Silver Market to Hit 49.54 Kilotons by 2031 as Solar PV, Electronics Drive Growth

The global silver market is projected to grow significantly by 2031, driven by increasing demand from solar photovoltaic (PV) installations, electronics and electrical applications, and electric vehicle charging infrastructure. According to a recent report by Mordor Intelligence, the market size will reach 49.54 kilotons by 2031, up from 39.53 kilotons in 2026, registering a compound annual growth rate (CAGR) of 4.62%. Fine silver held the largest share of the market in 2025, accounting for 71.62% of volume.

The report highlights that utility-scale solar PV expansion is an important source of silver demand, particularly for cell metallization. Manufacturers are also working to reduce silver loading per cell through finer screen meshes and hybrid copper-plating approaches. Additionally, electronics miniaturization and 5G infrastructure are driving demand for silver-based conductive pastes and components used in multilayer ceramic capacitors, thick-film conductors, and related applications.

The Asia-Pacific region is expected to remain the dominant player in the silver market, accounting for 57.44% of global consumption in 2025 and forecast to grow at a CAGR of 4.91% through 2031. China is a major industrial consumer due to its solar and electronics manufacturing base, while India has growing import requirements and established jewelry demand.