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.
Market Overview:
Argentite, also known as acanthite, is a silver sulfide mineral with the chemical formula Ag2S. It crystallizes in the cubic crystal system. Argentite is the most important ore of silver. It occurs in fossilized form in various skarn deposits and low-temperature hydrothermal veins. Argentite is soft, malleable and tarnishes black upon exposure to light. Due to its high silver content, argentite is of significant economic importance and is mined for the extraction and refining of silver through various metallurgical processes. The growing demand for silver from renewable energy, electronics and industrial applications is driving the argentite market.
Market key trends:
One of the key trends in the argentite market is the increasing use of silver in the renewable energy industry. Silver is a highly conductive metal and is used in solar photovoltaic panels to conduct electricity from silicon solar cells. The rapid growth of the solar energy market is boosting the demand for silver and argentite as a key ore of silver. According to the International Energy Agency’s projections, solar PV capacity is expected to grow at an annual rate of 15% through 2030. This significant and sustained growth in renewable energy provides opportunities for players in the argentite market. Another trend seen is the rising use of silver in 5G telecommunications. 5G networks require much more data processing which increases silver consumption in electronics and circuit boards. This rising electronics demand is expected to support growth of the argentite market over 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.
Porter’s Analysis
Threat of new entrants: New players will face high setup costs and need technical expertise to extract argentite. Established players have economies of scale and brand recognition.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes like gold and silver. They can negotiate on price with suppliers.
Bargaining power of suppliers: Major suppliers have strong bargaining power as argentite deposits are geologically scarce and require huge investments to exploit.
Threat of new substitutes: Substitute metals like gold and silver pose threats. Their properties are similar and prices fluctuate based on demand-supply dynamics.
Competitive rivalry: Intense competition exists among key players to gain market share. They invest heavily in exploration and technologies to gain cost efficiencies.
Key Takeaways
The global argentite market is expected to witness high growth, exhibiting a CAGR of 9.5% over the forecast period, due to increasing investments in mining operations and rising demand for silver. The market size for 2023 is estimated at US$ 6.93 Bn.
Regional analysis: North America dominates the market owing to large deposits in countries like Mexico and Canada. Asia Pacific shows high promise led by China, India, and Australia. South America is another major producer with countries such as Chile, Argentina, and Bolivia having large reserves.
Key players operating in the argentite market include 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. Major players are investing in technologies to increase output and gain profitability.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
