Argentite Is Estimated To Witness High Growth Owing To Rapidly Growing Photovoltaic Industry
Market Overview:
Argentite, also known as silver sulfide, is a brownish-black mineral composed of silver and sulfur. It is the most important silver ore and is used extensively for commercial extraction and recovery of silver. Argentite finds its key application in jewellery and silverware manufacturing due to its high silver content and aesthetically appealing appearance. It is also used in the rapidly growing photovoltaic industry as a minor component in manufacturing of solar cells.
Market Dynamics:
The argentite market is expected to grow at a significant rate owing to rising demand from the photovoltaic industry. According to projections, the global solar PV installations are projected to grow at a CAGR of over 15% during the forecast period. This rapid growth in solar PV installations will augment the consumption of argentite in solar cell manufacturing. Furthermore, growing investments by governments and private players to promote renewable energy adoption across the globe is also expected to boost the market growth over the next several years. However, volatility in prices of silver may hamper the market growth prospects during the forecast period.
The global Argentite Market Size is estimated to be valued at US$ 6.93 Bn in 2023 and is expected to exhibit a CAGR of 9.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Argentite has high silver content which makes it valuable. It has excellent electrical conductivity and thermal properties. Argentite found in large quantities in some regions.
Weakness: Argentite deposits are limited to only a few countries like Mexico, Peru and the United States. Extraction of silver from argentite is difficult and requires heavy machinery. Fluctuating silver prices impact the argentite market.
Opportunity: Growing demand for silver from electronics and photovoltaic industries is driving the argentite mining. Developing economies in Asia Pacific offer lucrative growth opportunities.
Threats: Stringent environmental regulations around mining activities pose challenges. Political instability in key producing nations can disrupt supply.
Key Takeaways
The global argentite market is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing demand for silver from various end-use industries including electronics, photovoltaics and industrial applications.
Regional analysis
Asia Pacific dominates the global argentite market with over 35% share, led by China, India and Japan. The region is the largest consumer of silver due to strong electronics sector. Mexico accounts for around 30% of global argentite reserves and remains the prime supplier.
Key players
Key players operating in the argentite mining market are Fresnillo PLC, Pan American Silver Corp., Coeur Mining, Inc., Hochschild Mining PLC, Hecla Mining Company, Silvercorp Metals Inc., First Majestic Silver Corp., Endeavour Silver Corp., Fortuna Silver Mines Inc., SSR Mining Inc., Wheaton Precious Metals Corp., MAG Silver Corp., Americas Gold and Silver Corporation, Great Panther Mining Limited, Avino Silver & Gold Mines Ltd.
Read More: https://blogger-veritas.blogspot.com/2023/11/antimony-mining-is-fueling-growth-of.html
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