New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Silver Ore Global Market Report 2023" - https://www.reportlinker.com/p06464087/?utm_source=GNW
The global silver ore market is expected to grow from $6.74 billion in 2022 to 7.39 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The silver ore market is expected to reach $10.48 billion in 2027 at a CAGR of 9.1%.
The silver ore market consists of sales of argentite, argentiferous galena, and tetrahedrite.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Silver ore is a type of rock or mineral from which silver metal can be extracted. Silver ore is often found in combination with other valuable metals, such as gold, zinc, and copper, and is commonly mined from underground veins or open-pit mines.
North America was the largest region in the silver ore market in 2022. The regions covered in silver ore report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of silver ore are acanthite, proustite, pyrargyrite, and others.Acanthite is a mineral form of silver sulfide (Ag2S), which is the most important ore of silver.
The various applications of silver ore are jewelry, electronics and electrical, photography, and medicine.
Growing demand for silver in jewelry and industrial applications is expected to boost the growth of the silver ore market.Silver is a popular metal for jewelry, due to its luster, affordability, and durability.
As the global economy has grown, more people have been able to afford to buy jewelry, which has increased the demand for silver ore.The demand for silver in the form of investment bars and coins has greatly increased, with consumption rising in the silver jewelry and silverware industries.
For instance, as per the report published by the Silver Institute, a US-based organization solely focused on silver, in 2022, the demand for silver is reached a record high of 1.21 billion ounces, an increase of 16% from 2021. Industrial demand is also projected to increase to 539 million ounces. Therefore, the growing demand for silver in jewelry and industrial applications is driving the growth of the silver ore market.
Increasing Investments have emerged as the key trend gaining popularity in the silver ore market.Major players in the market are investing in silver ore to strengthen their position in the market.
For instance, in March 2023, the GIVA, an India-based direct-to-customer silver jewelry start-up, secured debt funding of $4.8 million from Alteria Capital. With this investment, GIVA hopes to improve its offline presence in India and control inventories. Also, in September 2021, Open Mineral AG, a Switzerland-based company that operates a cloud-based exchange of minerals, raised fresh funding of $33 million from the UAE sovereign wealth fund Mubadala. With this investment, Open Mineral, which has developed an eBay-like trading platform, aims to digitize the market for metal commodities like copper, silver, and gold.
In August 2022, Guanajuato Silver Company Ltd., a Canada-based silver mining development company, acquired Great Panther Mining Ltd. for $14.7 million. With this acquisition, GSilver expanded its five mines and three production facilities, through which it restarted the San Ignacio mine and delivered its silver and gold mineralized material to the El Cubo plant for processing. Great Panther Mining Ltd. is a Canada-based silver mining company.
The countries covered in the silver ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The silver ore market research report is one of a series of new reports that provides silver ore market statistics, including silver ore industry global market size, regional shares, competitors with a silver ore market share, detailed silver ore market segments, market trends and opportunities, and any further data you may need to thrive in the silver ore industry. This silver ore market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464087/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
