerland
Japan
China
Luxembourg
Japan
United Kingdom
Australia
Japan
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer
Contact the team or request a demo to find out how our data can drive your business forward