Unwrought Silver Market

The article dives into the dynamics of the global market for silver, unwrought or in powder form, highlighting projections for the next eight years. With an expected increase in demand, the market is forecasted to grow with a CAGR of +2.0% in volume and +3.9% in value from 2022 to 2030. Consumption, production, imports, and exports are analyzed, showcasing trends and patterns over the years. Key countries driving these trends are identified, along with insights into import and export prices. The article provides a comprehensive overview of the silver market landscape, offering valuable insights for stakeholders in the industry.

Market Forecast

Driven by increasing demand for silver, unwrought or in powder form worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +2.0% for the period from 2022 to 2030, which is projected to bring the market volume to 51K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.9% for the period from 2022 to 2030, which is projected to bring the market value to $37.3B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Silver, Unwrought Or In Powder Form

In 2022, the amount of silver, unwrought or in powder form consumed worldwide rose significantly to 43K tons, surging by 6.1% on the previous year's figure. Overall, consumption showed a relatively flat trend pattern. Over the period under review, global consumption hit record highs at 44K tons in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

The global unwrought silver market size reduced slightly to $27.5B in 2022, shrinking by -1.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a slight setback. Global consumption peaked at $32B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Mexico (4.8K tons), the United States (4.4K tons) and Peru (4.2K tons), together accounting for 31% of global consumption. Hong Kong SAR, China, the UK, Canada, Australia, Germany, Turkey, Argentina, Bolivia and Switzerland lagged somewhat behind, together comprising a further 42%.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Canada (with a CAGR of +22.5%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Peru ($3.3B), the United States ($3.2B) and Mexico ($3.1B) were the countries with the highest levels of market value in 2022, together comprising 35% of the global market. Hong Kong SAR, Canada, the UK, Germany, Argentina, Australia, Turkey, China, Switzerland and Bolivia lagged somewhat behind, together comprising a further 43%.

Canada, with a CAGR of +19.5%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of unwrought silver per capita consumption was registered in Hong Kong SAR (452 kg per 1000 persons), followed by Peru (126 kg per 1000 persons), Switzerland (114 kg per 1000 persons) and Bolivia (88 kg per 1000 persons), while the world average per capita consumption of unwrought silver was estimated at 5.5 kg per 1000 persons.

In Hong Kong SAR, unwrought silver per capita consumption expanded at an average annual rate of +2.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (+1.4% per year) and Switzerland (-8.2% per year).

Production

World Production of Silver, Unwrought Or In Powder Form

In 2022, global unwrought silver production soared to 56K tons, jumping by 23% on the previous year's figure. Overall, production saw a moderate increase. The pace of growth appeared the most rapid in 2014 when the production volume increased by 254% against the previous year. As a result, production attained the peak volume of 146K tons. From 2015 to 2022, global production growth remained at a somewhat lower figure.

In value terms, unwrought silver production declined to $30.6B in 2022 estimated in export price. In general, production, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2020 with an increase of 27%. Global production peaked at $35.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the UK (11K tons), Mexico (7.1K tons) and Hong Kong SAR (4.9K tons), together accounting for 41% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the leading producing countries, was attained by the UK (with a CAGR of +44.9%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Silver, Unwrought Or In Powder Form

After two years of growth, purchases abroad of silver, unwrought or in powder form decreased by -15.1% to 32K tons in 2022. Overall, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 24%. As a result, imports reached the peak of 37K tons, and then fell rapidly in the following year.

In value terms, unwrought silver imports declined sharply to $20B in 2022. In general, imports recorded a perceptible curtailment. The pace of growth was the most pronounced in 2021 with an increase of 51%. Global imports peaked at $30B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports By Country

In 2022, the United States (5.2K tons), followed by Hong Kong SAR (3.4K tons), China (2.8K tons), Canada (2.5K tons), the UK (2.5K tons), Turkey (2K tons), Japan (1.8K tons), Switzerland (1.6K tons) and Germany (1.4K tons) were the largest importers of silver, unwrought or in powder form, together creating 74% of total imports. Italy (946 tons), Taiwan (Chinese) (812 tons), Australia (776 tons) and Singapore (765 tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Turkey (with a CAGR of +26.6%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($3.9B), Hong Kong SAR ($2.4B) and Canada ($1.9B) were the countries with the highest levels of imports in 2022, together comprising 41% of global imports. The UK, Turkey, Switzerland, Japan, China, Germany, Italy, Australia, Taiwan (Chinese) and Singapore lagged somewhat behind, together accounting for a further 49%.

In terms of the main importing countries, Australia, with a CAGR of +23.2%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

Metals; silver, unwrought, (but not powder) was the major imported product with an import of about 25K tons, which amounted to 81% of total imports. It was distantly followed by metals; silver powder (5.9K tons), mixing up a 19% share of total imports.

Imports of metals; silver, unwrought, (but not powder) decreased at an average annual rate of -1.1% from 2012 to 2022. At the same time, metals; silver powder (+1.3%) displayed positive paces of growth. Moreover, metals; silver powder emerged as the fastest-growing type imported in the world, with a CAGR of +1.3% from 2012-2022. Metals; silver powder (+3.4 p.p.) significantly strengthened its position in terms of the global imports, while metals; silver, unwrought, (but not powder) saw its share reduced by -3.4% from 2012 to 2022, respectively.

