Asia: Semi-Manufactured Silver Market 2025

Semi-Manufactured Silver Market Size in Asia

In 2021, the Asian semi-manufactured silver market increased by 23% to $X, rising for the sixth consecutive year after three years of decline. In general, consumption recorded a strong increase. Over the period under review, the market reached the maximum level in 2021 and is likely to see steady growth in the immediate term.

Semi-Manufactured Silver Production in Asia

In value terms, semi-manufactured silver production expanded notably to $X in 2021 estimated in export price. Over the period under review, production, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 when the production volume increased by 34%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Semi-Manufactured Silver Exports

Exports in Asia

In 2021, shipments abroad of silver in semi-manufactured forms increased by 43% to X tons, rising for the second year in a row after three years of decline. In general, exports, however, continue to indicate a noticeable contraction. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, semi-manufactured silver exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a deep setback. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Japan represented the key exporting country with an export of around X tons, which recorded 49% of total exports. Taiwan (Chinese) (X tons) held the second position in the ranking, followed by South Korea (X tons) and India (X tons). All these countries together held approx. 35% share of total exports. Thailand (X tons), Turkey (X tons) and Hong Kong SAR (X tons) took a relatively small share of total exports.

Exports from Japan decreased at an average annual rate of -2.9% from 2012 to 2021. At the same time, Thailand (+51.3%), Turkey (+41.2%) and India (+22.3%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in Asia, with a CAGR of +51.3% from 2012-2021. South Korea experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-13.2%) and Hong Kong SAR (-13.8%) illustrated a downward trend over the same period. While the share of Japan (+7.4 p.p.), India (+6.8 p.p.), Thailand (+3.9 p.p.), Turkey (+3.8 p.p.) and South Korea (+3.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Hong Kong SAR (-4.7 p.p.) and Taiwan (Chinese) (-22.8 p.p.) displayed negative dynamics.

In value terms, Japan ($X), Taiwan (Chinese) ($X) and India ($X) constituted the countries with the highest levels of exports in 2021, with a combined 68% share of total exports. South Korea, Thailand, Turkey and Hong Kong SAR lagged somewhat behind, together accounting for a further 22%.

In terms of the main exporting countries, Thailand, with a CAGR of +64.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2021, increasing by 24% against the previous year. Over the period under review, the export price, however, showed a mild contraction. The pace of growth appeared the most rapid in 2017 an increase of 33%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.9%), while the other leaders experienced more modest paces of growth.

Semi-Manufactured Silver Imports

Imports in Asia

In 2021, supplies from abroad of silver in semi-manufactured forms increased by 22% to X tons, rising for the fifth consecutive year after four years of decline. The total import volume increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, semi-manufactured silver imports surged to $X in 2021. Overall, imports posted a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, India (X tons) was the major importer of silver in semi-manufactured forms, making up 40% of total imports. Thailand (X tons) ranks second in terms of the total imports with a 12% share, followed by Taiwan (Chinese) (9.1%), China (7.6%), Hong Kong SAR (7.1%) and Malaysia (6.6%). Japan (X tons) took a minor share of total imports.

India was also the fastest-growing in terms of the silver in semi-manufactured forms imports, with a CAGR of +32.9% from 2012 to 2021. At the same time, Thailand (+3.8%) and Malaysia (+2.6%) displayed positive paces of growth. Taiwan (Chinese) experienced a relatively flat trend pattern. By contrast, China (-8.1%), Japan (-9.2%) and Hong Kong SAR (-9.2%) illustrated a downward trend over the same period. While the share of India (+36 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Taiwan (Chinese) (-1.5 p.p.), Japan (-8.6 p.p.), China (-12.5 p.p.) and Hong Kong SAR (-13.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported silver in semi-manufactured forms in Asia, comprising 61% of total imports. The second position in the ranking was held by Thailand ($X), with a 16% share of total imports. It was followed by Taiwan (Chinese), with a 3.5% share.

In India, semi-manufactured silver imports expanded at an average annual rate of +27.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Thailand (+4.2% per year) and Taiwan (Chinese) (-2.1% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, jumping by 48% against the previous year. In general, the import price continues to indicate prominent growth. The most prominent rate of growth was recorded in 2020 when the import price increased by 74% against the previous year. Over the period under review, import prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was India ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+6.5%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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