Silver (Ag) is a precious metal which is white in color and lustrous and offers high thermal and electric conductivity. Applications of silver are majorly divided into two categories: Industrial and Jewelry. Silver which is used for industrial purposes in known as industrial silver.
Demand for Industrial Silver is expected to grow at a significant rate during the forecast period which can be attributed to increasing demand from various end-use applications, such as personal deodorants, dairy product packing, engines, glasses, touch screen gloves, water purification, novelty explosives, solar panels and food garnishing, etc. Thus, owing to the wide areas of applications of industrial silver, the demand for industrial silver is expected to grow at a robust pace during the forecast period.
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Industrial Silver Market: Dynamics
Industrial demand for medical applications is expected to witness robust growth during the forecast period which can be attributed to the fact that industrial silver is less toxic for animals and offers powerful antibacterial properties as silver prevents biological (germs) growth. These factors and particular properties of industrial silver will lead to increased consumption of industrial silver in medical devices and products, which in turn, will drive the Industrial Silver market during the forecast period.
Application of Industrial Silver in Photovoltaic Solar Panels is expected to grow at a significant rate owing to certain properties of industrial silver, such as relatively high thermal and electrical conductivity than other metals, etc., which makes industrial silver the most attractive metal to be used in photovoltaic technology. This factor will also increase the demand for Industrial Silver during the forecast period.
It expected that the countries, such as South Korea, China, Germany, Russia, U.S, India and Canada, are the prominent regions in the Industrial Silver market, in terms of consumption, which can be attributed to the intense presence of end-use industries and increase in disposable income of individuals in these regions, which is leading to increased sales of panels, which in turn, is driving the demand for industrial silver.
Volatility in the prices of silver and decrease in the production of silver from silver mines in Peru, Argentina and China, etc. are the two factors which are expected to act as obstacles in the growth of the Global Industrial Silver Market during the forecast period.
Industrial Silver Market: Segmentation
By Product Form, the Industrial Silver market can be segmented as:
- Silver Wire
- Silver Shot
- Silver Rod
By Application, the Industrial Silver market can be segmented as:
- Photovoltaic Solar Panels
- Silver Inks
Industrial Silver Market: Regional Outlook
Asia Pacific region is expected to witness significant growth in demand for Industrial Silver, which can be attributed to the growth of electronic industry in China, Japan, Taiwan and India, etc. and growing import of industrial silver in China. Thus, owing to the above factors, the Industrial Silver Market in Asia Pacific is expected to grow at a healthy rate in the region during the forecast period.
North America and Europe regions are expected to witness surge in demand for Industrial silver owing to the increase in demand for medical, automotive and photovoltaic solar panels, etc. The demand of Industrial silver is expected to grow at a significant rate in Europe owing to the growth being witnessed in the automotive industry, which in turn, will lead to increased sales of Industrial Silver during the forecast period.
The Middle East and Africa region is expected to witness sluggish growth in demand for Industrial Silver during the forecast period which can be attributed to the relatively low presence of end use industries in the region.
The Latin America region is expected to witness steady growth in the production of Industrial Silver during the forecast period which can be attributed to the intense presence of silver mines in Peru, Argentina and Mexico, etc.
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Industrial Silver Market: Key Participants
Examples of some of the key participants in the global Industrial Silver market are:
- RELIABLE CORPORATION
- A&E Metals (A PALLION COMPANY)