(MENAFN- GlobeNewsWire - Nasdaq) Growing industrial demand propels silver markets, especially in photovoltaics and EVs. India's rail electrification and China's solar expansions boost needs, while antimicrobial uses rise in Germany. APAC leads consumption, driven by tech and policy. Recycling initiatives and strategic mergers enhance supply chains.Dublin, Nov. 18, 2025 (GLOBE NEWSWIRE) -- The "Silver Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)" report has been added to ResearchAndMarkets's offering.
The global silver market was valued at USD 22.50 Billion in 2024. The industry is expected to grow at a CAGR of 4.50% during the forecast period of 2025-2034 to reach a value of USD 34.94 Billion by 2034.
The silver market has evolved far beyond its traditional ornamental uses, becoming essential in clean energy infrastructure and antimicrobial health technologies. In 2023, the Silver Institute reported that global silver demand reached 1.24 billion ounces, driven primarily by industrial sectors. This growing industrial demand is exemplified by India's push to electrify its railway network by 2030, a move expected to significantly increase silver consumption due to its excellent conductivity and efficiency in electrical applications.
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Meanwhile, silver consumption in solar photovoltaics is also growing rapidly. In China alone, the National Energy Administration plans to add 160GW of solar capacity in 2025, prompting demand for silver paste used in solar panels. This emerging solar-silver dynamic is steering large-scale investments from metal producers into refining technologies that reduce silver wastage, improving both profitability margins and sustainability.
In addition, Germany's push for antibacterial building materials has seen increased uptake of silver-infused coatings in construction, boosting the growth of silver market. This shift is part of a USD 500 million German green-building initiative announced in 2024, where silver's antimicrobial properties are being favoured in public and healthcare facilities. Schools, airports, and eldercare centres are now specifying silver-integrated surfaces to curb microbial transmission, especially in high-contact zones. Developers and material engineers are collaborating to embed silver at the material level, rather than applying it post-construction, ensuring longer durability and effectiveness.
Rapid growth in the silver market can be attributed to the spike in industrial usage, especially in photovoltaics, electric vehicles, and 5G electronics. For instance, the solar energy sector consumed nearly 140 million ounces of silver in 2024, as per the Silver Institute report. This demand is expected to grow with supportive government policies like the U.S. Inflation Reduction Act, which allocates huge funds for renewable infrastructure, indirectly boosting consumption.
EV production is another motivator boosting the silver demand. In Asia, the silver-ion battery market is gaining serious traction, especially in Japan and South Korea. Both countries are aggressively investing in next-gen battery technologies to reduce reliance on rare earth materials and improve energy efficiency. In 2024, Japan's Ministry of Economy, Trade and Industry allocated over USD 300 million to advanced battery R&D, focusing on silver-based chemistries. South Korean firms like LG Energy Solution and SK Innovation are also integrating silver into battery anodes for enhanced conductivity and thermal stability.
Meanwhile, advanced silver recovery techniques from e-waste in Europe are attracting sustainable investment funds, reshaping the sourcing process of silver. Startups in the Netherlands and Sweden are pioneering low-impact hydrometallurgical extraction methods, which reduce emissions at a significant extent. The EU's 2025 Circular Economy Action Plan further incentivizes such innovations, making recycled silver a strategic resource.
Solar Photovoltaic Expansion
The solar photovoltaic industry's growth has directly impacted the silver market value. Photovoltaic (PV) cell manufacturers are investing heavily in silver paste innovations, considering silver's superior conductivity. In 2024, India announced INR 24,000 crore PLI scheme to boost domestic solar manufacturing. New panel technologies like HJT and TOPCon cells require higher silver loading, unlike traditional ones. This demand is compelling manufacturers to launch thinner silver lines and hybrid metal formulations to reduce usage without losing efficiency.
Antibacterial Silver Innovations
Governments and hospitals worldwide are turning to silver's antimicrobial properties, boosting the overall demand in the silver market. In 2024, the UK's NHS approved funding for silver-infused wound dressings for chronic care patients. Concurrently, Japan's Ministry of Health has rolled out grants for silver-embedded hospital surfaces to reduce HAIs (Healthcare-Associated Infections). R&D efforts in nano-silver coatings are also booming, especially in Germany and South Korea, where public-private partnerships have resulted in infection-proof infrastructure.
Surge in Electric Vehicle (EV) Sales
As new EV models roll out, automakers are embedding increasingly advanced electronic control systems, where silver plays a critical role due to its superior conductivity. For instance, BMW's 2025 iNEXT model integrates enhanced driver-assist systems powered by silver-based microcircuits. This technological leap aligns with the EU Green Deal's electrification mandates. In response, Mexican miners like Fresnillo are ramping up production tailored specifically for automotive-grade silver.
Rising Consumption of Silver in Flexible Electronics
From foldable phones to wearable medical sensors, silver-based conductive inks are offering wide flexibility, that directly impacts the silver market growth. In 2024, DuPont unveiled a new stretchable silver ink that can be used in smart clothing prototypes. Similarly, the Korean government-supported SKIE initiative has funded the development of stretchable electronics that use silver nanowires. The fusion of silver with polymers is redefining the future of technology.
Circular Economy in Silver Recovery
With its excellent recyclability, silver is now at the centre of the EU's Circular Economy Action Plan, which mandates improved recovery of precious metals from electronic waste, accelerating the silver market development. Companies like Umicore are extracting high-purity silver from discarded solar panels, smartphones, and industrial components. For example, Boliden operates a large electronic scrap recycling plant in Sweden, which includes facilities for recovering silver from various components.
Competitive Landscape
The silver market players aim to capitalize on technical breakthroughs, improve production efficiency, and enhance their goods in order to meet the expanding demand for silver in a variety of industries. Silver price fluctuations, geopolitical issues, and changes in customer tastes have compelled enterprises to adjust and develop their strategy accordingly. Companies are focusing on refining, product innovation, and industrial partnerships.
Demand spikes in renewables, healthcare, and electronics are opening fresh revenue streams, especially for firms exploring nano-silver and recovery technology. Collaborations with solar and EV firms are becoming critical for silver companies. Leaders in the mining sector are also employing strategies to secure long-term supply contracts, particularly in regions with government-supported clean-tech projects. Meanwhile, sustainability pressures are pushing companies toward greener extraction and recycling methods.
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