In value terms, metals; silver, unwrought, (but not powder) ($18.1B) constitutes the largest type of silver, unwrought or in powder form imported worldwide, comprising 90% of global imports. The second position in the ranking was held by metals; silver powder ($1.9B), with a 9.6% share of global imports.

For metals; silver, unwrought, (but not powder), imports declined by an average annual rate of -4.2% over the period from 2012-2022.

Import Prices By Type

The average unwrought silver import price stood at $634,034 per ton in 2022, dropping by -12.7% against the previous year. Over the period under review, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in 2020 when the average import price increased by 26% against the previous year. Over the period under review, average import prices reached the peak figure at $891,187 per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by the product type; the product with the highest price was metals; silver, unwrought, (but not powder) ($722,104 per ton), while the price for metals; silver powder amounted to $325,690 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by metals; silver, unwrought, (but not powder) (-3.1%).

Import Prices By Country

The average unwrought silver import price stood at $634,034 per ton in 2022, waning by -12.7% against the previous year. In general, the import price saw a pronounced decrease. The most prominent rate of growth was recorded in 2020 an increase of 26%. Global import price peaked at $891,187 per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Switzerland ($836,117 per ton), while Singapore ($235,371 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+5.6%), while the other global leaders experienced mixed trends in the import price figures.

Exports

World Exports of Silver, Unwrought Or In Powder Form

For the third year in a row, the global market recorded growth in shipments abroad of silver, unwrought or in powder form, which increased by 6.2% to 44K tons in 2022. Overall, exports showed a pronounced expansion. The pace of growth appeared the most rapid in 2014 with an increase of 320% against the previous year. As a result, the exports attained the peak of 137K tons. From 2015 to 2022, the growth of the global exports remained at a lower figure.

In value terms, unwrought silver exports contracted to $28.9B in 2022. Over the period under review, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when exports increased by 54%. Over the period under review, the global exports reached the maximum at $31.5B in 2021, and then fell in the following year.

Exports By Country

In 2022, the UK (11K tons), distantly followed by Hong Kong SAR (4.9K tons), Japan (4.1K tons), China (3.9K tons), Mexico (2.4K tons), South Korea (2.4K tons) and Switzerland (2.3K tons) represented the largest exporters of silver, unwrought or in powder form, together committing 71% of total exports. The United States (1.6K tons), Poland (1.3K tons), Germany (1.2K tons), Belgium (1.1K tons), Kazakhstan (1K tons) and Russia (0.9K tons) followed a long way behind the leaders.

The UK was also the fastest-growing in terms of the silver, unwrought or in powder form exports, with a CAGR of +22.0% from 2012 to 2022. At the same time, China (+16.1%), Hong Kong SAR (+4.0%), Switzerland (+3.0%) and Japan (+1.7%) displayed positive paces of growth. Russia, Kazakhstan, Poland and South Korea experienced a relatively flat trend pattern. By contrast, Belgium (-2.2%), the United States (-2.8%), Germany (-4.7%) and Mexico (-5.2%) illustrated a downward trend over the same period. The UK (+21 p.p.) and China (+6.3 p.p.) significantly strengthened its position in terms of the global exports, while Belgium, South Korea, the United States, Germany and Mexico saw its share reduced by -1.7%, -2.3%, -2.8%, -3.3% and -7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the UK ($7.6B) emerged as the largest unwrought silver supplier worldwide, comprising 26% of global exports. The second position in the ranking was taken by Hong Kong SAR ($3.4B), with a 12% share of global exports. It was followed by China, with a 9.6% share.

In the UK, unwrought silver exports expanded at an average annual rate of +19.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (+0.0% per year) and China (+11.8% per year).

Exports By Type

Metals; silver, unwrought, (but not powder) represented the main type of silver, unwrought or in powder form in the world, with the volume of exports resulting at 39K tons, which was near 88% of total exports in 2022. It was distantly followed by metals; silver powder (5.3K tons), comprising a 12% share of total exports.

Metals; silver, unwrought, (but not powder) was also the fastest-growing in terms of exports, with a CAGR of +2.5% from 2012 to 2022. Metals; silver powder experienced a relatively flat trend pattern. From 2012 to 2022, the share of metals; silver, unwrought, (but not powder) increased by +1.9 percentage points.

In value terms, metals; silver, unwrought, (but not powder) ($27.1B) remains the largest type of silver, unwrought or in powder form supplied worldwide, comprising 94% of global exports. The second position in the ranking was held by metals; silver powder ($1.8B), with a 6.3% share of global exports.

From 2012 to 2022, the average annual rate of growth in terms of the value of metals; silver, unwrought, (but not powder) exports was relatively modest.

Export Prices By Type

In 2022, the average unwrought silver export price amounted to $654,671 per ton, falling by -13.8% against the previous year. Overall, the export price showed a perceptible shrinkage. The growth pace was the most rapid in 2015 an increase of 231% against the previous year. Over the period under review, the average export prices attained the maximum at $910,811 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was metals; silver, unwrought, (but not powder) ($697,165 per ton), while the average price for exports of metals; silver powder amounted to $344,931 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by metals; silver, unwrought, (but not powder) (-2.6%).

Export Prices By Country

In 2022, the average unwrought silver export price amounted to $654,671 per ton, with a decrease of -13.8% against the previous year. Overall, the export price saw a noticeable reduction. The growth pace was the most rapid in 2015 when the average export price increased by 231%. The global export price peaked at $910,811 per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mexico ($815,534 per ton), while Japan ($282,807 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (-1.8%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform