Brief Comment on Market Size and Current Status of Domestic Silver Recovery Market [SMM Analysis]

I. Current Status of Recycled Silver Recovery Scale

According to SMM estimates, with the gradual commissioning of new recycled silver recovery capacities, China's annual recycled silver production is expected to exceed 5,000 mt by 2025. This growth is mainly driven by the accumulation and development of silver recycling capacities in regions such as Hunan, Guangdong, and Zhejiang, which have become important bases for recycled silver recovery nationwide.

II. Sources of Raw Materials for Silver Recycling and Types of Recycling Capacities

From the perspective of raw material sources, the sources in these regions are quite diverse, and recycling capacities can be classified into three major categories: traditional recycling, high-value recycling, and emerging recycling. Traditional recycling mainly covers jewelry recycling, crude silver refining, scrap materials of precious metals (such as silver, lead, bismuth, antimony, etc.), and electronic and electrical materials. High-value recycling focuses on the recycling of silver-based new materials and catalysts, with the collaborative recycling of various precious and rare metals. The emerging recycling sector is mostly aligned with the rapidly growing PV industry, mainly including silver paste, solar cells, smelter slag, and PV module scrap. Silver recycling is the final link in the PV module recycling industry chain. Currently, recycling efforts by PV giants have not yet commenced, with professional recycling enterprises being the main force. Based on existing PV module installations and decommissioning, as well as future installation forecasts, China's PV module recycling market is expected to officially scale up from 2035-2037, followed by significant growth over the next 20 years.

III. Future Outlook

Looking ahead, the short-term growth in the recycled silver market is limited. However, with the large-scale recycling in the PV industry chain, the medium and long-term emerging recycled silver recycling capacities still hold high growth potential. As global attention to precious metal resources increases and the promotion of recycling and reuse of renewable resources advances, the market position of recycled silver will become more stable. Despite the challenges of environmental protection, policies, and market competition faced by the industrial silver recycling industry while expanding capacities, the expansion of market demand and technological progress will provide broader development space for the recycled silver industry.

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