Silver Mining Market Analysis by Reserves, Production, Assets, Demand Drivers and Forecast to 2030

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Silver Mining Market Report Overview

The total silver production was 916.1 million ounces (moz) in 2024. The production output was negatively impacted because of various temporary suspensions in 2023, which included a fire at the Lucky Friday mine in the US, and a labor strike at Newmont’s Pennsquito mine. However, industrial end-users and a recovery in jewelry and silverware demand will drive silver production growth during the forecast period.

Industrial demand for silver is expected to increase in 2024 due to rising investment in photovoltaics (PV), power grids, and 5G networks. Additionally, silver jewelry demand in the same year will rise owing primarily to an increase in demand from India.

Silver Mining Market Outlook, 2023 – 2030 (moz)

Silver Mining Market Outlook, 2023 – 2030 (moz)

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The silver mining market research report provides detailed historical and forecast period data on the global silver industry. It provides a complete view of the silver reserves globally, with a breakdown of key silver mining countries and the prevailing silver prices in those countries. It also analyzes the competitive business landscape, highlighting company profiles of a few of the major market participants. Furthermore, the report sheds light on the major active mines, as well as upcoming development and exploration projects by region.

Forecast Period 2023-2030
Historical Period 2010-2022
Key Countries ·        Poland

·        Peru

·        Australia

·        Mexico

·        China

Active Mines ·        Penasquito Mine

·        Polkowice-Sieroszowice Mine

·        Lubin Mine

Development Projects ·        Terronera Project, Mexico

·        Rupice Project, Bosnia and Herzegovina

·        Hermosa Project, US

Exploration Projects ·        Heruga Project

·        Altar Project

·        Laver Property

·        Panantza-San Carlos Project

·        Junin Mine

Leading Companies ·        Industrias Penoles

·        KGHM Polska Miedz

·        Jiangxi Copper

·        Pan American Silver

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Silver Mining Market Segmentation by Country

The key leading countries in the silver mining market are Poland, Peru, Australia, Mexico, and China. Mexico had the highest silver production in 2023 because of the lower operations from major mines. In 2024, the overall anticipated rise in production from Mexico, the US, China, and Russia, will offset declines in Peru, Argentina, and Kazakhstan.

Silver Mining Market Analysis by Countries, 2023 (%)

Silver Mining Market Analysis by Countries, 2023 (%)

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Silver Mining Market - Active Mines

A few of the major active silver mines are Penasquito Mine, Polkowice-Sieroszowice Mine, and Lubin Mine. Penasquito Mine located in Mexico, had the highest silver production in Mexico in 2023.

Silver Mining Market Analysis by Active Mine, 2023 (%)

Silver Mining Market Analysis by Active Mine, 2023 (%)

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Silver Mining Market – Development Projects

A few of the major silver mining projects that are in the development phase include the Terronera Project, Mexico, Rupice Project, Bosnia and Herzegovina, and Hermosa Project, US among others.

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Silver Mining Market – Exploration Projects

A few of the major silver exploration projects are the Heruga Project, Altar Project, Laver Property, Panantza-San Carlos Project, and Junin Mine among others. The Heruga Project in Mongolia had the highest silver resources in Mongolia as reported in 2022.

Silver Mining Market Analysis by Exploration Projects, 2022 (%)

Silver Mining Market Analysis by Exploration Projects, 2022 (%)

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Silver Mining Market - Competitive Landscape

Industrias Penoles, KGHM Polska Miedz, Jiangxi Copper, and Pan American Silver are a few of the top leading silver-producing companies in the world. Industrias Penoles SAB de CV (Penoles) is the world’s largest silver mining company.

Industrias Penoles SAB de CV: Penoles explores gold, zinc, lead, copper, bismuth, and other metals. It operates mines in Mexico including Herradura, Cienega, Fresnillo, Noche Buena, Saucito, Juanicipio, Minera Fresnillo, Sabinas, Milpillas, Tizapa and Velardena.

Leading Silver Mining Companies, 2022 (%)

Leading Silver Mining Companies, 2022 (%)

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Segments Covered in the Report

Silver Mining Market Countries Outlook (Value, 2010-2030)

  • Poland
  • Peru
  • Australia
  • Mexico
  • China

Scope

  • The report contains an overview of the global Silver mining industry, including key demand driving factors affecting the global silver mining industry.
  • It provides detailed information on reserves by country, global production, production by country, production by company, major operating mines, competitive landscape, and major exploration and development projects.

Reasons to Buy

  • Get actionable insights on global silver mining trends, and relevant driving factors.
  • Track the latest developments in the global silver mining industry.
  • Identify major active, exploration, and development projects.
  • Analyze upcoming project developments in the mining industry.
  • Understand historical and forecast trends on global silver production.
  • Identify key players in the global silver mining industry.

Table of Contents

Overview

Reserves

Silver Production

Silver Prices

Major Active Mines

Major Development Projects

Major Exploration Projects

Demand Drivers

Competitive Landscape

Appendix

Table

Table 1: Silver reserves by country (thousand tonnes), January 2022

Table 2: Active mines in Peru by total ore reserves (million tonnes), 2022

Table 3: Active mines in Australia by total ore reserves (million tonnes), 2022

Table 4: Active mines in Poland by total ore reserves (million tonnes), 2022

Table 5: Active mines in Russia by total ore reserves (million tonnes), 2022

Table 6: Active mines in China by total ore reserves (million tonnes), 2022

Table 7: Historical and forecast silver mine production (million ounces), 2006–2026

Table 8: Silver mine production by country (million ounces), 2006–2026

Table 9: Silver mine production in Mexico (million ounces), 2006–2026

Table 10: Silver mine production in the China (million ounces), 2006–2026

Table 11: Silver mine production by company (million ounces), 2020–2021

Table 12: Silver prices, quarterly ($/Ounce), 2015–2022

Table 13: Active mines in APAC, 2022

Table 14: Active mines in Europe, 2022

Table 15: Active mines in Former Soviet Union, 2022

Table 16: Active mines in Middle East and Africa, 2022

Table 17: Active mines in North America, 2022

Table 18: Active mines in Oceania, 2022

Table 19: Active mines in South and Central America, 2022

Table 20: Development projects in APAC, 2022

Table 21: Development projects in Europe, 2022

Table 22: Development projects in Former Soviet Union, 2022

Table 23: Development projects in Middle East and Africa, 2022

Table 24: Development projects in North America, 2022

Table 25: Development projects in Oceania, 2022

Table 26: Development projects in South and Central America, 2022

Table 27: Exploration projects in APAC, 2022

Table 28: Exploration projects in Europe, 2022

Table 29: Exploration projects in Former Soviet Union, 2022

Table 30: Exploration projects in Middle East and Africa, 2022

Table 31: Exploration projects in North America, 2022

Table 32: Exploration projects in Oceania, 2022

Table 33: Exploration projects in South and Central America, 2022

Table 34: Global silver demand by end use (million ounces), 2013–2021

Table 35: Installed PV capacity by country, 2012 – 2021

Table 36: Industrias Penoles SAB de CV, major projects, 2022

Table 37: KGHM Polska Miedz, major projects, 2022

Table 38: Glencore Plc, major projects, 2022

Table 39: Hindustan Zinc Ltd, major projects, 2022

Table 40: Polymetal International plc, major projects, 2022

Table 41: Pan American Silver Corp, major projects, 2022

Table 42: Southern Copper Corp, major projects, 2022

Table 43: First Majestic Silver Corp, major projects, 2022

Table 44: Compania De Minas Buenaventura SAA, major projects, 2022

Table 45: Hochschild Mining plc, major projects, 2022

Figures

Figure 1: Silver reserves by country (thousand tonnes), 2017–2022

Figure 2: Silver reserves by country (%), January 2022

Figure 3: Historic and forecast silver mine production (million ounces), 2006–2026

Figure 4: Silver mine production by country (million ounces), 2020–2021

Figure 5: Silver mine production in Mexico (million ounces), 2006–2026

Figure 6: Silver mine production in the China (million ounces), 2006–2026

Figure 7: Silver mine production by company (million ounces), 2020–2021

Figure 8: World silver prices, quarterly ($/ounce), 2015–2022

Figure 9: Top exporters and imports of silver ores and concentrates (%), 2020

Figure 10: Global silver demand by end use (%), 2020 vs 2021

Figure 11: Global silver demand by end use (million ounces), 2013–2021

Figure 12: Top 10 countries’ installed PV capacity, 2021

Figure 13: Installed PV capacity by country, 2012 – 2021

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