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)
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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 (%)
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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 (%)
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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 (%)
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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 (%)
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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.
KGHM Polska Miedz SA
Jiangxi Copper Co Ltd
Polymetal International Plc
Newmont Corp
Glencore plc
Pan American Silver Corp
Grupo
Mexico SAB de CV
Hecla Mining Co and Boliden AB
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Frequently asked questions
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What was the total silver production in 2023?
The total silver production was 916.1 million ounces (moz) in 2023.
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Which country had the largest silver reserves in 2023?
Mexico had the largest silver reserves in 2023.
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Which are the major active silver mines in the market?
A few of the major active silver mines are Penasquito Mine, Polkowice-Sieroszowice Mine, and Lubin Mine.
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Which are the major development projects in the silver mining market?
A few of the major silver mining projects that are in the development phase include Terronera Project, Mexico, Rupice Project, Bosnia and Herzegovina, and Hermosa Project, US.
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Which are the leading companies in the silver mining market?
A few of the leading silver-producing companies are Industrias Penoles, KGHM Polska Miedz*, Jiangxi Copper, and Pan American Silver.
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