Silver Ore Market Report 2026

The silver ore market size has grown strongly in recent years. It will grow from $7.95 billion in 2025 to $8.38 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to growth of precious metal mining activities, rising demand for silver in jewelry production, expansion of underground mining operations, availability of silver-bearing ore deposits, development of mineral processing technologies.

The silver ore market size is expected to see strong growth in the next few years. It will grow to $11.01 billion in 2030 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to increasing demand from electronics and renewable energy sectors, rising investment in sustainable mining operations, expansion of industrial silver applications, growing adoption of automated mining equipment, increasing exploration activities. Major trends in the forecast period include increasing use of advanced ore processing techniques, rising demand for high-grade silver ores, growing integration of automated mining systems, expansion of environmentally responsible mining practices, enhanced focus on multi-metal ore extraction.

The growing adoption of electric vehicles (EVs) is anticipated to drive the silver ore market in the coming years. Silver is essential in EV manufacturing, playing critical roles in electrical conductivity, batteries, energy storage, electric motors, drivetrains, semiconductors, charging infrastructure, and thermal management systems. The demand for silver in these applications is fueled by rising EV production volumes, government initiatives promoting EV adoption, ongoing research and development efforts, and consumer preferences for sustainable transportation. For instance, in 2024, the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, reported that electric car sales in 2023 increased by 3.5 million units compared to 2022, marking a 35% year-on-year growth. Consequently, the increasing adoption of electric vehicles is propelling the growth of the silver ore market.

Major companies in the silver ore market are initiating new exploration projects to maintain their market positions. Exploration work involves systematic and investigative activities conducted to discover, assess, and evaluate the presence of valuable natural resources, such as minerals, oil, gas, or other geological assets, in a specific area. For example, in September 2023, Silver Mines Ltd., an Australia-based silver exploration company, launched an extensive project at its Bowdens Silver Project in New South Wales, focusing on identifying silver ore deposits. The project includes key exploration activities such as soil sampling, geological mapping, and rock sampling, with a primary goal of uncovering potential extensions of silver mineralization. Currently, a 15,000m diamond drilling program is underway, targeting areas identified through a 2022 seismic survey as having silver ore potential. Follow-up geophysical surveys, using gravity and induced polarization methods, are being conducted to evaluate regions showing anomalous results. Covering an area of 2,115 square kilometers, the Bowdens project has demonstrated significant mineralization potential, notably featuring a confirmed hydrothermal system at Barabolar.

In January 2025, First Majestic Silver Corp., a Canada-based primary silver mining company and producer of silver and silver-equivalent metals, acquired Gatos Silver, Inc. for an undisclosed amount under a merger agreement, making Gatos Silver a wholly owned subsidiary of First Majestic Silver. This acquisition allowed First Majestic Silver to expand its portfolio of silver assets and consolidate production capacity across key mining districts in Mexico, enhancing its operational scale and reserve base in the global silver ore market. Gatos Silver, Inc. is a U.S.-based producer and developer of high-grade silver ore assets, including interests in major deposits such as the Cerro Los Gatos mine in Chihuahua, Mexico.

Major companies operating in the silver ore market are Industrias Peñoles SAB de CV, Volcan Compañía Minera SAA, Compañía de Minas Buenaventura SAA, Polymetal International Plc, First Majestic Silver Corp., Hochschild Mining plc, Pan American Silver Corporation, Endeavour Silver Corporation, Hecla Mining Company, Fresnillo plc, Coeur Mining Inc., Silvercorp Metals Inc., SSR Mining Inc., MAG Silver Corp., Silver Lake Resources Limited, Great Panther Mining Limited, Alexco Resource Corp., Fortuna Silver Mines Inc., Silver Mines Limited, Hindustan Zinc Ltd.

North America was the largest region in the silver ore market in 2025. The regions covered in the silver ore market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the silver ore market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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.

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