Silver Mining Market by Reserves and Production, Assets and Projects, Demand Drivers, Key Players and Forecast, 2022-2026

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Silver Mining Market Report Overview

The global silver production was valued at 884.5 million ounces (moz) in 2021. The market is expected to grow at a CAGR of more than 1% during the forecast period. Overall, anticipating slight impacts to the global supply chain due to the Russia-Ukraine war, global silver mine production is expected to grow.

Silver Mining Market Overview 2021-2026 (moz)

Silver Mining Market Overview 2021-2026 (moz)

However, major declines are anticipated from Peru and Russia. Mine production in Peru will be impacted due to strikes and protests that remain a potential ongoing risk for the country’s mining industry. Growth will be supported by increased output from Mexico, China, and Peru.

Market size (2021) 884.5 moz
CAGR >1%
Forecast period 2022-2026
Key countries Mexico, China, Peru, Australia, Poland, Chile, Bolivia, Russia, the US, Argentina, India, Kazakhstan, Canada, and Brazil
Key active mines Sindesar Khurd Mine, Fankou Mine, Jiama Mine, Ying Mine, Rampura Agucha Mine, Martabe Project, Zawar Mine, Ashele Mine, Shanggong Gold Mine, and Dexing Mine
Leading silver producers Industrias Penoles SAB de CV, KGHM Polska Miedz, Glencore, Pan American Silver Corp., Hindustan Zinc Ltd, Polymetal International, Southern Copper Corp., First Majestic Silver Corp., Compania De Minas Buenaventura SAA, and Hochschild Mining Plc
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Silver Mining Market Segmentation by Country

Mexico was the world’s largest producer of silver in 2021, followed by China, Peru, Australia, Poland, Chile, Bolivia, Russia, the US, Argentina, India, Kazakhstan, Canada, and Brazil.

Silver Mining Market by Country, 2021 (%)

Silver Mining Market, by Country

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Silver Mining Market – Top Active Mines

Some of the key active mines in the silver mining market are Sindesar Khurd Mine, Fankou Mine, Jiama Mine, Ying Mine, Rampura Agucha Mine, Martabe Project, Zawar Mine, Ashele Mine, Shanggong Gold Mine, and Dexing Mine.

Silver Mining Market – Competitive Landscape

The world’s leading silver producers are Industrias Penoles SAB de CV, KGHM Polska Miedz, Glencore, Pan American Silver Corp., Hindustan Zinc Ltd, Polymetal International, Southern Copper Corp., First Majestic Silver Corp., Compania De Minas Buenaventura SAA, and Hochschild Mining plc.

Industrias Penoles SAB de CV: 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 Saucito, San Julian, Fresnillo, Tizapa, Cienega, Sabinas, Herradura, Velardena, Capela Polymetallic, and Noche Buena. It also operates mines in Chile and Peru.

KGHM Polska Miedz: KGHM Polska Miedz SA stood as the second largest silver producer in the world. Besides silver, the company also produces copper, gold, palladium, platinum, and refined lead. It operates the Rudna, Polkowice-Sieroszowice, Lubin, and Sierra Gorda mines.

Glencore Plc: Glencore plc is the third largest silver producer in the world. The company is headquartered in Switzerland. It operates across three segments, namely metals and minerals, energy, and agriculture. The company produces several minerals, such as copper, cobalt, zinc, nickel and ferroalloys, and markets aluminum/alumina and iron ore from third parties.

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Scope

  • An overview of the global silver mining industry including key demand driving factors affecting the global silver mining industry.
  • Detailed information on reserves, reserves by country, production, production by country, production by company, major operating mines, competitive landscape, major exploration, and development projects.

Reasons to Buy

  • Comprehensive evaluation of the impact of COVID-19 on global silver industry.
  • To gain an understanding of the global silver mining industry and relevant driving factors.
  • To understand historical and forecast trend on global silver production.
  • To identify key players in the global silver mining industry.
  • To identify major active, exploration and development projects by region.

Industrias Penoles SAB de CV
KGHM Polska Miedz
Glencore Plc
Pan American Silver Corp.
Hindustan Zinc Ltd
Polymetal International plc
Compania De Minas Buenaventura SAA
Southern Copper Corp.
Hochschild Mining plc

Table of Contents

1 Executive Summary

2 Reserves, Production and Prices

2.1 Global Silver Reserves by Country

– Peru

– Australia

– Poland

– Russia

– China

2.2 Silver Production

2.3 Production by country

– Mexico

– China

2.4 Production by Company

2.5 Silver Prices

3 Silver Assets

3.1 Active Mines

– APAC

– Europe

– Former Soviet Union

– Middle East and Africa

– North America

– Oceania

– South and Central America

3.2 Development Projects

– APAC

– Europe

– Former Soviet Union

– Middle East and Africa

– North America

– Oceania

– South and Central America

3.3 Exploration Projects

– APAC

– Europe

– Former Soviet Union

– Middle East and Africa

– North America

– Oceania

– South and Central America

4 Trade

5 Demand

5.1 Global demand for solar power

6 Major Silver Producers

6.1 Industrias Penoles SAB de CV

6.2 KGHM Polska Miedz

6.3 Glencore Plc

6.4 Hindustan Zinc Ltd

6.5 Polymetal International plc

6.6 Pan American Silver Corp.

6.7 Southern Copper Corp.

6.8 First Majestic Silver Corp

6.9 Compania De Minas Buenaventura SAA

6.10 Hochschild Mining plc

7 Appendix

7.1 Abbreviations

7.2 Coverage

7.3 Secondary Research

7.4 Development Likelihood

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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