July 19, 2024
Argentite Market

The Rising Application Of Alloy In Industrial Machinery Anticipated To Open Up New Avenues For Argentite Market

Market Overview:

Argentite, also known as acanthite, is a sulfide mineral composed of silver and sulfur. It is considered the most important silver mineral due to its high silver content. Argentite is used as a silver ore and in the production of alloys. Some key uses of argentite include in coinage alloys, sterling silver, and other industrial alloys used in machinery manufacturing and electronics. The varied application of argentite-based alloys in industries such as machinery, electronics, and automotive is expected to support the growth of the argentite market over the forecast period.

Market Dynamics:

The growth of the global argentite market is driven by the increasing use of industrial machinery across various industries. According to United Nations Industrial Development Organization (UNIDO), global machinery production grew by 4.8% in 2021. Machinery manufacturing requires argentite-based alloys for applications such as gearing, bearings and structural components. Another driver for the market is the rising demand for electronics worldwide. Argentite and its alloys are used in circuit boards, switches, relays and connectors in various electronic devices. As per reports, global electronics production grew by 5.1% in 2021. The increasing production of machinery and electronics is expected to propel the demand for argentite over the coming years.

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.

Segment Analysis

The Argentine market is primarily segmented into silver and specialty chemical application segments. The silver segment currently dominates the Argentite market owing to high demand for silver in industrial applications such as electronics, jewelry, and silverware manufacturing. Argentite being one of the major source of silver extraction accounts for over 60% share of the total Argentite market.

PEST Analysis

Political: The Argentite market is significantly impacted by government regulations related to mining activities. Favorable mining policies and financial support to mining companies promote investment in the exploration and extraction of Argentites.
Economic: The growth of the Argentite market is directly linked to strong economic growth. Rise in disposable income increases spending on silver jewellery and electronic products driving silver demand.
Social: Changing lifestyles and social trends increase preference for luxury products using silver as a major raw material positively impacting the Argentite market.
Technological: Advancements in mining and extraction techniques help lower production costs and upgrade silver recovery from Argentite ores boosting its market value.

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 demand for silver from the electronics industry. The Asia Pacific region is expected to dominate the Argentite market during the forecast period owing to the presence of major silver-producing countries such as China, India, and Japan in the region.

Regional analysis
The Asia Pacific region is projected to be the fastest growing as well as the largest market for Argentite during the forecast period. Countries such as China, India, and Japan are the major silver producing countries accounting for over 40% of the global silver production.

Key players operating in the Argentite 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. Key players are focused on capacity expansion and mergers & acquisitions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it